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Kirby misses 1Q profit forecasts

HOUSTON (AP) _ Kirby Corp. (KEX) on Wednesday reported first-quarter net income of $27.5 million.

The Houston-based company said it had net income of 51 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The barge operator posted revenue of $491.7 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $411.2 million.

Kirby expects full-year earnings to be $1.70 to $2.20 per share.

Kirby shares have increased roughly 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $72.40, a climb of 12 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KEX at https://www.zacks.com/ap/KEX

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Keywords: Kirby, Earnings Report