Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net
earnings attributable to Kirby for the first quarter ended March
31, 2024, of $70.1 million or $1.19 per share, compared with
earnings of $40.7 million, or $0.68 per share for the 2023 first
quarter. Consolidated revenues for the 2024 first quarter were
$808.0 million compared with $750.4 million reported for the 2023
first quarter.
David Grzebinski, Kirby’s President and Chief
Executive Officer, commented, “We are off to a solid start in 2024.
Both of our segments performed well during the quarter, delivering
improved revenue and operating income and our team executed well
despite weather related delays in the marine transportation segment
and continuing supply chain delays in distribution and services. We
continue to see favorable fundamentals as 2024 progresses, and we
expect steady quarterly earnings progression for the remainder of
the year.
“In inland marine transportation, our operations
were challenged by high winds, ice delays on the Illinois River,
fog along the Gulf Coast, and lock delays throughout the system.
Overall, delay days increased 22% compared to the fourth quarter of
2023. From a demand standpoint, customer activity was strong in the
quarter with barge utilization rates running in the low to mid-90’s
throughout the quarter. Spot market prices were up in the low to
mid-single digits sequentially and in the 15% range year-over-year.
Term contract prices also renewed up higher with low double digit
increases versus a year ago. Overall, first quarter inland revenues
increased 14% year-over-year and margins were in the high teens
range.
“In coastal, market fundamentals remained strong
with our barge utilization levels running in the mid to high-90%
range. During the quarter, we saw solid customer demand and limited
availability of large capacity vessels which resulted in price
increases on term contract renewals in the low 20% range and low
30% increases in spot market prices. Our planned shipyard
maintenance on several large vessels continues to wind down and we
brought one large unit back into service in the quarter. Overall,
first quarter coastal revenues increased 20% year-over-year and
operating margins were in the high single to low double-digit
range.
“In distribution and services, overall demand
was stable across our markets with continued new orders and high
levels of backlog. In power generation, strong order growth drove a
42% sequential and 50% year-over-year increase in revenues with
several large projects wins from data center customers. In
manufacturing, revenues were up 8% sequentially driven by
deliveries of previously delayed shipments and healthy demand for
our e-frac and related products. In our commercial and industrial
market, overall demand remained steady across our different
businesses, with growth coming from the marine repair sector,” Mr.
Grzebinski concluded.
Segment Results – Marine
Transportation Marine transportation revenues for the 2024
first quarter were $475.4 million compared with $412.5 million for
the 2023 first quarter. Operating income for the 2024 first quarter
was $83.0 million compared with $43.0 million for the 2023 first
quarter. Segment operating margin for the 2023 first quarter was
17.5% compared with 10.4% for the 2023 first quarter.
In the inland market, average 2024 first quarter
barge utilization was in the low to mid-90% range similar to the
2023 first quarter. Throughout the quarter, operating conditions on
the inland waterways were affected by normal winter weather
conditions, including significant wind and fog along the Gulf
Coast, and lock delays on the Mississippi River, all of which
contributed to a 22% sequential increase in delay days. During the
quarter, average spot market rates increased in the low to
mid-single digits sequentially and approximately 15% compared to
the 2023 first quarter. Term contracts that renewed in the first
quarter increased in the low double digits on average compared to a
year ago. Inland revenues increased 14% compared to the 2023 first
quarter primarily due to pricing. The inland market represented 81%
of segment revenues in the first quarter of 2024. Inland’s
operating margin was in the high teens for the quarter with a
modest impact from poor navigational conditions during the
quarter.
In coastal, market conditions were strong during
the quarter, with Kirby’s barge utilization in the mid to high-90%
range. During the quarter, average spot market rates increased in
the low to mid-single digits sequentially and in the low 20% range
compared to the 2023 first quarter. Term contracts that renewed in
the first quarter increased in the low double digits on average
compared to a year ago. Coastal revenues increased 20%
year-over-year driven by better pricing and the return to service
of one unit previously in shipyard. Coastal represented 19% of
marine transportation segment revenues during the first quarter and
had an operating margin in the high single to low double-digit
range.
Segment Results –
Distribution and Services Distribution and
services revenues for the 2024 first quarter were $332.6 million
compared with $337.9 million for the 2023 first quarter. Operating
income for the 2024 first quarter was $22.0 million compared with
$22.8 million for the 2023 first quarter. Operating margin was 6.6%
for the 2024 first quarter compared with 6.7% for the 2023 first
quarter.
Revenues in distribution and services were split
43% commercial and industrial, 41% power generation, and 16% oil
and gas.
In the power generation market, revenues
continue to grow as the need for 24/7 power and back up
capabilities become more critical. Overall, power generation
revenues represented approximately 41% of segment revenues. Power
generation operating margins were in the high single digits.
In the commercial and industrial market,
revenues and operating income decreased compared to the 2023 first
quarter, as higher business levels in marine repair were offset by
lower activity in on-highway. Overall, commercial and industrial
revenues represented approximately 43% of segment revenues.
Commercial and industrial operating margins were in the high single
digits.
In the oil and gas market, revenues and
operating income declined compared to the 2023 first quarter due to
lower levels of conventional oilfield activity which resulted in
decreased demand for new transmissions and parts partially offset
by deliveries of e-frac equipment. Overall, oil and gas revenues
represented approximately 16% of segment revenues. Oil and gas
operating margins were in the mid-single digits.
Leadership Update Today we
announce the appointment of Christian G. O’Neil as Kirby’s
President and Chief Operating Officer, effective tomorrow, April
26, 2024 at the conclusion of Kirby’s Annual Meeting. As President
and COO, Mr. O’Neil will be responsible for the day-to-day
operations of Kirby’s Marine Transportation and Distribution and
Services businesses. Mr. Grzebinski commented “With over 25 years
with the company, spanning roles across various businesses,
Christian brings a wealth of experience, a history of operational
excellence, and a strong customer focus that will greatly benefit
Kirby and support our continued growth.” Mr. O’Neil previously
served as President of the Marine Transportation businesses since
2018 and has been with Kirby since 1997. He holds a Master of
Business Administration degree from Rice University, a Doctor of
Jurisprudence from Tulane University and a Bachelor of Arts degree
from Southern Methodist University.
Cash Generation For the 2024
first quarter, EBITDA was $162.6 million compared with $119.1
million for the 2023 first quarter. During the quarter, net cash
provided by operating activities was $123.3 million, and capital
expenditures were $81.0 million. During the quarter, the Company
had net proceeds from asset sales totaling $2.4 million. Kirby also
used $41.8 million to repurchase stock at an average price of
$83.82. As of March 31, 2024, the Company had $75.2 million of cash
and cash equivalents on the balance sheet and $490.9 million of
liquidity available. Total debt was $1,060.5 million and the
debt-to-capitalization ratio was to 24.8%.
2024 Outlook Commenting on the
outlook for the remainder of 2024, Mr. Grzebinski said, “We are off
to a solid start in 2024 and have a favorable outlook for the
remainder of the year. Our balance sheet is strong, and we expect
to generate significant free cash flow despite high levels of capex
this year and expect to use the majority of free cash flow for
share repurchases. We see favorable markets continuing and expect
our businesses will produce improving financial results as we move
through this year.”
In inland marine, our 2024 outlook anticipates
positive market dynamics with steady customer demand and limited
new barge construction in the industry. In addition to this, many
industry units are scheduled for maintenance. With these favorable
market conditions, we expect our barge utilization rates to be in
the low to mid-90% range throughout the year. To support our
ability to meet customer demand, we have recently entered into an
agreement to acquire 13 barges, including three specialty barges,
and two high horsepower boats from an undisclosed seller. Overall,
inland revenues are expected to grow in the mid to high single
digit range on a full year basis. However, a potential recession
with a drop in demand could impact expected growth. The Company
expects operating margins to gradually improve during the year and
average around 20% for the full year.
In coastal marine, strong customer demand is
expected throughout the year with barge utilization in the low to
mid-90% range. With major shipyards and ballast water treatment
installations concluding in the first half of the year, revenues
for the full year are expected to increase in the high single to
low double digits range compared to 2023. Coastal operating margins
are expected to be in the high single to low double-digit range on
a full year basis.
In the distribution and services segment,
despite the uncertainty from volatile commodity prices, we expect
incremental demand for products, parts, and services in the
segment. In commercial and industrial, the demand outlook in marine
repair is strong while on highway is somewhat weak with the
exception of refrigeration products and services. In power
generation we anticipate continued strong growth as data center
demand and the need for backup power is very strong. In oil and
gas, activity levels are lower but seem to be bottoming. Our
manufacturing backlog does provide stable levels of activity
through most of 2024. We do anticipate extended lead times for
certain OEM products to continue contributing to a volatile
delivery schedule of new products in 2024 and into 2025. Overall,
the Company expects segment revenues to be flat to slightly down on
a full year basis with operating margins in the mid to high-single
digits but slightly lower year-over-year due to mix.
Kirby expects to generate net cash provided from
operating activities of $600 million to $700 million in 2024 and
capital spending is expected to range between $290 million to $330
million. Approximately $190 million to $240 million is associated
with marine maintenance capital and improvements to existing inland
and coastal marine equipment, including the remaining ballast water
treatment systems on some coastal vessels, and facility
improvements. Approximately $90 million is associated with growth
capital spending in both our businesses.
Conference Call A conference
call is scheduled for 7:30 a.m. Central Standard Time today,
Thursday, April 25, 2024, to discuss the 2024 first quarter
performance as well as the outlook for 2024. To listen to the
webcast, please visit the Investor Relations section of Kirby’s
website at www.kirbycorp.com. For listeners who wish to
participate in the question and answer session via telephone,
please pre-register at Kirby Earnings Call
Registration. All registrants will
receive dial-in information and a PIN allowing them to access the
live call. A slide presentation for this conference call will be
posted on Kirby’s website approximately 15 minutes before the start
of the webcast. A replay of the webcast will be available for a
period of one year by visiting the News & Events page in the
Investor Relations section of Kirby’s website.
GAAP to Non-GAAP Financial
Measures The financial and other information to be
discussed in the conference call is available in this press release
and in a Form 8-K filed with the Securities and Exchange
Commission. This press release and the Form 8-K includes a non-GAAP
financial measure, EBITDA, which Kirby defines as net earnings
attributable to Kirby before interest expense, taxes on income, and
depreciation and amortization. A reconciliation of EBITDA with GAAP
net earnings attributable to Kirby is included in this press
release. This press release also includes non-GAAP financial
measures which exclude certain one-time items, including earnings
before taxes on income (excluding one-time items), net earnings
attributable to Kirby (excluding one-time items), and diluted
earnings per share (excluding one-time items). A reconciliation of
these measures with GAAP is included in this press release.
Management believes the exclusion of certain one-time items from
these financial measures enables it and investors to assess and
understand operating performance, especially when comparing those
results with previous and subsequent periods or forecasting
performance for future periods, primarily because management views
the excluded items to be outside of Kirby’s normal operating
results. This press release additionally includes a non-GAAP
financial measure, free cash flow, which Kirby defines as net cash
provided by operating activities less capital expenditures. A
reconciliation of free cash flow with GAAP is included in this
press release. Kirby uses free cash flow to assess and forecast
cash flow and to provide additional disclosures on the Company’s
liquidity. Free cash flow does not imply the amount of residual
cash flow available for discretionary expenditures as it excludes
mandatory debt service requirements and other non-discretionary
expenditures. This press release also includes marine
transportation performance measures, consisting of ton miles,
revenue per ton mile, towboats operated and delay days. Comparable
marine transportation performance measures for the 2023 year and
quarters are available in the Investor Relations section of Kirby’s
website, www.kirbycorp.com, under Financials.
Forward-Looking Statements
Statements contained in this press release with respect to the
future are forward-looking statements. These statements reflect
management’s reasonable judgment 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 adverse economic conditions, industry
competition and other competitive factors, adverse weather
conditions such as high water, low water, tropical storms,
hurricanes, tsunamis, fog and ice, tornados, marine accidents, lock
delays, fuel costs, interest rates, construction of new equipment
by competitors, government and environmental laws and regulations,
and the timing, magnitude and number of acquisitions made by the
Company. Forward-looking statements are based on currently
available information and Kirby assumes no obligation to update any
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,
2023.
About Kirby Corporation Kirby
Corporation, based in Houston, Texas, is the nation’s largest
domestic tank barge operator transporting bulk liquid products
throughout the Mississippi River System, on the Gulf Intracoastal
Waterway, and coastwise along all three United States coasts. Kirby
transports petrochemicals, black oil, refined petroleum products
and agricultural chemicals by tank barge. In addition, Kirby
participates in the transportation of dry-bulk commodities in
United States coastwise trade. Through the distribution and
services segment, Kirby provides after-market service and genuine
replacement parts for engines, transmissions, reduction gears,
electric motors, drives, and controls, specialized electrical
distribution and control systems, energy storage battery systems,
and related equipment used in oilfield services, marine, power
generation, on-highway, and other industrial applications. Kirby
also rents equipment including generators, industrial compressors,
high capacity lift trucks, and refrigeration trailers for use in a
variety of industrial markets. For the oil and gas market, Kirby
manufactures and remanufactures oilfield service equipment,
including pressure pumping units, and manufactures electric power
generation equipment, specialized electrical distribution and
control equipment, and high capacity energy storage/battery systems
for oilfield customers.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands, except per share
amounts) |
|
Revenues: |
|
|
|
|
|
|
Marine transportation |
|
$ |
475,412 |
|
|
$ |
412,495 |
|
Distribution and services |
|
|
332,610 |
|
|
|
337,949 |
|
Total revenues |
|
|
808,022 |
|
|
|
750,444 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Costs of sales and operating expenses |
|
|
550,681 |
|
|
|
542,080 |
|
Selling, general and administrative |
|
|
90,206 |
|
|
|
88,849 |
|
Taxes, other than on income |
|
|
8,044 |
|
|
|
9,186 |
|
Depreciation and amortization |
|
|
57,642 |
|
|
|
51,109 |
|
Gain on disposition of assets |
|
|
(74 |
) |
|
|
(2,230 |
) |
Total costs and expenses |
|
|
706,499 |
|
|
|
688,994 |
|
Operating income |
|
|
101,523 |
|
|
|
61,450 |
|
Other income |
|
|
3,269 |
|
|
|
6,443 |
|
Interest expense |
|
|
(13,151 |
) |
|
|
(13,221 |
) |
Earnings before taxes on income |
|
|
91,641 |
|
|
|
54,672 |
|
Provision for taxes on income |
|
|
(21,726 |
) |
|
|
(14,051 |
) |
Net earnings |
|
|
69,915 |
|
|
|
40,621 |
|
Net loss attributable to noncontrolling interests |
|
|
153 |
|
|
|
77 |
|
Net earnings attributable to Kirby |
|
$ |
70,068 |
|
|
$ |
40,698 |
|
Net earnings per share attributable to Kirby common
stockholders: |
|
|
|
|
|
|
Basic |
|
$ |
1.20 |
|
|
$ |
0.68 |
|
Diluted |
|
$ |
1.19 |
|
|
$ |
0.68 |
|
Common stock outstanding (in thousands): |
|
|
|
|
|
|
Basic |
|
|
58,472 |
|
|
|
59,978 |
|
Diluted |
|
|
58,819 |
|
|
|
60,272 |
|
|
|
CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
EBITDA: (1) |
|
|
|
|
|
|
Net earnings attributable to Kirby |
|
$ |
70,068 |
|
|
$ |
40,698 |
|
Interest expense |
|
|
13,151 |
|
|
|
13,221 |
|
Provision for taxes on income |
|
|
21,726 |
|
|
|
14,051 |
|
Depreciation and amortization |
|
|
57,642 |
|
|
|
51,109 |
|
|
|
$ |
162,587 |
|
|
$ |
119,079 |
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
81,047 |
|
|
$ |
73,199 |
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
(unaudited, $ in thousands) |
|
Cash and cash equivalents |
|
$ |
75,216 |
|
|
$ |
32,577 |
|
Long-term debt, including current portion |
|
$ |
1,060,465 |
|
|
$ |
1,016,595 |
|
Total equity |
|
$ |
3,216,741 |
|
|
$ |
3,186,677 |
|
Debt to capitalization ratio |
|
|
24.8 |
% |
|
|
24.2 |
% |
|
|
MARINE TRANSPORTATION STATEMENTS OF EARNINGS |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
Marine transportation revenues |
|
$ |
475,412 |
|
|
$ |
412,495 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Costs of sales and operating expenses |
|
|
301,262 |
|
|
|
282,023 |
|
Selling, general and administrative |
|
|
37,121 |
|
|
|
34,987 |
|
Taxes, other than on income |
|
|
6,197 |
|
|
|
7,307 |
|
Depreciation and amortization |
|
|
47,849 |
|
|
|
45,142 |
|
Total costs and expenses |
|
|
392,429 |
|
|
|
369,459 |
|
|
|
|
|
|
|
|
Operating income |
|
$ |
82,983 |
|
|
$ |
43,036 |
|
Operating margin |
|
|
17.5 |
% |
|
|
10.4 |
% |
|
|
DISTRIBUTION AND SERVICES STATEMENTS OF
EARNINGS |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
Distribution and services revenues |
|
$ |
332,610 |
|
|
$ |
337,949 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Costs of sales and operating expenses |
|
|
249,403 |
|
|
|
259,864 |
|
Selling, general and administrative |
|
|
51,521 |
|
|
|
49,197 |
|
Taxes, other than on income |
|
|
1,828 |
|
|
|
1,851 |
|
Depreciation and amortization |
|
|
7,844 |
|
|
|
4,245 |
|
Total costs and expenses |
|
|
310,596 |
|
|
|
315,157 |
|
|
|
|
|
|
|
|
Operating income |
|
$ |
22,014 |
|
|
$ |
22,792 |
|
Operating margin |
|
|
6.6 |
% |
|
|
6.7 |
% |
|
|
OTHER COSTS AND EXPENSES |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
General corporate expenses |
|
$ |
3,548 |
|
|
$ |
6,608 |
|
|
|
|
|
|
|
|
Gain on disposition of assets |
|
$ |
(74 |
) |
|
$ |
(2,230 |
) |
|
|
|
|
|
|
|
|
|
ONE-TIME CHARGES
The 2023 first three months GAAP results include
certain one-time charges. The following is a reconciliation of GAAP
earnings to non-GAAP earnings, excluding the one-time items, for
earnings before tax (pre-tax), net earnings attributable to Kirby
(after-tax), and diluted earnings per share (per share):
|
|
First Three Months 2023 |
|
|
|
Pre-Tax |
|
|
After-Tax |
|
|
Per Share |
|
|
|
(unaudited, $ in millions except per share
amounts) |
|
GAAP earnings |
|
$ |
54.7 |
|
|
$ |
40.7 |
|
|
$ |
0.68 |
|
Costs related to strategic review and shareholder engagement |
|
|
3.0 |
|
|
|
2.4 |
|
|
|
0.04 |
|
IRS refund interest income |
|
|
(2.7 |
) |
|
|
(2.2 |
) |
|
|
(0.04 |
) |
Earnings, excluding one-time items(2) |
|
$ |
55.0 |
|
|
$ |
40.9 |
|
|
$ |
0.68 |
|
RECONCILIATION OF FREE CASH
FLOW
The following is a reconciliation of GAAP net
cash provided by operating activities to non-GAAP free cash
flow(2):
|
|
Three Months |
|
|
|
2024 |
|
|
2023(3) |
|
|
|
(unaudited, $ in millions) |
|
Net cash provided by operating activities |
|
$ |
123.3 |
|
|
$ |
16.5 |
|
Less: Capital expenditures |
|
|
(81.0 |
) |
|
|
(73.2 |
) |
Free cash flow(2) |
|
$ |
42.3 |
|
|
$ |
(56.7 |
) |
|
|
MARINE TRANSPORTATION PERFORMANCE
MEASUREMENTS |
|
|
|
|
|
Three Months |
|
|
|
2024 |
|
|
2023 |
|
Inland Performance Measurements: |
|
|
|
|
|
|
Ton Miles (in millions) (4) |
|
|
3,304 |
|
|
|
3,440 |
|
Revenue/Ton Mile (cents/tm) (5) |
|
|
11.7 |
|
|
|
9.8 |
|
Towboats operated (average) (6) |
|
|
286 |
|
|
|
282 |
|
Delay Days (7) |
|
|
3,507 |
|
|
|
4,125 |
|
Average cost per gallon of fuel consumed |
|
$ |
2.82 |
|
|
$ |
3.31 |
|
|
|
|
|
|
|
|
Barges (active): |
|
|
|
|
|
|
Inland tank barges |
|
|
1,078 |
|
|
|
1,043 |
|
Coastal tank barges |
|
|
28 |
|
|
|
29 |
|
Offshore dry-cargo barges |
|
|
4 |
|
|
|
4 |
|
Barrel capacities (in millions): |
|
|
|
|
|
|
Inland tank barges |
|
|
23.8 |
|
|
|
23.2 |
|
Coastal tank barges |
|
|
2.9 |
|
|
|
3.0 |
|
- Kirby has historically evaluated
its operating performance using numerous measures, one of which is
EBITDA, a non-GAAP financial measure. Kirby defines EBITDA as net
earnings attributable to Kirby before interest expense, taxes on
income, and depreciation and amortization. EBITDA is presented
because of its wide acceptance as a financial indicator. EBITDA is
one of the performance measures used in calculating performance
compensation pursuant to Kirby’s annual incentive plan. EBITDA is
also used by rating agencies in determining Kirby’s credit rating
and by analysts publishing research reports on Kirby, as well as by
investors and investment bankers generally in valuing companies.
EBITDA is not a calculation based on generally accepted accounting
principles and should not be considered as an alternative to, but
should only be considered in conjunction with, Kirby’s GAAP
financial information.
- Kirby uses certain non-GAAP
financial measures to review performance excluding certain one-time
items including: earnings before taxes on income, excluding
one-time items; net earnings attributable to Kirby, excluding
one-time items; and diluted earnings per share, excluding one-time
items. Management believes the exclusion of certain one-time items
from these financial measures enables it and investors to assess
and understand operating performance, especially when comparing
those results with previous and subsequent periods or forecasting
performance for future periods, primarily because management views
the excluded items to be outside of the company's normal operating
results. Kirby also uses free cash flow, which is defined as net
cash provided by operating activities less capital expenditures, to
assess and forecast cash flow and to provide additional disclosures
on the Company’s liquidity. Free cash flow does not imply the
amount of residual cash flow available for discretionary
expenditures as it excludes mandatory debt service requirements and
other non-discretionary expenditures. These non-GAAP financial
measures are not calculations based on generally accepted
accounting principles and should not be considered as an
alternative to but should only be considered in conjunction with
Kirby’s GAAP financial information.
- See Kirby’s annual report on Form
10-K for the year ended December 31, 2023, and its quarterly report
on Form 10-Q for the quarter ended March 31, 2023 for amounts
provided by (used in) investing and financing activities.
- Ton miles indicate fleet
productivity by measuring the distance (in miles) a loaded tank
barge is moved. Example: A typical 30,000-barrel tank barge loaded
with 3,300 tons of liquid cargo is moved 100 miles, thus generating
330,000 ton miles.
- Inland marine transportation
revenues divided by ton miles. Example: First quarter 2024 inland
marine transportation revenues of $386.0 million divided by 3,304
million inland marine transportation ton miles = 11.7 cents.
- Towboats operated are the average
number of owned and chartered towboats operated during the
period.
- Delay days measures the lost time
incurred by a tow (towboat and one or more tank barges) during
transit. The measure includes transit delays caused by weather,
lock congestion and other navigational factors.
Contact:Kurt Niemietz713-435-1077
Kirby (NYSE:KEX)
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