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KIRBY KIRBY CORPORATION FOR IMMEDIATE RELEASE • • • • Contact : Eric Holcomb 713-435-1545 KIRBY CORPORATION ANNOUNCES 2021 FIRST QUARTER RESULTS First quarter 2021 loss per share of ( $ 0.06 ) including approximately ( $ 0.09 ) per share impact related to Winter Storm Uri Inland marine business adversely impacted by low pricing , reduced volumes related to Winter Storm Uri , and poor operating conditions Inland marine barge utilization recently recovered to the low to mid - 80 % range with expectations for continued improvement , particularly in the second half of the year Distribution and services segment had sequential revenue growth and positive operating margin with expectations for continued improvement in the second quarter • Projected free cash flow estimated between $ 230 to $ 310 million in 2021 Houston , Texas ( April 29 , 2021 ) - Kirby Corporation ( " Kirby " or the " Company " ) ( NYSE : KEX ) today announced a net loss attributable to Kirby for the first quarter ended March 31 , 2021 of ( $ 3.4 ) million , or ( $ 0.06 ) per share , compared with a loss of ( $ 347.2 ) million or ( $ 5.80 ) per share for the 2020 first quarter . Excluding one - time items in the 2020 first quarter , net earnings attributable to Kirby were $ 35.3 million or $ 0.59 per share . Consolidated revenues for the 2021 first quarter were $ 496.9 million compared with $ 643.9 million reported for the 2020 first quarter . David Grzebinski , Kirby's President and Chief Executive Officer , commented , " As anticipated , Kirby's first quarter results were greatly affected by the continuing effects of the COVID - 19 pandemic , particularly in marine transportation where volumes and pricing have significantly declined . The quarter was also materially impacted by Winter Storm Uri which resulted in prolonged shutdowns at many of our marine transportation customers ' operations starting in mid - February . These disruptions resulted in a significant decline in liquids production and volumes for the quarter and in some cases extending into April . Distribution and services was also impacted by the storm with reduced activity levels and many of our locations across the South closed for several days . Overall , we estimate that the winter storm reduced our first quarter earnings by approximately $ 0.09 per share . " In marine transportation , during the first half of the quarter , our inland business experienced steady improvement in demand which resulted in our barge utilization improving to near 80 % by mid - February . However , as Winter Storm Uri impacted Texas and Louisiana , our customers were forced to close their refineries and chemical plants , many of which did not fully resume operations until late in the quarter . During this time , refinery utilization along the Gulf Coast plummeted to near 40 % , and as much as 80 % of the Gulf Coast petrochemical complex was taken offline . Overall , these disruptions significantly reduced our volumes and operating efficiencies during the quarter . When combined with the impact of lower pricing , seasonal winter weather , and high - water conditions on the Mississippi River , inland operating margins sharply declined . " In distribution and services , overall activity levels continued to improve during the first quarter resulting in a sequential increase in revenue and operating income . In oil and gas , increased U.S. frac activity 1