Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net
earnings attributable to Kirby for the third quarter ended
September 30, 2024, of $90.0 million or $1.55 per share, compared
with earnings of $63.0 million, or $1.05 per share for the 2023
third quarter. Consolidated revenues for the 2024 third quarter
were $831.1 million compared with $764.8 million reported for the
2023 third quarter.
David Grzebinski, Kirby’s Chief Executive
Officer, commented, “Our third quarter results reflected steady
market fundamentals in both marine transportation and distribution
and services, even though we experienced some modest weather and
navigational challenges for marine and continued supply challenges
in distribution and services. These headwinds were mostly offset by
good execution in both marine and distribution and services during
the quarter that led to strong financial performance, with total
revenues up 9% and earnings per share up 48% year-over-year.
“In inland marine transportation, our third
quarter results reflected further gains in pricing combined with a
modest negative impact from poor navigational conditions due to
weather and lock delays. From a demand standpoint, customer
activity was steady with barge utilization rates running in the 90%
range throughout the quarter. Spot prices increased in the low to
mid-single digits sequentially and in the low double-digit range
year-over-year. Term contract prices also renewed up higher with
high-single digit increases versus a year ago. Overall, third
quarter inland revenues increased 11% year-over-year and margins
were in the low 20% range.
“In coastal, market fundamentals remained steady
with our barge utilization levels running in the mid to high-90%
range. During the quarter, strong customer demand and limited
availability of large capacity vessels continued which resulted in
high 20% increases on term contract renewals year-over-year and
average spot market rates that increased in the low double-digit
range year-over-year. Overall, third quarter coastal revenues
increased 23% year-over-year and had an operating margin in the
mid-teens range.
“In distribution and services, demand was mixed
across our end markets with growth in some areas offset by slowness
or delays in other areas which netted a 3% increase in total
segment revenues year-over-year. In power generation, revenue grew
4% sequentially but was down 6% year-over-year driven by supply
delays. The pace of orders was strong and added to backlog with
several large project wins from backup power and other industrial
customers as power becomes more critical. In oil and gas, revenues
were up 19% year-over-year and up 8% sequentially driven by some
growth in our e-frac business. In our commercial and industrial
market, revenues were up 4% year-over-year driven by steady demand
in marine engine repair partially offset by softness in on-highway
truck service and repair,” Mr. Grzebinski concluded.
Segment Results – Marine
Transportation Marine transportation revenues for the 2024
third quarter were $486.1 million compared with $429.9 million for
the 2023 third quarter. Operating income for the 2024 third quarter
was $99.5 million compared with $63.5 million for the 2023 third
quarter. Segment operating margin for the 2024 third quarter was
20.5% compared with 14.8% for the 2023 third quarter.
In the inland market, 2024 third quarter average
barge utilization was in the 90% range compared to the high 80%
range in the 2023 third quarter. During the quarter, average spot
market rates increased in the low to mid-single digits sequentially
and in the low double-digit range compared to the 2023 third
quarter. Term contracts that renewed in the third quarter increased
in the high-single digits on average compared to a year ago. Inland
revenues increased 11% compared to the 2023 third quarter primarily
due to pricing. The inland market represented 81% of segment
revenues in the third quarter of 2024. Inland’s operating margin
was in the low 20% range for 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 double-digit range compared to the 2023 third quarter. Term
contracts that renewed in the third quarter increased in the
high-20% range on average compared to a year ago. Coastal revenues
increased 23% year-over-year driven by better pricing and fewer
shipyards. Coastal represented 19% of marine transportation segment
revenues during the third quarter and had an operating margin in
the mid-teens range.
Segment Results
– Distribution and Services Distribution
and services revenues for the 2024 third quarter were $345.1
million compared with $334.9 million for the 2023 third quarter.
Operating income for the 2024 third quarter was $30.4 million
compared with $33.2 million for the 2023 third quarter. Operating
margin was 8.8% for the 2024 third quarter compared with 9.9% for
the 2023 third quarter.
Power generation revenues in industrial end
markets were up 16% sequentially and 61% year-over-year while power
generation revenues for oil & gas end markets were down over
both periods. In total, power generation revenues were down 6% and
operating income was down 26% when compared to the 2023 third
quarter as delays in power generation equipment for oil and gas
impacted the year-over-year comparison. Overall, power generation
revenues represented approximately 32% of segment revenues. Power
generation operating margins were in the high single digits.
In the commercial and industrial market,
revenues grew 4% and operating income increased 15% when compared
to the 2023 third quarter, as higher business levels in marine
engine repair were offset by lower activity in on-highway service
and repair. Overall, commercial and industrial revenues represented
approximately 47% of segment revenues. Commercial and industrial
operating margins were in the high single digits.
In the oil and gas market, revenues grew 8% and
operating income increased 166% compared to the 2024 second quarter
while year-over-year revenues grew 19% and operating income was
down 14% 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 21% of segment revenues.
Oil and gas operating margins were in the mid to high-single
digits.
Cash Generation For the 2024
third quarter, EBITDA was $190.5 million compared with $148.5
million for the 2023 third quarter. During the quarter, net cash
provided by operating activities was $206.5 million, and capital
expenditures were $76.4 million. During the quarter, the Company
had net proceeds from asset sales totaling $4.8 million. Kirby also
used $55.8 million to repurchase stock at an average price of
$115.46. As of September 30, 2024, the Company had $67.1 million of
cash and cash equivalents on the balance sheet and $570.2 million
of liquidity available. Total debt was $978.6 million, and the
debt-to-capitalization ratio improved to 22.9%.
2024 Outlook Commenting on the
outlook for the remainder of 2024, Mr. Grzebinski said, “Overall,
solid execution and good market conditions led to a strong quarter
for us and we have a favorable outlook as we look forward at next
year. A lack of meaningful newbuild of equipment in marine has
supply in check and we continue to receive new orders for power
generation equipment as we work through supply issues. Our balance
sheet is strong, and we expect to generate significant cash flow
this year and next year. We see favorable fundamentals continuing
and expect our businesses will produce solid financial results as
we move through the remainder of this year and into next year.”
In inland marine, our outlook for the fourth
quarter of 2024 anticipates continued positive market dynamics with
limited new barge construction in the industry. We expect to see
normal seasonal weather impacts and steady demand with slightly
lower refinery utilization. With these market conditions, we expect
our barge utilization rates to remain around the 90% range
throughout the remainder of the year. We also expect continued
improvement in term contract pricing as renewals occur during the
final quarter of the year. Overall, inland revenues are expected to
be flat to slightly down sequentially given the onset of normal
seasonal weather patterns and some expected equipment maintenance.
The Company expects operating margins to be slightly down as
compared to the 2024 third quarter.
In coastal, market conditions remain very
favorable with supply and demand in balance across the industry
fleet. Steady customer demand is expected to continue in the fourth
quarter with our barge utilization in the mid-90% range. As
previously mentioned, we have a number of planned shipyards in the
fourth quarter, and we expect margins to be in the mid-to-high
single digits in the fourth quarter with coastal revenues expected
to be down in the mid-single digits sequentially, as a result.
In the distribution and services segment, we see
near-term uncertainty from supply issues, customer maintenance
deferrals, and lower overall levels of activity in oil and gas.
However, we expect incremental demand for products, parts, and
services in the segment longer term as rates of investment improve
from low levels. In commercial and industrial, the demand outlook
in marine repair remains steady while on-highway service and repair
is somewhat weak in the current environment. In power generation,
we anticipate continued strong growth in orders as data center
demand and the need for backup power is very strong. In oil and
gas, activity levels are lower but have been stabilizing at these
lower levels. We do anticipate extended lead times for certain OEM
products to continue contributing to a volatile delivery schedule
of new products in the fourth quarter and into 2025. Overall, the
Company expects segment revenues to be down in the mid-single
digits sequentially with operating margins in the mid to
high-single digits but lower than the third quarter of 2024.
For the full year, Kirby expects to generate net
cash provided from operating activities of $600 million to $700
million and capital spending is expected to range between $325
million to $355 million. Approximately $200 million to $240 million
is associated with marine maintenance capital and improvements to
existing inland and coastal marine equipment, and facility
improvements. Approximately $115 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,
Wednesday, October 30, 2024, to discuss the 2024 third 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, and specialized electrical distribution and
control equipment for oilfield customers.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands, except per share
amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Marine transportation |
$ |
486,054 |
|
|
$ |
429,885 |
|
|
$ |
1,446,274 |
|
|
$ |
1,269,342 |
|
Distribution and services |
|
345,095 |
|
|
|
334,887 |
|
|
|
1,017,287 |
|
|
|
1,023,122 |
|
Total revenues |
|
831,149 |
|
|
|
764,772 |
|
|
|
2,463,561 |
|
|
|
2,292,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
552,091 |
|
|
|
530,541 |
|
|
|
1,657,004 |
|
|
|
1,618,690 |
|
Selling, general and administrative |
|
84,119 |
|
|
|
79,125 |
|
|
|
254,708 |
|
|
|
250,870 |
|
Taxes, other than on income |
|
8,973 |
|
|
|
9,666 |
|
|
|
27,327 |
|
|
|
28,610 |
|
Depreciation and amortization |
|
60,653 |
|
|
|
53,445 |
|
|
|
177,777 |
|
|
|
156,251 |
|
Gain on disposition of assets |
|
(1,617 |
) |
|
|
(1,528 |
) |
|
|
(2,206 |
) |
|
|
(4,230 |
) |
Total costs and expenses |
|
704,219 |
|
|
|
671,249 |
|
|
|
2,114,610 |
|
|
|
2,050,191 |
|
Operating income |
|
126,930 |
|
|
|
93,523 |
|
|
|
348,951 |
|
|
|
242,273 |
|
Other income |
|
2,949 |
|
|
|
1,589 |
|
|
|
9,306 |
|
|
|
9,296 |
|
Interest expense |
|
(12,498 |
) |
|
|
(13,386 |
) |
|
|
(38,468 |
) |
|
|
(38,893 |
) |
Earnings before taxes on income |
|
117,381 |
|
|
|
81,726 |
|
|
|
319,789 |
|
|
|
212,676 |
|
Provision for taxes on income |
|
(27,350 |
) |
|
|
(18,722 |
) |
|
|
(75,861 |
) |
|
|
(51,733 |
) |
Net earnings |
|
90,031 |
|
|
|
63,004 |
|
|
|
243,928 |
|
|
|
160,943 |
|
Net (earnings) loss attributable to noncontrolling interests |
|
(63 |
) |
|
|
(40 |
) |
|
|
(38 |
) |
|
|
86 |
|
Net earnings attributable to Kirby |
$ |
89,968 |
|
|
$ |
62,964 |
|
|
$ |
243,890 |
|
|
$ |
161,029 |
|
Net earnings per share attributable to Kirby common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.56 |
|
|
$ |
1.06 |
|
|
$ |
4.20 |
|
|
$ |
2.70 |
|
Diluted |
$ |
1.55 |
|
|
$ |
1.05 |
|
|
$ |
4.17 |
|
|
$ |
2.68 |
|
Common stock outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
57,753 |
|
|
|
59,383 |
|
|
|
58,129 |
|
|
|
59,721 |
|
Diluted |
|
58,186 |
|
|
|
59,746 |
|
|
|
58,526 |
|
|
|
60,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
EBITDA: (1) |
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Kirby |
$ |
89,968 |
|
|
$ |
62,964 |
|
|
$ |
243,890 |
|
|
$ |
161,029 |
|
Interest expense |
|
12,498 |
|
|
|
13,386 |
|
|
|
38,468 |
|
|
|
38,893 |
|
Provision for taxes on income |
|
27,350 |
|
|
|
18,722 |
|
|
|
75,861 |
|
|
|
51,733 |
|
Depreciation and amortization |
|
60,653 |
|
|
|
53,445 |
|
|
|
177,777 |
|
|
|
156,251 |
|
|
$ |
190,469 |
|
|
$ |
148,517 |
|
|
$ |
535,996 |
|
|
$ |
407,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
76,383 |
|
|
$ |
103,718 |
|
|
$ |
245,990 |
|
|
$ |
274,963 |
|
Acquisitions of businesses and marine equipment |
$ |
— |
|
|
$ |
37,500 |
|
|
$ |
65,232 |
|
|
$ |
37,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
(unaudited, $ in thousands) |
|
Cash and cash equivalents |
$ |
67,073 |
|
|
$ |
32,577 |
|
Long-term debt, including current portion |
$ |
978,593 |
|
|
$ |
1,016,595 |
|
Total equity |
$ |
3,303,610 |
|
|
$ |
3,186,677 |
|
Debt to capitalization ratio |
|
22.9 |
% |
|
|
24.2 |
% |
|
|
|
|
|
|
|
|
MARINE TRANSPORTATION STATEMENTS OF EARNINGS |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
Marine transportation revenues |
$ |
486,054 |
|
|
$ |
429,885 |
|
|
$ |
1,446,274 |
|
|
$ |
1,269,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
296,114 |
|
|
|
278,979 |
|
|
|
897,351 |
|
|
|
836,620 |
|
Selling, general and administrative |
|
34,064 |
|
|
|
33,000 |
|
|
|
103,712 |
|
|
|
101,592 |
|
Taxes, other than on income |
|
6,524 |
|
|
|
7,783 |
|
|
|
21,104 |
|
|
|
23,052 |
|
Depreciation and amortization |
|
49,876 |
|
|
|
46,656 |
|
|
|
146,772 |
|
|
|
137,324 |
|
Total costs and expenses |
|
386,578 |
|
|
|
366,418 |
|
|
|
1,168,939 |
|
|
|
1,098,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
99,476 |
|
|
$ |
63,467 |
|
|
$ |
277,335 |
|
|
$ |
170,754 |
|
Operating margin |
|
20.5 |
% |
|
|
14.8 |
% |
|
|
19.2 |
% |
|
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTION AND SERVICES STATEMENTS OF
EARNINGS |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
Distribution and services revenues |
$ |
345,095 |
|
|
$ |
334,887 |
|
|
$ |
1,017,287 |
|
|
$ |
1,023,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
255,835 |
|
|
|
251,163 |
|
|
|
758,980 |
|
|
|
779,684 |
|
Selling, general and administrative |
|
47,547 |
|
|
|
43,701 |
|
|
|
144,987 |
|
|
|
138,584 |
|
Taxes, other than on income |
|
2,414 |
|
|
|
1,812 |
|
|
|
6,142 |
|
|
|
5,370 |
|
Depreciation and amortization |
|
8,921 |
|
|
|
5,017 |
|
|
|
25,350 |
|
|
|
13,656 |
|
Total costs and expenses |
|
314,717 |
|
|
|
301,693 |
|
|
|
935,459 |
|
|
|
937,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
30,378 |
|
|
$ |
33,194 |
|
|
$ |
81,828 |
|
|
$ |
85,828 |
|
Operating margin |
|
8.8 |
% |
|
|
9.9 |
% |
|
|
8.0 |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COSTS AND EXPENSES |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
General corporate expenses |
$ |
4,541 |
|
|
$ |
4,666 |
|
|
$ |
12,418 |
|
|
$ |
18,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition of assets |
$ |
(1,617 |
) |
|
$ |
(1,528 |
) |
|
$ |
(2,206 |
) |
|
$ |
(4,230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE-TIME CHARGES |
|
The 2023 first nine 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 Nine Months 2023 |
|
|
Pre-Tax |
|
|
After-Tax |
|
|
Per Share |
|
|
(unaudited, $ in millions except per share
amounts) |
|
GAAP earnings |
$ |
212.7 |
|
|
$ |
161.0 |
|
|
$ |
2.68 |
|
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) |
$ |
213.0 |
|
|
$ |
161.2 |
|
|
$ |
2.68 |
|
|
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):
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023(3) |
|
|
2024 |
|
|
2023(3) |
|
|
(unaudited, $ in millions) |
|
Net cash provided by operating activities |
$ |
206.5 |
|
|
$ |
96.3 |
|
|
$ |
509.1 |
|
|
$ |
324.2 |
|
Less: Capital expenditures |
|
(76.4 |
) |
|
|
(103.8 |
) |
|
|
(246.0 |
) |
|
|
(275.0 |
) |
Free cash flow(2) |
$ |
130.1 |
|
|
$ |
(7.5 |
) |
|
$ |
263.1 |
|
|
$ |
49.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARINE TRANSPORTATION PERFORMANCE
MEASUREMENTS |
|
|
Third Quarter |
|
|
Nine Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Inland Performance Measurements: |
|
|
|
|
|
|
|
|
|
|
|
Ton Miles (in millions) (4) |
|
3,135 |
|
|
|
3,291 |
|
|
|
9,769 |
|
|
|
10,231 |
|
Revenue/Ton Mile (cents/tm) (5) |
|
12.5 |
|
|
|
10.7 |
|
|
|
12.0 |
|
|
|
10.2 |
|
Towboats operated (average) (6) |
|
287 |
|
|
|
274 |
|
|
|
286 |
|
|
|
279 |
|
Delay Days (7) |
|
2,061 |
|
|
|
1,548 |
|
|
|
8,902 |
|
|
|
7,990 |
|
Average cost per gallon of fuel consumed |
$ |
2.65 |
|
|
$ |
2.71 |
|
|
$ |
2.77 |
|
|
$ |
2.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges (active): |
|
|
|
|
|
|
|
|
|
|
|
Inland tank barges |
|
|
|
|
|
|
|
1,095 |
|
|
|
1,071 |
|
Coastal tank barges |
|
|
|
|
|
|
|
28 |
|
|
|
28 |
|
Offshore dry-cargo barges |
|
|
|
|
|
|
|
4 |
|
|
|
4 |
|
Barrel capacities (in millions): |
|
|
|
|
|
|
|
|
|
|
|
Inland tank barges |
|
|
|
|
|
|
|
24.2 |
|
|
|
23.6 |
|
Coastal tank barges |
|
|
|
|
|
|
|
2.9 |
|
|
|
2.9 |
|
(1) 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.(2) 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.(3) 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 September 30, 2023 for
amounts provided by (used in) investing and financing
activities.(4) 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.(5)
Inland marine transportation revenues divided by ton miles.
Example: Third quarter 2024 inland marine transportation revenues
of $392.6 million divided by 3,135 million inland marine
transportation ton miles = 12.5 cents.(6) Towboats operated are the
average number of owned and chartered towboats operated during the
period.(7) 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 Niemietz 713-435-1077
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