Kirby Co. (NYSE:KEX) Expected to Post Quarterly Sales of $768.73 Million

Brokerages expect Kirby Co. (NYSE:KEX) to announce $768.73 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Kirby’s earnings. The highest sales estimate is $789.30 million and the lowest is $749.40 million. Kirby posted sales of $802.67 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 4.2%. The business is expected to announce its next quarterly earnings results on Wednesday, July 24th.

According to Zacks, analysts expect that Kirby will report full year sales of $3.09 billion for the current fiscal year, with estimates ranging from $3.03 billion to $3.14 billion. For the next fiscal year, analysts forecast that the business will report sales of $3.26 billion, with estimates ranging from $3.13 billion to $3.33 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Kirby.

Kirby (NYSE:KEX) last posted its earnings results on Thursday, May 2nd. The shipping company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.02. Kirby had a return on equity of 5.50% and a net margin of 3.04%. The company had revenue of $744.60 million during the quarter, compared to the consensus estimate of $737.78 million. During the same quarter last year, the firm earned $0.67 earnings per share. The company’s revenue was up .4% on a year-over-year basis.

A number of equities research analysts have recently weighed in on KEX shares. Zacks Investment Research downgraded Kirby from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Wells Fargo & Co lifted their target price on Kirby from $74.00 to $80.00 and gave the stock a “market perform” rating in a report on Wednesday, April 24th. They noted that the move was a valuation call. Bank of America raised Kirby from an “underperform” rating to a “buy” rating in a report on Friday, May 3rd. Finally, TheStreet raised Kirby from a “c+” rating to a “b” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Kirby has a consensus rating of “Buy” and an average price target of $81.13.

In related news, Director William M. Waterman sold 20,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $82.35, for a total value of $1,647,000.00. Following the completion of the transaction, the director now owns 91,260 shares of the company’s stock, valued at $7,515,261. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Monte J. Miller sold 4,937 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $84.91, for a total value of $419,200.67. Following the completion of the transaction, the director now directly owns 19,126 shares of the company’s stock, valued at approximately $1,623,988.66. The disclosure for this sale can be found here. Insiders have sold 28,508 shares of company stock valued at $2,368,898 in the last three months. Insiders own 1.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its stake in Kirby by 0.3% in the first quarter. Baillie Gifford & Co. now owns 7,712,253 shares of the shipping company’s stock valued at $579,267,000 after purchasing an additional 23,660 shares in the last quarter. BlackRock Inc. grew its position in Kirby by 0.4% in the first quarter. BlackRock Inc. now owns 5,128,522 shares of the shipping company’s stock valued at $385,202,000 after acquiring an additional 19,878 shares during the last quarter. Vanguard Group Inc grew its position in Kirby by 2.3% in the third quarter. Vanguard Group Inc now owns 4,718,116 shares of the shipping company’s stock valued at $388,066,000 after acquiring an additional 107,010 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its position in Kirby by 9.3% in the first quarter. ArrowMark Colorado Holdings LLC now owns 2,718,275 shares of the shipping company’s stock valued at $204,170,000 after acquiring an additional 231,026 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its position in Kirby by 5.8% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,522,073 shares of the shipping company’s stock valued at $189,433,000 after acquiring an additional 138,081 shares during the last quarter. 95.72% of the stock is owned by institutional investors and hedge funds.

Shares of KEX traded down $1.21 during midday trading on Tuesday, reaching $79.32. 439,061 shares of the stock were exchanged, compared to its average volume of 477,241. Kirby has a twelve month low of $60.63 and a twelve month high of $88.80. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.08 and a current ratio of 1.92. The company has a market capitalization of $4.75 billion, a P/E ratio of 27.73, a P/E/G ratio of 2.09 and a beta of 1.06.

About Kirby

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.

Read More: Beige Book

Get a free copy of the Zacks research report on Kirby (KEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Kirby (NYSE:KEX)

Receive News & Ratings for Kirby Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kirby and related companies with MarketBeat.com's FREE daily email newsletter.