UPDATE 1-Kirby reaffirms Q2, full-year outlook

miércoles 25 de junio de 2008 16:30 CEST
 

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June 25 (Reuters) - Kirby Corp (KEX.N: Cotización), which operates barges that ferry petrochemicals, crude and refined petroleum product, reaffirmed it second-quarter earnings outlook, saying Dow Chemicals' plans to idle or reduce production of some products will have a minimal impact on petrochemical volumes transported.

Dow Chemical Co (DOW.N: Cotización), the biggest U.S. chemical manufacturer, said on Tuesday it will cut output of some products because of soaring energy prices.[nN24359866]

Kirby also said the recent flooding on the Mississippi River System above St. Louis is anticipated to have a minimal impact on its second quarter results.

The upper Mississippi River could remain closed to barge traffic for another two weeks as flood waters slowly recede, the U.S. Army Corps of Engineers said on Tuesday. [nN24340523]

Kirby still expects second-quarter earnings to be between 69 cents and 74 cents a share. Analysts polled by Reuters expects second-quarter earnings of 73 cents a share.

The company also confirmed its 2008 earnings outlook of $2.74 to $2.89 a share. Analysts expect full-year 2008 earnings of 2.90 a share.

Shares of the company were trading up 2.07 percent at $50.19 in morning trade on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore; Editing by Jarshad Kakkrakandy)