Revenue during the quarter dropped 10.02 percent to $435.65 million from $484.14 million in the previous year period. Gross margin for the quarter contracted 192 basis points over the previous year period to 35.96 percent. Total expenses were 86.96 percent of quarterly revenues, up from 82.57 percent for the same period last year. That has resulted in a contraction of 439 basis points in operating margin to 13.04 percent.

Operating income for the quarter was $56.80 million, compared with $84.39 million in the previous year period.

David Grzebinski, Kirbys president and chief executive officer, commented, "In the 2016 fourth quarter our earnings per share results were at the high end of our expectations, although we continue to face market challenges across our businesses. In the inland marine transportation market, utilization averaged in the mid-80% range, but improved to the high 80% range through most of December. The improvement in utilization was driven by a combination of factors, including winter weather conditions, which led to a significant increase in delay days relative to the third quarter, as well as the retirement of older barges and some modest volume improvement. In the coastal marine transportation market, utilization was in the low 80% range during the quarter, and customers continued to show a preference for sourcing their coastal transportation needs from vessels trading in the spot market over booking new, or extending existing, term contracts."

The company projects diluted earnings per share to be in the range of $0.40 to $0.55 for the first-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $1.70 to $2.20.