On July 8, 2020, Kirby announced that, for the first quarter ended March 31, 2020, it had understated non-cash non-recurring goodwill impairment charges by $127,933,000 before taxes, $98,773,000 after taxes, or a $1.65 loss per share, due to not applying a specific provision of a new accounting standard that the Company had recently adopted on January 1, 2020. On this news, Kirby share prices dropped from opening at $50.20 per share on July 8, 2020 to close at $48.77 per share that day. Kirby’s share prices continued to decline over the next several trading days, trading as low as $46.42 on July 13, 2020.
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