Kirby says debt cuts are a ‘top priority;’ debt is now $1.38 billion

By Devika Patel

Knoxville, Tenn., Oct. 26 – Kirby Corp. has prioritized debt reduction, having reduced total debt by $43 million in the last quarter and reduced its debt balance down to $1.38 billion as of this week.

“Our balance sheet remains strong,” president and chief executive officer David W. Grzebinski said on the company’s third quarter ended Sept. 30 earnings conference call on Friday.

“Debt reduction remains our top priority in the near-term,” Grzebinski said.

Total debt as of Sept. 30 was $1,399,900,000, a decrease of $43 million when compared to the second quarter.

“As of this week, our debt balances had further reduced to $1.38 billion,” executive vice president of finance and chief financial officer William G. Harvey said on the call.

The company reported $127.2 million of EBITDA for the 2018 third quarter, compared with $104.3 million of EBITDA for the 2017 third quarter.

Kirby is a Houston-based operator of inland tank barges and towing vessels to transport petrochemical products.

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