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KIRBY CORPORATION FOR IMMEDIATE RELEASE ● KIRBY Contact : Eric Holcomb 713-435-1545 KIRBY CORPORATION ANNOUNCES 2021 THIRD QUARTER RESULTS Third quarter 2021 GAAP loss per share of $ ( 4.41 ) including a noncash impairment charge related to coastal marine equipment and goodwill Third quarter 2021 adjusted earnings per share of $ 0.17 Hurricane Ida reduced earnings by approximately $ 0.08 per share Distribution and services delivered strong revenue and operating income improvement led by growth in the oil and gas businesses The inland marine market has experienced meaningful market improvement during October with Kirby's barge utilization rising into the high 80 % range Net cash flow provided by operating activities was $ 83 million with free cash flow of $ 49 million in the third quarter Houston , Texas ( October 28 , 2021 ) - Kirby Corporation ( " Kirby " or the " Company " ) ( NYSE : KEX ) today announced a net loss attributable to Kirby for the third quarter ended September 30 , 2021 of $ ( 264.7 ) million , or $ ( 4.41 ) per share , compared with earnings of $ 27.5 million or $ 0.46 per share for the 2020 third quarter . Excluding one - time items related to coastal marine in the 2021 third quarter , adjusted net earnings attributable to Kirby were $ 10.3 million or $ 0.17 per share . Consolidated revenues for the 2021 third quarter were $ 598.9 million compared with $ 496.6 million reported for the 2020 third quarter . David Grzebinski , Kirby's President and Chief Executive Officer , commented , “ Kirby's third quarter results were impacted by a one - time noncash impairment charge related to our exit from Hawaii and the restructuring of our coastal marine business . Our adjusted earnings were similar to the second quarter but were improved when excluding the significant impact of Hurricane Ida . Looking forward , we continue to see underlying market improvement in all our core businesses and remain very optimistic about the outlook for Kirby . " In marine transportation , our inland business experienced improved market fundamentals early in the quarter with barge utilization reaching the mid - 80 % range by the end of July . In August , however , volumes declined as the COVID - 19 delta variant slowed the pace of the economic recovery and reduced demand for refined products and crude . Our inland business was also materially impacted by Hurricane Ida , which made landfall near New Orleans , Louisiana in late August . This intense storm left a widespread path of destruction that ultimately resulted in closures of key waterways and many refineries and chemical plants for much of September and extending well into October . We estimate the reduced demand , combined with damages incurred to our fleet , reduced our third quarter earnings by approximately $ 0.08 per share . Despite the challenging third quarter , the inland market has improved in October with increased customer demand and our barge utilization recently rising into the high 80 % range . " In coastal , the market showed signs of improvement during the third quarter with modest increases in spot market demand and our barge utilization rising into the mid - 70 % range . During the quarter , we decided to exit Hawaii and the coastal wire tank barge market , incurring a one - time noncash impairment charge . This decision focuses our coastal business on attractive markets , eliminates significant future 1