UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                      Form 10-Q

          [X]           Quarterly report  pursuant  to Section  13  or
                        15(d)  of the Securities  and Exchange  Act of
                        1934
                        For the quarter ended March 31, 1994
          [  ]          Transition  report pursuant  to Section  13 or
                        15(d)  of the  Securities and Exchange  Act of
                        1934
      Commission File   1-7615
           Number

                                  Kirby Corporation
            -------------------------------------------------------------
                (Exact name of registrant as specified in its charter)

                          Nevada                         74-1884980
              (State or other jurisdiction of          (IRS Employer
               incorporation or organization)          Identification
                                                            No.)

            1775 St. James Place, Suite 300,              77056-3453
                    Houston, TX
                (Address of principal                     (Zip Code)
                   executive offices)

                                    (713) 629-9370
                                 --------------------
                 (Registrant's telephone number, including area code)

                                      No Change
                                 --------------------
           (Former name, former address and former fiscal year, if changed 
                                  since last report)

     Indicate  by check mark whether  the registrant: (1)  has filed all reports
     required to be filed by Section 13 or 15(d)  of the Securities Exchange Act
     of 1934 during the preceding 12 months (or for such shorter period that the
     registrant was required to file such reports), and (2) has  been subject to
     such filing requirements for the past 90 days.

                      Yes           [X]               No           [  ]

     The number of shares outstanding of the registrant's Common Stock, $.10 par
     value per share, on May 6, 1994 was 28,280,133.

<PAGE>

                            PART 1 - FINANCIAL INFORMATION
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                               CONDENSED BALANCE SHEETS
                                     (Unaudited)
                                        ASSETS

<TABLE>
<CAPTION>
                                                   March 31,   December 31,
                                                     1994         1993
                                                      ($ in thousands)
     Marine Transportation, Diesel Repair and
       Other
         Current assets:
<S>                                                <C>           <C>
           Cash and invested cash                  $  6,982        1,999
           Accounts and notes receivable, net 
             of allowance for doubtful accounts      47,805       50,722
           Inventory - finished goods, at lower
             of average cost or market                9,027        7,531
           Prepaid expenses                           6,559        7,393
           Deferred taxes                             2,532        2,768
                                                   --------      -------
             Total current assets                    72,905       70,413
                                                   --------      -------
         Property and equipment, at cost            410,943      406,675
           Less allowance for depreciation          131,921      125,459
                                                   --------      -------
                                                    279,022      281,216
                                                   --------      -------
         Excess cost of consolidated 
           subsidiaries                               8,123        7,429
         Noncompete agreements, net of 
           accumulated amortization of $7,630 
           ($7,298 at December 31, 1993)              5,084        5,752
         Sundry                                      14,032       13,575
                                                   --------      -------
           Total assets - Marine 
             Transportation, Diesel Repair and 
               Other                                379,166      378,385
                                                   --------      -------
     Insurance
         Investments:
           Available-for-sale securities            118,763      102,175
           Short-term investments                    18,434       25,128
                                                   --------      -------
                                                    137,197      127,303
         Cash and invested cash                          --       12,937
         Accrued investment income                    3,295        1,998
         Accounts and notes receivable, net of 
           allowance for doubtful accounts           13,314       12,195
         Reinsurance receivable on paid losses       14,856       15,186
         Prepaid reinsurance premiums                 5,540        5,773
         Deferred policy acquisition costs            8,323        7,279
         Property and equipment, at cost, net 
           of allowance for depreciation              2,231        2,197
                                                   --------      -------
             Total assets - Insurance               184,756      184,868
                                                   --------      -------
                                                   $563,922      563,253
                                                   --------      -------
                                                   --------      -------
</TABLE>

              See accompanying notes to condensed financial statements.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                               CONDENSED BALANCE SHEETS
                                     (Unaudited)
                         LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                 March 31,  December 31,
                                                   1994         1993
                                                    ($ in thousands)
     Marine Transportation, Diesel Repair and 
       Other
         Current liabilities:
<S>                                               <C>            <C>
           Current portion of long-term debt      $ 10,962        10,962
           Accounts payable                         12,485        11,767
           Accrued liabilities                      33,805        27,898
           Deferred revenues                         5,370         5,637
                                                  --------       -------
             Total current liabilities              62,622        56,264
                                                  --------       -------
         Long-term debt, less current portion       96,654       109,597
         Deferred taxes                             40,623        39,735
         Other long-term liabilities                 9,651         8,913
                                                  --------       -------
             Total liabilities - Marine 
               Transportation, Diesel Repair 
               and Other                           209,550       214,509
                                                  --------       -------
     Insurance
         Losses, claims and settlement expenses     52,504        49,930
         Unearned premiums                          67,532        61,558
         Reinsurance premiums payable                4,393         5,377
         Deferred Puerto Rico taxes                  2,125         3,549
         Other liabilities                           5,298         4,576
         Minority interest in consolidated 
           insurance subsidiary                     11,114        12,005
                                                  --------       -------
             Total liabilities - Insurance         142,966       136,995
                                                  --------       -------
     Contingencies and Commitments                      --            --
     Stockholders' Equity:
         Preferred stock, $1.00 par value per 
           share.  Authorized 20,000,000 shares         --            --
         Common stock, $.10 par value per 
           share.  Authorized 60,000,000 
           shares, issued 30,759,000 shares          3,076         3,076
         Additional paid-in capital                156,391       156,340
         Unrealized net gains in value of long-
           term investments                            796         4,440
         Retained earnings                          64,236        61,339
                                                  --------       -------
                                                   224,499       225,195
         Less cost of 2,479,000 shares in 
           treasury, 2,555,000 at December 31, 
           1993)                                    13,093        13,446
                                                  --------       -------
                                                   211,406       211,749
                                                  --------       -------
                                                  $563,922       563,253
                                                  --------       -------
                                                  --------       -------
</TABLE>

              See accompanying notes to condensed financial statements.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                           CONDENSED STATEMENTS OF EARNINGS
                                     (Unaudited)

<TABLE>
<CAPTION>
                                                     Three months ended
                                                          March 31,
                                                       1994        1993
                                                      ($ in thousands,
                                                      except per share
                                                          amounts)
     Revenues:
<S>                                                   <C>        <C>
       Transportation                                 $ 73,387   52,773
       Diesel repair                                    10,171    9,625
       Net premiums earned                              14,110    9,045
       Commissions earned on reinsurance                 1,307      706
       Investment income                                 1,936    1,889
       Gain on disposition of assets                       161      235
       Realized gain on investments                        758      111
                                                       -------   ------
                                                       101,830   74,384
                                                       -------   ------
     Costs and expenses:
       Costs of sales and operating expenses 
         (except as shown below)                        56,424   38,778
       Losses, claims and settlement expenses           11,125    6,516
       Policy acquisition costs                          3,635    2,418
       Selling, general and administrative              11,925    8,856
       Taxes, other than on income                       3,590    2,861
       Depreciation and amortization                     7,794    6,161
       Minority interest expense                           646      214
                                                       -------   ------
                                                        95,139   65,804
                                                       -------   ------
           Operating income                              6,691    8,580
     Interest expense                                    1,809    2,741
                                                       -------   ------
           Earnings before taxes on income               4,882    5,839
     Provision for taxes on income                       1,985    1,994
                                                       -------   ------
           Net earnings                                $ 2,897    3,845
                                                       -------   ------
                                                       -------   ------
     Earnings per share of common stock:
       Primary                                         $   .10      .17
                                                       -------   ------
                                                       -------   ------
       Fully diluted                                   $   .10      .16
                                                       -------   ------
                                                       -------   ------
</TABLE>

              See accompanying notes to condensed financial statements.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                          CONDENSED STATEMENTS OF CASH FLOW
                                     (Unaudited)

<TABLE>
<CAPTION>
                                                   Three months ended
                                                        March 31,
                                                    1994        1993
                                                    ($ in thousands)
     Net cash provided before changes in assets
<S>                                              <C>         <C>
      and liabilities                            $ 13,611     11,629
        Increase (decrease) in cash flows 
         resulting from changes in assets and
         liabilities:
           Marine Transportation, Diesel 
            Repair and Other:
             Accounts and notes receivable          2,905     (2,269)
             Inventory                             (1,496)       951
             Prepaid expenses                         834       (378)
             Other assets                          (1,638)      (994)
             Accounts payable                         718     (1,004)
             Accrued and other liabilities          6,607      5,731

           Insurance:
             Receivables, accrued income and 
              other assets                         (2,416)    (1,024)
             Reinsurance receivable on paid 
              losses                                  563        685
             Deferred policy acquisition costs     (1,044)      (212)
             Losses, claims and settlement 
              expenses                                574        278
             Unearned premiums                      5,974      1,511
             Reinsurance premiums payable            (984)         6
             Other liabilities                        722       (718)
                                                 --------    -------
              Net cash provided by operating 
               activities                          24,930     14,192
                                                 --------    -------
     Cash flow from investing activities:
        Purchase of investments                   (23,134)    (1,522)
        Net decrease (increase) in short-term 
         investments                                7,106       (206)
        Capital expenditures                       (4,707)    (4,100)
        Purchase of assets of marine
         transportation companies:
           Property, equipment and other 
            assets, net                                --    (24,239)
        Proceeds from disposition of assets           389        661
        Other                                          --        214
                                                 --------    -------
              Net cash used by investing 
               activities                         (20,346)   (29,192)
                                                 --------    -------
     Cash flow from financing activities:
        Borrowings on bank revolving credit 
         loan                                      10,700     26,300
        Payment on bank revolving credit loan     (21,900)    (8,600)
        Payments under long-term debt              (1,743)    (1,743)
        Proceeds from exercise of stock options       405         15
                                                 --------    -------
             Net cash provided (used) by 
              financing activities                (12,538)    15,972
                                                 --------    -------
             Increase (decrease) in cash and 
              invested cash                        (7,954)       972
     Cash and invested cash, beginning of year     14,936      7,300
                                                 --------    -------
     Cash and invested cash, end of period       $  6,982      8,272
                                                 --------    -------
                                                 --------    -------
     Supplemented disclosures of cash flow 
      information:
        Cash paid during the period for:
         Interest                                $    913        952
         Income taxes                            $  1,850         --
</TABLE>

              See accompanying notes to condensed financial statements.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

                       NOTES TO CONDENSED FINANCIAL STATEMENTS

          In  the opinion  of management,  the accompanying  unaudited condensed
     financial  statements  of Kirby  Corporation and  consolidated subsidiaries
     (the  "Company")  contain  all   adjustments  (consisting  of  only  normal
     recurring  accruals) necessary to present  fairly the financial position as
     of March 31, 1994 and December 31, 1993, and the results of operations  for
     the three months ended March 31, 1994 and 1993.

     (1)  BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS

          The condensed financial statements  included herein have been prepared
     by the Company, without audit, pursuant to the rules and regulations of the
     Securities and Exchange Commission.  Although the Company believes that the
     disclosures are adequate  to make the information presented not misleading,
     certain  information   and  footnote  disclosures,   including  significant
     accounting policies, normally included  in annual financial statements have
     been condensed  or omitted pursuant to  such rules and regulations.   It is
     suggested that  these condensed financial statements be read in conjunction
     with the Company's latest Annual Report on Form 10-K.

     (2)  TAXES ON INCOME

          Earnings before taxes on income and details of the provision for taxes
     on income for United States and Puerto Rico operations for the three months
     ended March 31, 1994 and 1993 are as follows (in thousands):

<TABLE>
<CAPTION>
                                                    Three months ended
                                                        March 31,
                                                    1994         1993
                                                     ($ in thousands)
     Earnings before taxes on income:
<S>                                               <C>           <C>
       United States                              $ 2,832       4,973
       Puerto Rico                                  2,050         866
                                                  -------       -----
                                                  $ 4,882       5,839
                                                  -------       -----
                                                  -------       -----
     Provision for taxes on income:
       United States:
         Current                                  $ 1,068         821
         Deferred                                     536       1,173
         State and municipal                           79          --
                                                  -------       -----
                                                  $ 1,683       1,994
                                                  -------       -----
                                                  -------       -----
       Puerto Rico:
         Deferred                                 $   302          --
                                                  -------       -----
                                                  -------       -----
</TABLE>


<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       NOTES TO CONDENSED FINANCIAL STATEMENTS

     (3)  INSURANCE DISCLOSURE

          In  March,  1994,  the  Company  received  $7,000,000  from  Universal
     Insurance  Company  ("Universal"),  the  Company's  property  and  casualty
     insurance  subsidiary,  representing the  redemption  of  20,424 shares  of
     Universal's  Class B voting common  stock and 24,360  shares of Universal's
     Class  C non-voting  common  stock.    The  March  redemption  reduced  the
     Company's ownership of  Universal's voting  common stock to  67% from  70%,
     prior to the redemption.  Collectively to date, Universal has redeemed from
     the  Company a total  of 65,387 shares  of voting Class  B common stock and
     24,360 shares of  non-voting Class  C common stock  for a total  redemption
     price  of $15,000,000.   Under previously announced  options and redemption
     rights included  in the  merger between  Eastern America Insurance  Company
     ("Eastern America")  and Universal,  Eastern America Financial  Group, Inc.
     ("Eastern  America Group"),  which  is the  parent  of the  former  Eastern
     America, could acquire  100% of Universal's stock over a period of up to 12
     years.    Eastern  America  Financial  Group  owns  the  remaining  33%  of
     Universal's voting common stock.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
                      Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Results of Operations

          The Company  reported net earnings  for the first  quarter of 1994  of
     $2,897,000, or  $.10 per  share, compared with  net earnings for  the first
     quarter  of 1993 of $3,845,000,  or $.17 per share.   Revenues for the 1994
     first quarter totaled $101,830,000, reflecting a 37% increase when compared
     with revenues of $74,384,000 reported for the first quarter of 1993.

          The  Company conducts  operations in  three business  segments: marine
     transportation, diesel repair and property and casualty insurance.  The sum
     of the  three  business segment s  pretax  earnings exceeds  the  Company's
     consolidated pretax  earnings due primarily to  general corporate expenses.
     A discussion of each segment follows:

     Marine Transportation

          The  Company's  marine  transportation  revenues for  the  1994  first
     quarter totaled $73,387,000, reflecting  a 39% increase when  compared with
     $52,773,000  reported for the  1993 first quarter.   Revenues for  the 1994
     first  quarter  reflect  the  operations  of  three  marine  transportation
     companies acquired during  the 1993  year, TPT Transportation  on March  3,
     AFRAM Lines (USA) Co. Ltd. on  May 14 and Chotin Transportation on December
     21.   All three of the  acquisitions were accounted for  under the purchase
     method  of  accounting.   Collectively,  the  three acquisitions  generated
     approximately  $19,600,000 of revenues during  the 1994 first  quarter.  In
     addition,  revenues  for  the  1994  first  quarter  reflect  the  existing
     equipment additions made during the 1993 year.

          Transportation  operations were  curtailed to  varying degrees  by the
     adverse  winter  weather  conditions  which hampered  the  efficiencies  of
     operations in inland  as well as coastal movements.   With more presence in
     the  upper Mississippi River, Ohio River and northeast coastal waters, ice,
     subzero temperatures and winter storm winds slowed movements and  curtailed
     efficiencies.   Along the  lower Mississippi  River  and Gulf  Intracoastal
     Waterway fog and winter weather conditions, which are normal for  the first
     quarter  of  any  given year,  delayed  movements  and negatively  affected
     operating efficiencies.

          As  a  provider of  service for  both the  inland and  offshore United
     States markets,  the marine  transportation segment operates  through three
     divisions organized  around  the markets  it  serves: the  Inland  Chemical
     Division, serving the inland  industrial and agricultural chemical markets;
     the Inland Refined Products  Division, serving the inland refined  products
     market;  and the  Offshore Division,  which serves  the offshore  petroleum
     products, container, dry bulk and palletized cargo markets.

          The Inland Chemical Division, which moves inland industrial chemicals,
     reflected improvements during the  1994 first quarter.  During  January and
     February  of 1994,  utilization  was good,  however,  harsh winter  weather
     conditions  adversely affected the  operations.  During  March, modest rate
     increases  in the  spot market  were realized  principally due  to improved
     performance by the chemical manufacturers.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

                       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Results of Operations, Continued

          Liquid  fertilizer and  anhydrous  ammonia movements  during the  1994
     first  quarter  remained strong  when compared  with  the prior  year first
     quarter.    With the  first  quarter  historically  the  low point  in  the
     fertilizer season, the demand for movements of nitrogen fertilizer into the
     midwest was  brisk, primarily  the result  of  increased acreage  planting,
     which followed 1993's reduced yields and the low level of grain stocks.

          Movements of inland refined products, handled by the  segment's Inland
     Refined  Products Division, continued strong during the 1994 first quarter,
     the result of continual demand for gasoline.  Operating relatively close to
     full utilization during the entire first quarter, the Division continued to
     receive modest  rate increases.   The Division was  also enhanced with  the
     acquisition  on  December   21,  1993  of  53  inland  tank  barges  and  a
     transportation  agreement  which   substantially  increased  the  Company's
     presence in the contract  and spot movements of refined  petroleum products
     on the Mississippi River system.

          The  Offshore Division's  vessels  were  substantially fully  utilized
     during the  1994  first  quarter.    In the  offshore  liquid  market,  the
     Division's three tankers and one barge  and tug unit, which were engaged in
     spot market trade, were  working the Northeast delivering heating  oil, the
     result  of the  harsh  winter season.  Profitability  of such  spot  market
     movements were affected by the weather conditions, which hampered operating
     efficiencies.    Rates  remain  very  competitive  and  term  charters  are
     difficult to  obtain due to excess  equipment capacity in the  market.  The
     Offshore  Division's dry bulk, container and  palletized cargo vessels have
     remained utilized, however, rates in the transportation of U. S. government
     preference aid cargos  and military  cargos have declined  during the  1994
     first quarter, the result of more aggressive pricing due to excess capacity
     in the market.   During  the 1994 first  quarter, the Company's  break-bulk
     liner  service  experienced  difficulties  primarily  from  several voyages
     carrying  U.S.  preference  aid   cargos  to  politically  unstable  Haiti.
     Collectively, the  reduction in rates and the  voyages to Haiti reduced the
     Company's earnings before taxes by an estimated $1,750,000.

          The   Offshore  Division's  foreign   flag  container   service  began
     operations   in  February,  1994.     Following  the  Company's  policy  of
     recognizing  such  start-up costs  in the  period  incurred resulted  in an
     operating loss of $550,000  during the 1994  first quarter.  The  operation
     provides a  direct water transportation service  from mid-America (Memphis)
     to Mexico and Central America.

          Costs  and  expenses,  excluding  interest  expense,  for  the  marine
     transportation segment for the 1994 first quarter increased to $66,912,000,
     an increase  of  48%  over the  comparable  1993 first  quarter  costs  and
     expenses  of $45,281,000.   A  major portion  of the increase  reflects the
     costs   and   expenses,  including   depreciation,   associated  with   the
     acquisitions and mergers consummated during the 1993  year.  The 1994 first
     quarter costs and expenses includes $1,100,000 relating to the formation of
     a  captive insurance  subsidiary engaged in  the insuring of  risks for the
     marine transportation and diesel repair  subsidiaries.  The initial expense
     of  the  captive subsidiary  required the  recording  of the  $1,100,000 of
     anticipated losses for the Company's applicable subsidiaries. Additionally,
     the increase reflects inflationary increases in costs and expenses.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Results of Operations, Continued

          The marine transportation earnings before taxes on income for the 1994
     first quarter totaled  $5,100,000, a  decrease of 18%  over the  $6,193,000
     reported for the comparable 1993 quarter.

     Diesel Repair

          The Company's diesel repair  segment reported diesel repair  and parts
     sales revenues of $10,171,000 for the 1994 first quarter, an increase of 6%
     compared with $9,625,000 reported for the first quarter of 1993.

          The  diesel repair  segment is  divided into  two divisions  organized
     around  the markets they serve.  The Marine Diesel Repair Division operates
     nationwide through  five facilities that repair and  overhaul marine diesel
     engines and reduction  gears, and sell related parts and  accessories.  The
     Rail Diesel Repair Division provides replacement parts, service and support
     to  shortline  railroads  and  industrial companies  that  operate  diesel-
     electric locomotives.

          The   Marine  Diesel  Repair  Division   continued  to  operate  in  a
     competitive  business  climate  which  has  negatively  affected  operating
     margins.  The winter weather slowed operations at the Illinois and Virginia
     facilities, as  customers, hampered by the harsh  weather, either curtailed
     or postponed repairs and overhauls.  On a positive note, commercial fishing
     customers have resumed fishing vessel maintenance which was deferred during
     1993 due to low tuna prices.

          The Rail Diesel Repair Division commenced operations in January, 1994.
     The  initial  response has  been  positive,  with  revenues  of  $1,650,000
     generated  during the  1994 first  quarter, with  substantially all  of the
     revenues generated from  direct parts  sales.  The  division serves as  the
     exclusive shortline  and industrial  rail distributor of  aftermarket parts
     and  service for the Electro-Motive Division of General Motors ("EMD"), the
     world's largest manufacturer of diesel-electric locomotives.

          Costs and expenses, excluding interest expense, for the  diesel repair
     segment  totaled $9,637,000 compared with $8,964,000 reported for the first
     quarter of 1993.   The increase of  8% reflected the costs  and expenses of
     the Rail Diesel  Repair Division during the 1994 first  quarter, as well as
     the competitive conditions  in the  Marine Diesel Repair  Division and  its
     negative effect on the division's profit margin.

          Earnings before taxes on income for  the diesel repair segment for the
     1994 first quarter  totaled $464,000,  a 25% reduction  when compared  with
     $616,000  for  the 1993  first  quarter.   The  1994 first  quarter results
     include  a minimal  pretax  loss of  $54,000  from the  Rail  Diesel Repair
     Division,  operating in  the start-up  phase of  their business  during the
     quarter.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Results of Operations, Continued

     Property and Casualty Insurance

          The  Company's property  and casualty  insurance segment  reported net
     premiums written of $26,117,000 for the 1994  first quarter, an increase of
     90% over  the $13,757,000  reported for  the first quarter  of 1993.   With
     emphasis on the vehicle  single-interest line of business, the  segment has
     been successful  in generating single-interest business  from new financial
     institution  customers, portfolio transfers  and improved  automobile sales
     within Puerto Rico.

          Net  premiums earned for the first quarter of 1994 totaled $14,110,000
     compared  with  $9,046,000  for  the  1993  first quarter,  reflecting  the
     significant increase in  the single-interest line  of business during  1993
     and the first three  months of 1994.   Net premiums earned continued  to be
     negatively  affected  by the  high  reinsurance  costs for  the  commercial
     multiple-peril line  associated with the  ceding of a portion  of the gross
     premiums  under the  segment's reinsurance  program. Some  stabilization in
     such  rates  has  occurred during  the  1994  first  quarter, however,  the
     reinsurance rates remain high.

          Losses, claims  and  settlement expenses  for the  1994 first  quarter
     totaled $11,625,000 compared  with $6,516,000 for  the 1993 first  quarter.
     The  78% increase  reflected the  significant increase in  business volume,
     particularly from the single-interest line, and the recording of $2,000,000
     of additional reserves for  potential losses associated with  the Company's
     Bermuda  reinsurance  subsidiary.    Since  ceasing  participation  in  the
     reinsurance market in 1990, the Company continues to take steps to expedite
     its  withdrawal from the business and recognized the additional reserve for
     potential, but as yet, unreported losses.

          Policy acquisition costs for the 1994 first quarter were $3,635,000, a
     50%  increase when  compared with  $2,418,000 for  the 1993  first quarter.
     Such increase is  reflective of  the improvement in  the overall  business,
     with particular emphasis in  commercial property line which  carries higher
     commission rates.

          The Company's portion of the property and casualty insurance segment's
     pretax  earnings for the 1994  first quarter totaled  $50,000 compared with
     $861,000  for the like  1993 period.   Although the Company's  Puerto Rican
     property  and casualty  insurance subsidiary pays  no current  U.S. federal
     income  taxes on  its earnings,  such earnings  are considered  taxable for
     financial reporting purposes; therefore, the earnings from the property and
     casualty insurance subsidiary,  net of minority  interest, are included  in
     the Company's federal income tax calculations.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Financial Condition, Capital Resources and Liquidity

     Redemption

          In  March, 1994, the  Company received $7,000,000  from Universal, the
     Company's  property and  casualty  insurance  subsidiary, representing  the
     redemption of 20,424 shares of Universal's Class B voting  common stock and
     24,360 shares of  Universal's Class C non-voting common  stock.  The March,
     1994  redemption  reduced the  Company's  ownership  of Universal's  voting
     common stock  to 67% from  70%, prior to  the redemption.   Collectively to
     date, Universal has redeemed from  the Company a total of 65,387  shares of
     voting Class B common stock and 24,360 shares of non-voting  Class C common
     stock  for a  total  redemption price  of  $15,000,000.   Under  previously
     announced options  and  redemption rights  included in  the merger  between
     Eastern America and Universal, Eastern America Group which is the parent of
     the former Eastern America, could acquire  100% of Universal's stock over a
     period of up to twelve years.  Eastern America Group owns the remaining 33%
     of Universal's voting common stock.

     Business Development

          As  an expansion of the  diesel repair segment,  beginning in January,
     1994, the Company is engaged through Rail Systems, Inc. ("Rail Systems") in
     the   overhaul  and  repair  of  locomotive  diesel  engines  and  sale  of
     replacement  parts  for  locomotives.  Rail Systems  serves  shortline  and
     industrial railroads  within the  continental United  States.   In October,
     1993, EMD, the world's largest manufacturer of diesel-electric locomotives,
     awarded an exclusive shortline and industrial rail distributorship  to Rail
     Systems  to  provide  replacement  parts,  service  and  support  to  these
     important and expanding markets.

          In  March, 1994, the  Company through its  subsidiary, Americas Marine
     Express,  Inc.,  began  all-water  marine  transportation  services between
     Memphis,  Tennessee and Mexico, Guatemala,  Honduras and El  Salvador.  The
     new transportation  service utilizes  a chartered foreign  flag river/ocean
     vessel  which offers direct sailing between the locations.  The new service
     provides exporters and importers in the north, central and mid-south states
     with a direct shipping alternative between  the locations on a fourteen day
     round  trip basis.  The direct all-water  liner service accepts 20 foot and
     40  foot containers, including refrigerated and tank containers, as well as
     other cargo on a space available basis.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

     Financial Condition, Capital Resources and Liquidity, Continued

     Liquidity

          The Company  continued  to generate  significant  cash flow  from  its
     operating segments  to fund  its capital expenditures,  asset acquisitions,
     debt service and  other operating  requirements.  Net  cash from  operating
     activities before changes in assets and liabilities totaled $13,611,000 for
     the  1994 first  quarter,  reflecting a  17%  increase when  compared  with
     $11,629,000 reported for the like 1993 period.

          During each year, inflation has  had a relatively minor effect on  the
     financial  results of the company.   The marine  transportation segment has
     long-term contracts which generally contain cost escalation clauses whereby
     certain costs, including fuel can be passed through to its customers, while
     the segment's short-term, or spot business, is based principally on current
     prices.    In  addition,  the marine  transportation  assets  acquired  and
     accounted for  using the purchase  method of accounting were  adjusted to a
     fair market  value  and,  therefore,  the cumulative  long-term  effect  on
     inflation was  reduced.  The repair portion of the diesel repair segment is
     based on prevailing current  market rates.  For  the property and  casualty
     insurance segment, 97% of its investments were classified as available-for-
     sale  or short-term investments,  which consist primarily  of United States
     Governmental instruments.

          Universal is subject to  dividend restrictions under the stockholders'
     agreement between the  Company, Universal  and Eastern America  Group.   In
     addition, Universal is subject to industry guidelines and  regulations with
     respect to the payment of dividends.

          The Company  has no present plan  to pay dividends on  common stock in
     the near future.

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

 
                            PART II - OTHER INFORMATION


     Item 1.   Legal Proceedings

          For a detailed  explanation of the material pending  legal proceedings
     against  the Company,  please refer  to the  Form 10-K  for the  year ended
     December 31, 1993.


     Item 4.   Results of Votes of Security Holders

     (a)       The Registrant held  its Annual Meeting of  Stockholders on April
               19, 1994.

     (b)       Proxies for the meeting were solicited pursuant to Regulation 14;
               there was no solicitation  in opposition to management's nominees
               for  directors as  listed in  the Proxy  Statement, and  all such
               nominees were re-elected.

               Directors  elected  were  George   F.  Clements,  Jr.,  J.  Peter
               Kleifgen, William M. Lamont, Jr., C. W. Murchison, III, George A.
               Peterkin, Jr.,  J. H. Pyne,  Robert G. Stone,  Jr. and  J. Virgil
               Waggoner.  No other directors previously in office continued as a
               director or continued in office after the meeting.

     (c)       Briefly  described  below  are  other  matters  approved  by  the
               stockholders at the Annual Meeting and the number of affirmative,
               negative and abstained votes with respect to the matters:

               Proposal to approve the 1994 Employee Stock Option Plan.

                    For            21,490,000
                    Against         1,669,000
                    Abstain            91,000

               Proposal to  approve the  1994 Nonemployee Director  Stock Option
               Plan.

                    For            22,486,000
                    Against           591,000
                    Abstain           173,000

               Proposal  to approve  the 1993  Stock Option  Plan for  Robert G.
               Stone, Jr.

                    For            22,362,000
                    Against           677,000
                    Abstain           211,000

<PAGE>
                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                             PART II - OTHER INFORMATION

     Item 4    Results of Votes of Security Holders, Continued


               Proposal to amend the 1989 Director Stock Option Plan reducing
               the  number of stock  options automatically  granted to future 
               Directors from 10,000 shares to 5,000 shares of Common Stock.

                    For            23,148,000
                    Against            22,000
                    Abstain            80,000


     Item 6.   Exhibits and Reports on Form 8-K

     (a)       Exhibits:

               11.0 Computation of Earnings per Common Share.

     (b)       Reports on Form 8-K:

               There were no reports on Form 8-K  filed for the three months
               ended March 31, 1994.





                                      SIGNATURES

          Pursuant to the  requirements of  the Securities and  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:  G. Stephen Holcomb
                                             -----------------------------
                                             G. Stephen Holcomb
                                             Vice President and Controller

     Dated:    May 9, 1994

<PAGE>









                                                       EXHIBIT 11.0

                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       COMPUTATION OF EARNINGS PER COMMON SHARE


<TABLE>
<CAPTION>
                                                   Three months ended
                                                       March 31,
                                                    1994       1993
                                                    ($ in thousands,
                                                         except
                                                   per share amount)
     Primary:
<S>                                                 <C>        <C>
         Net earnings                               $ 2,897    3,845
                                                    -------   ------
                                                    -------   ------
     Fully Diluted:
       Net earnings                                 $ 2,897    3,845
       Elimination of interest expense
         applicable to $50 million of 7 1/4%
         convertible subordinated debentures,
         net of tax                                      --      598
                                                    -------   ------
           Net earnings                             $ 2,897    4,443
                                                    -------   ------
                                                    -------   ------
     Primary shares:
       Weighted average number of common shares 
         outstanding                                 28,382   22,801
       Common equivalent shares for dilutive 
         effect of assumed exercise of stock 
         options                                        315      251
                                                    -------   ------
                                                     28,697   23,052
                                                    -------   ------
                                                    -------   ------
     Fully diluted shares:
       Weighted average number of common shares 
         outstanding                                 28,382   22,801
       Common equivalent shares for dilutive 
         effect of assumed exercise of stock 
         options                                        305      257
       Shares applicable to $50 million of 
         7-1/4% convertible subordinated 
         debentures, converted at $11.125                --    4,494
                                                    -------   ------
                                                     28,687   27,552
                                                    -------   ------
                                                    -------   ------
     Earnings per share of common stock:
       Primary                                      $   .10      .17
       Fully diluted                                $   .10      .16
     </TABLE>