$519.30 Million in Sales Expected for Kirby Corporation (KEX) This Quarter
Brokerages forecast that Kirby Corporation (NYSE:KEX) will report sales of $519.30 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Kirby Corporation’s earnings, with the highest sales estimate coming in at $533.40 million and the lowest estimate coming in at $505.20 million. Kirby Corporation reported sales of $434.71 million during the same quarter last year, which indicates a positive year-over-year growth rate of 19.5%. The company is expected to announce its next earnings results on Wednesday, October 25th.
On average, analysts expect that Kirby Corporation will report full year sales of $519.30 million for the current fiscal year, with estimates ranging from $2.06 billion to $2.23 billion. For the next year, analysts expect that the business will post sales of $2.73 billion per share, with estimates ranging from $2.29 billion to $3.03 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Kirby Corporation.
Kirby Corporation (NYSE:KEX) last released its quarterly earnings results on Wednesday, July 26th. The shipping company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. The company had revenue of $473.33 million during the quarter, compared to the consensus estimate of $478.85 million. Kirby Corporation had a net margin of 6.41% and a return on equity of 4.85%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.72 earnings per share.
Several equities analysts recently commented on the company. BidaskClub cut Kirby Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Stifel Nicolaus dropped their price target on Kirby Corporation from $71.00 to $69.00 and set a “hold” rating for the company in a research report on Thursday, June 15th. Zacks Investment Research lowered Kirby Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Cowen and Company restated a “hold” rating and issued a $70.00 price objective on shares of Kirby Corporation in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $71.71.
Shares of Kirby Corporation (NYSE KEX) opened at 66.00 on Wednesday. The firm has a market cap of $3.56 billion, a P/E ratio of 30.25 and a beta of 1.01. The company’s 50-day moving average price is $63.37 and its 200-day moving average price is $65.95. Kirby Corporation has a 12 month low of $55.11 and a 12 month high of $74.50.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank grew its holdings in Kirby Corporation by 11.3% in the 2nd quarter. Huntington National Bank now owns 2,453 shares of the shipping company’s stock worth $164,000 after acquiring an additional 249 shares during the last quarter. Verition Fund Management LLC bought a new position in Kirby Corporation during the 2nd quarter valued at approximately $204,000. Koch Industries Inc. purchased a new stake in Kirby Corporation in the 2nd quarter worth approximately $216,000. World Asset Management Inc lifted its holdings in Kirby Corporation by 0.9% in the 1st quarter. World Asset Management Inc now owns 3,300 shares of the shipping company’s stock worth $233,000 after buying an additional 28 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in Kirby Corporation in the 2nd quarter worth approximately $233,000.
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About Kirby Corporation
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services.
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