8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 27, 2006

Kirby Corporation

(Exact name of registrant as specified in its charter)

Nevada	1-7615	74-1884980
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

55 Waugh Drive, Suite 1000	77007
Houston, Texas	(Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code:

(713) 435-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On September 27, 2006, Joseph H. Pyne, Kirby Corporation’s President and Chief Executive Officer will present at the Jefferies 3^rd Annual Shipping Conference in New York. The presentation will be at 11:00 a.m. eastern time. A live audio webcast of the presentation will be available to the public and replays will be available afterwards. The webcast can be accessed by visiting Kirby’s Web site at http://www.kirbycorp.com/.

A copy of the slide presentation that will be used by Kirby, substantially in the form intended to be used, is included as Exhibit 99.1 to this report and is also posted on Kirby’s Web site at http://www.kirbycorp.com/ on the opening page.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Kirby Corporation slide presentation dated September 2006

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

KIRBY CORPORATION
(Registrant)
By:	/s/ G. Stephen Holcomb
	G. Stephen Holcomb
	Vice President, Investor Relations

Dated: September 27, 2006

EXHIBIT INDEX

Exhibit 99.1 Kirby Corporation slide presentation dated September 2006

EX-99.1

Kirby Corporation

Putting America’s Waterways to Work 

NYSE: KEX

September 2006

Statements contained in this presentation with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgement with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and the timing, magnitude and the number of acquisitions made by Kirby. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update such statements. A list of additional risk factors can be found in Kirby’s annual report on Form 10-K for the year ended December 31, 2005, filed with the Securities and Exchange Commission. 

Kirby reports its financial results in accordance with generally acceptedaccounting principles(GAAP). However, Kirby believes that certain Non-GAAP financial measures are useful in managing Kirby’s businesses and evaluating Kirby’s performance. This presentation contains two Non-GAAP financial measures, adjusted net earnings and EBITDA. Please see the Appendix for a reconciliation of GAAP to Non-GAAP financial measures.

Forward Looking Statement

Non-GAAP Financial Measures

2

Marine Transportation

86% of 2005 Revenue - $686.0 million

Largest U.S. Inland Tank Barge Operator

Diesel Engine Services

14% of 2005 Revenue - $109.7 million

Largest U.S. EMD Diesel Services Company

Kirby... Business Operations

3

Kirby Facts

•

Largest inland tank barge operator

•

Operates 897 barges and 240 towing vessels

•

Sustainable competitive advantages:

–

Lowest cost due to economies of scale

–

Best positioned for growth opportunities

–

“One Stop Shop” for customers

•

70% of Kirby’s business is under contract and 30% in the spot market

•

Successful integration of 25 marine acquisitions

4

17% growth

rate from
1988-2005

Revenue... Business Operations

5

1994-2001 adjusted to exclude goodwill amortization expense

2002 adjusted to exclude impairment charges of $12.5 million, net of taxes, or $.51 per share

See Appendix for reconciliation of GAAP to Non-GAAP earnings per share

Earnings per share have been revised to reflect 2-for-1 stock split effective May 31, 2006

14.2% growth

rate from

1994 - 2005

Earnings Per Share From Continuing Operations Before Adjustments

Guidance

Earnings Per Share

6

Industry Facts

•

Approximately 17,800 dry cargo barges, 2,800 liquid tank barges. Kirby is principally in the liquid cargo business.

•

No competition from foreign companies due to a U.S. law known as the Jones Act

•

Always a market to move product by barge on inland waterways

•

Equipment not subject to economic obsolescence because draft and lock restrictions limit the size of barges

•

Barges are mobile, carry wide range of cargoes, and service different geographic markets

•

Inland waterway system plays a vital role in the U.S. economy

•

Inland waterway system is an environmentally friendly mode of transportation

7

185 single hull tank

barges industry
wide, 17 operated by
Kirby

Number of Inland Tank Barges

For the years 1993 through 2005

8

Source: Informa Economics, Barge Fleet Profile, March 2006

Inland Tank Barge Fleet

9

KIRBY INLAND MARINE

10

•

Benzene

•

Styrene

•

Methanol

•

Acrylonitrile

•

Xylene

•

Caustic soda

•

Butadiene

•

Propylene

Petrochemicals – 68%

•

Residual fuel

•

No. 6 fuel oil

•

Coker feed

•

Vacuum gas

•

Asphalt

Black Oil  Products – 20%

•

Anhydrous ammonia

•

Nitrogen-based liquid fertilizer

•

Industrial

ammonia

Agricultural Chemicals – 3%

•

Gasoline

•

Jet fuel

•

Diesel fuel

•

Naphtha

Refined Products – 9%

Largest Inland Tank Barge 

Operator

11

Fleet Size and Diversity…

Better Asset Utilization

•

Better Asset Utilization

–

More backhaul opportunities

–

Faster barge turnarounds

–

More efficient use of

horsepower

–

Barges positioned closer to cargos

•

Lower Incremental Costs

–

Enhanced purchasing power

–

Minimal incremental G&A from fleet additions

–

Less cleaning due to more barges with compatible prior cargos

12

Shipper Owned Independent	Tank Barges Operated	Dry Cargo Barges Operated
Kirby Corporation	897	-
American Commercial Lines LLC	371	2,803
Marathon Oil Corporation	170	-
Canal Barge Company, Inc.	169	273
Ingram Barge Company	165	3,716
Florida Marine	91	-
Blessey Enterprises	86	-
American River Transportation Co	82	2,076
Higman Barge Lines, Inc.	80	-
Cenac Towing Company, Inc.	72	-
PPG Industries, Inc.	59	-
Southern Towing Company	53	-
Martin Midstream Partners	52	-
Settoon Towing, LLC	49	-
Magnolia Marine Transport Co	45	-
LeBeouf Brothers Towing Co	44	-
Olin Corporation	29	-
John W. Stone Oil	28	-
Buffalo Marine Service, Inc.	24	-
Rhodia, Inc.	20	-
ConocoPhillips Company	20	-
River City Towing Services	19	-
Houston Marine Services, Inc.	18	-
Lyondell Chemical Company	17	-

Shipper Owned Independent	Tank Barges Operated	Dry Cargo Barges Operated
Dynegy Midstream Services	16	-
Dupont	16	-
Waxler Towing Company, Inc.	15	-
Horizon Maritime	15	-
Highland Towing	13	-
Devall Towing	12	-
Chem Carriers, Inc.	12	-
Plaquemine Towing Corp.	11	-
Golding Barge Lines, Inc.	9	-
Grifco	8	-
Westlake/GA&O Corporation	8	-
Merichem Company	7	-
Apex Towing	7	-
Republic of Texas	6	-
Hines Barge Line	6
American Milling	5	11
Mon River Towing, Inc.	4	142
Reilly Industries	4	-
Memphis Barge Lines	4	-
Barge Management, Inc.	3	-
Cytec Industries	2	-
Jantran, Inc.	1	-
Other dry cargo carriers	-	8,768
TOTAL	2,844	17,789

Informa Economics, Barge Fleet Profile, March 2006 - Adjusted

Kirby Outpaces the Competition

Tank Barge Owners By Number of Tank Barges

13

Revenue Distribution	Products Moved	Products	Drivers
68%	Petrochemicals and Chemicals	Benzene, Styrene, Methanol, Acrylonitrile, Xylene, Caustic Soda, Butadiene, Propylene	Housing, Consumer Goods, Autos, Clothing
20%	Black Oil Products	Residual Fuel, No. 6 Fuel Oil, Coker Feedstock, Vacuum Gas Oil, Asphalt	Road Construction, Feed Stock  for Refineries and Fuel for Power Plants and Ships
9%	Refined Products	Gasoline, Jet Fuel, Diesel Fuel, Naphtha	Vehicle Usage, Air Travel, Weather
3%	Agricultural Chemicals	Anhydrous Ammonia, Nitrogen- based Liquid Fertilizer, Industrial Ammonia	Corn, Cotton and Wheat Production

End Uses of Products…

Demand Drivers

14

•

Committed to dedicating adequate resources to achieve safety objectives

–

Extensive company-owned and operated training facility

–

Seamen’s Church Institute

(Towboat Simulator)

•

Industry leader

–

First winner of Benkert Award, highest award given by Department of Transportation for safety and environmental protection

Strong Emphasis on Safety…

Safety Is Our Franchise To Operate

15

Kirby Engine Systems

16

Markets

•

Medium-Speed

–

Electro-Motive Diesel

(EMD)

–

Alco

–

Ingersoll-Rand

•

High-Speed

–

Caterpillar

–

Cummins

–

Detroit Diesel

–

John Deere

•

Transmissions/Reduction Gears

–

Allison

–

Falk

–

Twin-Disc

Engines and Transmissions/

Reduction Gears

Diesel Engine Services

Medium-Speed and High-Speed Diesel Engines

•

Marine

–

Inland Waterway Carriers – Dry and Liquid

–

Offshore Towing – Dry and Liquid

–

Offshore Drilling Rigs & Supply Boats

–

Harbor Towing

–

Dredging

–

Great Lakes Ore Carriers

•

Power Generation, Nuclear and Industrial

–

Standby Power Generation

–

Pumping Stations

–

Industrial Reduction Gears

–

Land Drilling Rigs – ExpansionOpportunity

•

Railroad

–

Passenger (Transit Systems)

–

Class II

–

Shortline and Industrial

17

Acquisitions
1987	National Marine
1991	Ewing Diesel
1995	Percle Enterprises
1996	MKW Power Systems
1997	Crowley (Power Assembly Shop)
2000	West Kentucky Machine Shop
2000	Powerway
2004	Walker Paducah Corp.
2005	TECO (Diesel Services Division)
2006	Global Power Holding Company
2006	Marine Engine Specialists

Internal Growth
1989	Midwest
1992	Seattle
1993	Shortline & Industrial Rails
2000	Cooper Nuclear
2001	Transit & Class II Rails

Acquisitions and Internal Growth

18

Market Conditions

19

•

Record revenues, net earnings, earnings per share and EBITDA

•

Petrochemical and black oil products markets remained strong

•

Favorable weather conditions positively impactedfinancial results, with delay days down 24% when compared with 2005 first six months

•

Contract rates up 5% to 7%. Spot market rates higher than contract and up over 25% compared with 2005 first six months

•

Diesel engine services – strong service and direct partssales in the majority of its markets

Market Conditions

2006 First Six Months

20

•

2006 third quarter earnings per shareguidance of $.42 to $.47, compared with $.34 for 2005 third quarter, which included an estimated $.05 per share negative impact for Hurricanes Katrina and Rita

•

Guidance based on:

•

Marine transportation operating fundamentals remain strong

•

Diesel engine services operating fundamentals remain strong, with some seasonal summer slowdown anticipated

•

2006 year earnings per share guidance of $1.69 to $1.79, compared with $1.33 for 2005. Guidance includes $.02 to $.04 per share from Global acquisition

2006 Third Quarter and Year

Outlook

21

Financial Highlights

22

For Year Ended December 31, 2005

23

For First Six Months Ended

June 30, 2006

24

Six Months

Operating Margins

25

* Excluding acquisitions

$28

Expansion Barges

$125

Cash Flows

26

32.0%

57.3%

Debt / Capitalization

27

Balance Sheet

28

•

Investment grade public debt

–

Standard & Poor’s – BBB+

–

Moody’s – Baa3

•

8-year unsecured Private Placement due 2013

–

$200 million outstanding

–

Floating rate of LIBOR +0.5%

–

No required principal payments until maturity

•

$250 Million Revolving Credit Facility

–

Accordion feature allowsmaximum amount to increase to $325 million without amendment

•

Protection against interest rate increases

–

$150 million of interest rate swaps

Financial Strength

29

Why Invest In Kirby?

30

•

Consistent long-term record of success in our two core businesses

•

Excellent business fundamentals

•

Strong free cash flow for growth

•

Internal and external growth opportunities in core businesses

•

Strong operating leverage with every 1% increase in marine transportation segment margin adds $.08 per share to earnings; for diesel segment, adds $.02 per share to earnings

•

Fleet expansions will improve asset utilization, operating efficiencies and reduce costs

Why Invest in Kirby?

31

Thank You  For Listening to Our Story

Kirby Corporation

Putting America’s

Waterways to Work

32