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): November 2, 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 November 2, 2006, Joseph H. Pyne, Kirby Corporation’s President and Chief Executive Officer will present at the Stephens Inc. Logistics & Transportation Services Conference in New York. The presentation will be at 4:10 p.m. eastern time. A live 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 November 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: November 2, 2006

EXHIBIT INDEX

Exhibit 99.1 Kirby Corporation slide presentation dated November 2006

EX-99.1

Kirby Corporation

Putting America’s Waterways to Work

NYSE: KEX  

November 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

NYSE: K E X

Current Price (October 27 , 2006)	$35.36
Number of Shares O/S	52.9M
Market Capitalization	$1,871M
Debt (September 30, 2006)	$327M
Enterprise Value	$2,198M
Employees	2,950

Kirby…Public Market Facts

4

Kirby Facts

•

Largest inland tank barge operator

•

Operates 903 barges and 242 towingvessels

•

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 contractand 30% in the spot market

•

Successful integration of 25 marineacquisitions

5

* Towboats Only

Date	No. of Tank Barges	Description
1986	5	Alliance Marine
1989	35	Alamo Inland Marine Co.
1989	53	Brent Towing Company
1991	3	International Barge Lines, Inc.
1992	38	Sabine Towing & Transportation Co.
1992	26	Ole Man River Towing, Inc.
1992	29	Scott Chotin, Inc.
1992	*	South Texas Towing
1993	72	TPT, Division of Ashland
1993	*	Guidry Enterprises
1993	53	Chotin Transportation Company
1994	96	Dow Chemical (transportation assets)

Date	No. of Tank Barges	Description
1999	270	Hollywood Marine, Inc.  -  Stellman  -  Alamo Barge Lines  -  Ellis Towing  -  Arthur Smith  -  Koch Ellis  -  Mapco
2002	15	Cargo Carriers
2002	64	Coastal Towing, Inc. (barge  management agreement for 54  barges)
2002	94	Dow/Union Carbide (transportation   assets)
2003	64	SeaRiver Maritime (ExxonMobil)
2005	10	American Commercial Lines (black  oil fleet)
2006	*	Capital Towing

Shipper Owned (Blue)

Independent (Red)

Acquisitions in Core Business

6

17% growth

rate from
1988-2005 

Revenue... Business Operations

7

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

8

St. Paul

Sioux City

Chicago

Pittsburgh

Charleston

St. Marks

Tulsa

Corpus Christi

New Orleans

St. Louis

Cincinnati

Mobile

Brownsville

Houston

Texas and Louisiana account for 80% of the total U.S. production of
chemicals and
petrochemicals

12,000 miles of navigable waterways linking America’s heartland to the world

Kirby is one of the few operators offeringdistribution throughout the Mississippi River System and
Gulf Intracoastal  Waterway

Inland Waterway System

9

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. lawknown as the Jones Act

•

Always a market to move product by barge on inlandwaterways

•

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

•

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

•

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

•

Inland waterway system is an environmentally friendlymode of transportation

10

	Liquid	Dry Cargo
Cargoes	Petrochemicals, Black oil products, Refined products	Grain, Coal, Aggregate, Steel
Value of Cargo	High	Generally much lower
Pricing Drivers	Added value-safety, service and availability	Availability
Volatility of Volumes	Low	High
Crews	Licensed Pilothouse, Licensed Tankerman	Pilot house only
Cost of Barges	195x35/1500 tons barge - $1,300,000	195x35/1500 tons barge -$450,000
Regulatory   Requirements	U.S. Coast Guard Inspected	Not Inspected

2,800 Barges

17,800 Barges

Differences Between Liquid Tank

Barges and Dry Cargo Barges

11

For the years 1993 through 2005

185 single hull tank

barges industry wide,

15 operated by Kirby

Number of Inland Tank Barges

12

Source: Informa Economics, Barge Fleet Profile, March 2006

Inland Tank Barge Fleet

13

17,395 on  Sep 8, 2006

Refinery Operable Capacity

14

 90,000 bbl. three-barge tow is equivalentto:

Kirby’s fleet capacity of 17.0 million bbls.equates to 85,000 trucks, or 22,600 rail cars

Rail Cars

120

Trucks

450

Barges Compete Successfully

With Rails and Trucks

15

One gallon of fuel in a barge can move one ton of freight 522miles, compared to 403 miles by rail and only 80 miles for a truck.

Barge

Rail

Truck

Barges…

Efficient

16

While moving one ton of freight 1,000 miles:

•

Smog is a major problem in most major cities

•

Oxides of nitrogen are the chemicals that produce smog

Trains produce 3.5 times more nitrogenoxides as barges

Trucks produce 19 times more nitrogenoxides as barges

Barges…

Environmentally Friendly

17

KIRBY INLAND MARINE

18

•

Benzene

•

Styrene

•

Methanol

•

Acrylonitrile

•

Xylene

•

Caustic soda

•

Butadiene

•

Propylene

Petrochemicals – 67%

•

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 – 10%

Largest Inland Tank Barge  Operator

19

Petrochemicals

/Refined

Products

High Capacity

pumps –
Specialty
coated tanks

709

63

114

12

5

Pressure

Pressurized

tanks

Black Oil

Self-contained

heating
systems

Anhydrous

Ammonia

Refrigeration

tanks

Specialty

Stainless

steel

tanks

High Tech and Diverse Fleet

903 Active Tank Barges

20

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

21

Shipper Owned Independent	Tank Barges Operated	Dry Cargo Barges Operated
Kirby Corporation	903	-
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	2,850	17,789

Informa Economics, Barge Fleet Profile, March 2006 - Adjusted

Kirby Outpaces the Competition

Tank Barge Owners By Number of Tank Barges

22

Revenue Distribution	Products Moved	Products	Drivers
67%	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
10%	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

23

•

Committed to dedicating adequateresources 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

24

Blue Chip Customers

25

Kirby Engine Systems

26

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 – Expansion Opportunity

•

Railroad

–

Passenger (Transit Systems)

–

Class II

–

Shortline and Industrial

27

Bearing and element replacement

Case welding and machining

Line boring Alignment

Overhauls

Component repair

Block welding

Line boring

Remanufacture engines

Troubleshooting

Genuine OEM new parts

Kirby remanufactured parts

Nuclear dedication services

Replacement Parts

Engine Repair

Reduction Gear Repair

Services

28

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

29

Medium – Speed Engines

High-Speed Engines

AMTRAK

AEP/Memco

Diamond Offshore

Florida Power & Light

Moran Towing

NJ Transit

TECO Transport

Tidewater

TODCO

Cal Dive International

Halliburton

Horizon Offshore

Nabors Offshore

Pride Offshore

Schlumberger

Seacor Holdings

Superior Energy Services

Tidewater

Key Customers

30

Market Conditions

31

•

Record revenues, net earnings, earnings per share and EBITDA

•

Petrochemical and black oil products markets remained strong

•

Winter weather conditions in January and February. Favorable conditions in March, second quarter and fourth quarter

•

Hurricanes Katrina and Rita negatively impacted the third quarter by an estimated $.05 per share

•

Contract rates up 4% to 6%. Spot market rates higher than contract and up 20% to 25% over 2004

•

Diesel engine services – strong service and direct parts sales, coupled with increased prices for both service and parts

Market Conditions

2005 Year

32

•

Record revenues, net earnings, earnings per share and EBITDA

•

Petrochemical, black oil and refined products markets remained strong

•

Favorable weather conditions positively impacted financial results, with delay days down 29% when compared with 2005 first nine months

•

Contract rates up 6% to 8%. Spot market rates higher than contract and up over 25% compared with 2005 first nine months

•

Diesel engine services – accretive earnings from Global and Marine Engine Specialist acquisitions, as well as continued strong service and direct parts sales in the majority of its markets

Market Conditions

2006 First Nine Months

33

•

2006 fourth quarter earnings per share guidance of $.40 to $.45, compared with $.38 for 2005 fourth quarter

•

Guidance based on:

•

Marine transportation operating fundamentals remain strong

•

Diesel engine services operating fundamentals remain strong

•

2006 year earnings per share guidance of $1.74 to $1.79, compared with $1.33 for 2005

2006 Fourth Quarter and Year

Outlook

34

Future Growth Opportunities

•

Acquire inland tank barge operations

–

Kirby operates more efficiently due to size and distribution system

–

Competitors face fleet replacement decisions

–

Outsourcing by shippers provides growth opportunities

–

Customers seek to single source their requirements

•

Expand services related to marine operations

–

Purchased two-thirds interest in Osprey Line, a provider of container on barge feeder service

–

Purchased remaining 65% interest in four offshore dry-bulk barge/tug units in March 2006

–

Manage or acquire marine facilities

•

Expand diesel engine service operations

–

Purchased Global Power Holding Company and Marine Engine Specialists, Gulf Coast high-speed diesel engine services providers

–

Existing geographic foot print presents opportunities for expansion

–

Continue to develop exclusive parts distribution relationships

35

35

Osprey Line, LLC

•

Purchased one-third interest in April 2004

•

Increased ownership to two-thirds in January 2006

•

Transports containers on barge on U.S. inland waterway system

•

Future growth opportunity as U.S. contends with congestion problems

•

Provides attractive alternative to rail and truck

•

Very complementary to Kirby’s existing distribution system and customer base

36

Financial Highlights

37

For Year Ended December 31, 2005

38

For First Nine Months Ended

September 30, 2006

39

Operating Margins

40

11.9% growth

 rate from

1994 - 2005

See Appendix for reconciliation of GAAP net earnings to Non-GAAP EBITDA

EBITDA Per Share Growth

41

* Excluding acquisitions

Cash Flows

42

34.3%

57.3%

Debt / Capitalization

43

Balance Sheet

44

•

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 allows maximum amount to increase to $325 million without amendment

•

Protection against interest rate increases

–

$150 million of interest rate swaps

Financial Strength

45

Why Invest In Kirby?

46

•

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?

47

Thank You  For Listening to Our Story

Kirby Corporation

Putting America’s

Waterways to Work

48

Appendix

49

Petrochemical Plant Inputs and Products

Natural Gas

è

Ethylene           80%

Naptha

20%

77%

Feedstock

Feedstock

Products

Products

Source: Petrochemicals by Burdick & Leffer

è

Propylene           3%

è

Butylene             2%

è

Others              15%

è

Ethylene          23%

è

Propylene         13%

è

Butylene           15%

è

Others              49%

50