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Shares of Kirby Corp. spiked more than 10% to $44.24 in extended Monday trading on news the company raised its Q3 EPS guidance to $0.60, compared to its earlier outlook for $0.53 to $0.58 and EPS of $0.48 in 2008. Analysts were expecting EPS of $0.57. Houston-based Kirby operates barges and towing vessels for the oil industry. In a statement, Kirby said its marine transportation and diesel engine services operating fundamentals remain strong. CEO Joe Pyne commented the company is experiencing "strong demand" in all of its transportation markets. Pyne said, "Kirby's fleet remains essentially fully utilized, creating a favorable environment for fairly pricing our services." Kirby is scheduled to announce Q3 results on Oct. 24 and is hosting a conference call on the following day. Kirby shares fell 1.35% to $40.16 during normal trading Monday.

Sources: Press release, Associated Press, MarketWatch
Commentary: Kirby Corporation: Nothing Special
Stocks/ETFs to watch: KEX

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Source: Kirby Surges on Revised Outlook