Shifts in Kirby's business push third-quarter results into the red

Kirby's departure from the coastal wire tank barge market pushed its third-quarter results into the red.

Despite improvements in utilisation, the Houston tug and barge operator lost $265m in the quarter ending 30 September, or $4.41 on a per-share basis, down from the $27.5m earned in the same period last year.

But when $275m in after-tax non-cash impairments are backed out, it posted a $10.3m