Core Viewpoint - Kirby Corporation (KEX) is positioned as an impressive investment option due to multiple favorable factors impacting its performance [1]. Performance Overview - KEX has shown a strong price trend, gaining 32% over the past three months, outperforming the Zacks Transportation - Shipping industry's growth of 19.8% [2][7]. Investment Ratings - Kirby holds a Zacks Rank of 2 (Buy) and a VGM Score of B, indicating strong investment potential [4]. Earnings Performance - KEX has a positive earnings surprise history, exceeding the Zacks Consensus Estimate in the last four quarters with an average beat of 5.02% [5]. - Earnings for Q2 2025 are projected to grow by 11.19% year over year, while the overall earnings for 2025 are expected to increase by 18.38% year over year [5][7]. Industry Context - The industry rank for Kirby is 29 out of 245, placing it in the top 12% of Zacks Industries, which is crucial for stock performance [8]. Growth Drivers - Kirby is experiencing favorable market conditions, including higher pricing, increased barge utilization, and improved pricing in both inland and coastal markets [9]. Financial Health - As of Q1 2025, Kirby reported cash and cash equivalents of $51 million against a current debt level of $7 million, indicating strong liquidity [10]. - The current ratio stands at 1.58, higher than the previous quarter's 1.45 and the industry average of 1.31, suggesting a lower risk of default [10]. Shareholder Returns - Kirby has been actively repurchasing shares, having bought back 1.6 million shares for $174.6 million in 2024 and 1.25 million shares for $124.7 million as of April 30, 2025 [11].

Investor Presentation NYSE: KEX May 2025 Forward Looking Statements Non-GAAP Financial Measures Statements contained in this presentation 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 co ...

Company Overview - Kirby Corporation is the largest domestic tank barge operator in the United States, specializing in the transportation of bulk liquid products across various waterways including the Mississippi River System and the Gulf Intracoastal Waterway [4] - The company operates through two main segments: marine transportation (KMT) and distribution and services (KDS) [4] - KMT focuses on transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals, while KDS provides after-market services and equipment rentals for various industrial applications [4] Upcoming Financial Announcement - Kirby Corporation will announce its 2025 second quarter results on July 31, 2025, at 6:00 a.m. CDT, followed by an earnings conference call at 7:30 a.m. CDT [1] - Financial information discussed during the conference call will be available in a press release and a Form 8-K posted on Kirby's website prior to the call [3] Participation Information - Listeners wishing to participate in the Q&A session via telephone must pre-register to receive dial-in information and a PIN [2] - A replay of the webcast will be accessible for one year on Kirby's Investor Relations website [2]

Key Takeaways KEX saw Q1 2025 revenues edge up 0.15% as tight capacity boosted barge rates and utilization. A $97.3M vessel acquisition expands capacity amid strong demand, especially in specialty markets. Operational delays and rising costs from weather, labor shortages and inflation hurt margins.Kirby Corporation (KEX) is thriving with strong demand, which is boosting its prospects. Shareholder-friendly initiatives and robust liquidity are encouraging. However, KEX is grappling with economic uncertainti ...

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets [1] - Investment diversification has become a strategy for individuals, moving away from traditional savings in banks and properties [1] - The popularity of insurance companies in the Philippines has influenced investment choices since 2014 [1] Group 2 - The focus on blue-chip companies has evolved into a broader investment strategy across various industries and market capitalizations [1] - The US market has been entered by investors, with a notable increase in awareness and engagement over the past four years [1] - The use of analytical tools and comparisons between different markets, such as the US and PH markets, has become a common practice among investors [1]

Core Viewpoint - United Airlines CEO Scott Kirby criticized the low-cost carrier model, labeling it as "dead" and stating that it was designed to "screw the customer" [1][2] Group 1: Critique of Budget Airlines - Kirby described the budget airline model as one that tricks customers into purchasing tickets and then imposes unexpected fees, with disclosures hidden in legal jargon [2] - He noted that budget airlines have struggled to retain repeat customers as they grew larger [2] Group 2: United Airlines and JetBlue Partnership - United Airlines announced a new partnership with JetBlue, named Blue Sky, which will provide access to slots for up to seven daily round-trip flights from JFK's Terminal 6 starting in 2027, pending regulatory review [3] - The partnership will enable customers to earn and use frequent flyer miles across both airlines, distinguishing JetBlue from traditional budget carriers [3][4] Group 3: Future Focus and Capacity Adjustments - Kirby emphasized that United Airlines is focusing on enhancing its presence for frequent flyers, particularly in markets like Boston [5] - Despite outperforming many competitors in 2024, United plans to cut about 4% of its domestic capacity starting in July due to softening demand, influenced by external factors such as tariffs affecting international travelers [5][6] Group 4: Market Outlook - The company's outlook is heavily influenced by the macroeconomic environment, which it finds difficult to predict with confidence this year [6]

Core Viewpoint - A federal securities class action has been filed on behalf of investors in Everus Construction Group, Inc. due to undisclosed issues regarding the company's backlog conversion cycle and revenue recognition delays [1][5]. Company Overview - Everus Construction Group, Inc. was formerly known as MDU Construction Services Group, Inc. and operated as a wholly owned subsidiary of CEHI, LLC, which is a subsidiary of MDU Resources [3]. Financial Performance - On February 11, 2025, Everus reported its fourth quarter and full year 2024 financial results, projecting revenue between $3.0 billion and $3.1 billion and EBITDA between $210 million and $225 million for 2025 [4]. - Following the financial results announcement, Everus shares fell by $12.43, approximately 18%, from $68.42 to $55.99 [4]. Class Action Details - The class action is focused on the period from October 31, 2024, to February 11, 2025, and includes investors who held MDU Resources common stock as of October 21, 2024, and acquired Everus common stock during the spinoff [1]. - The complaint alleges that the company failed to disclose the elongation of its backlog conversion cycle and the resulting delays in revenue recognition [5].

Core Viewpoint - Kirby Corporation's first-quarter 2025 earnings report showed mixed results, with earnings exceeding expectations while revenues fell short, leading to a 4.3% increase in share price since the release [1][2]. Financial Performance - Quarterly earnings were $1.33 per share, surpassing the Zacks Consensus Estimate of $1.27, and reflecting an 11.7% year-over-year improvement [2]. - Total revenues amounted to $785.7 million, missing the Zacks Consensus Estimate of $831.4 million, and representing a 2.7% decline year over year [2]. Segmental Performance - **Marine Transportation**: Revenues were $476.1 million, a slight increase of 0.2% year over year, with operating income rising to $86.6 million from $83.0 million [4]. The segment's operating margin improved to 18.2% from 17.5% [4]. - **Inland Market**: Average barge utilization remained in the low to mid-90% range, with operating conditions impacted by winter weather. Average spot market rates increased in the low single digits sequentially and high single digits year over year [5]. - **Coastal Market**: Barge utilization was in the mid to high-90% range, with average spot market rates increasing in the low to mid-single digits sequentially and low 20% range year over year [6]. - **Distribution and Services**: Revenues were $309.5 million, down 6.9% year over year, but operating income increased to $22.6 million from $22 million [7]. Operating margin rose to 7.3% from 6.6% [7]. - **Power Generation Market**: Revenues declined 23% year over year due to supply delays, while orders continued to grow [8]. - **Commercial and Industrial Market**: Revenues and operating income increased by 12% and 23% year over year, respectively [9]. - **Oil and Gas Market**: Revenues decreased by 18%, but operating income surged by 123% year over year [10]. Balance Sheet and Cash Flow - As of March 31, 2025, Kirby had cash and cash equivalents of $51.1 million, down from $74.4 million at the end of the previous quarter [11]. - The company generated $36.5 million in net cash from operating activities, with capital expenditures of $78.7 million [11]. - Kirby repurchased 1,258,031 shares at an average price of $99.16, totaling $124.7 million as of April 30, 2025 [11]. 2025 Outlook - For the Marine Transportation segment, inland revenues are expected to grow in the mid-to-high single-digit range, with operating margins anticipated to improve by 200-300 basis points for the full year [12]. - Coastal revenues are projected to increase in the high-single to low-double-digit range, driven by higher pricing [13]. - Distribution and services segment revenues are expected to remain flat to slightly down, with operating margins in the high-single digits [14]. - Net cash flow from operating activities is anticipated to be between $620 million and $720 million, with capital expenditures expected to range from $280 million to $320 million [15].

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for Q1 2025, showing increased net earnings and total assets Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,014,601** | **$5,851,952** | | Total Current Assets | $1,102,280 | $1,068,559 | | Property and equipment – net | $4,149,299 | $4,022,966 | | **Total Liabilities and Equity** | **$6,014,601** | **$5,851,952** | | Total Current Liabilities | $698,583 | $734,753 | | Long-term debt, net | $1,091,032 | $866,722 | | Total Equity | $3,327,754 | $3,353,248 | Condensed Statements of Earnings Highlights (in thousands, except per share) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $785,659 | $808,022 | | Operating Income | $105,546 | $101,523 | | Net Earnings Attributable to Kirby | $75,986 | $70,068 | | Diluted EPS | $1.33 | $1.19 | Condensed Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $36,541 | $123,288 | | Net cash used in investing activities | ($175,856) | ($78,635) | | Net cash provided by (used in) financing activities | $115,949 | ($2,014) | - On March 27, 2025, the company acquired 14 inland tank barges and four high horsepower towboats for **$97.3 million in cash**[21](index=21&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses segment performance, noting improved marine profitability and a higher debt-to-capitalization ratio from acquisitions and buybacks [Overview](index=16&type=section&id=Overview) The company reports higher Q1 2025 EPS, a significant drop in operating cash flow, and an increased debt-to-capitalization ratio Q1 2025 Key Operating Results (in thousands, except per share) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $785,659 | $808,022 | | Net earnings attributable to Kirby | $75,986 | $70,068 | | Diluted EPS | $1.33 | $1.19 | | Net cash provided by operating activities | $36,541 | $123,288 | | Capital expenditures | $78,687 | $81,047 | - The debt-to-capitalization ratio increased to **24.8%** at March 31, 2025, from 20.7% at December 31, 2024, mainly due to an increase in outstanding debt used for acquisitions and **$101.5 million in treasury stock purchases**[57](index=57&type=chunk) - Projected capital expenditures for 2025 are in the range of **$280 million to $320 million**, with the majority ($180M-$220M) allocated to marine maintenance and improvements[56](index=56&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Marine Transportation operating income grew on strong pricing, while Distribution and Services operating income rose despite lower revenue Segment Performance vs. Q1 2024 | Segment | Q1 2025 Revenue | YoY Change | Q1 2025 Operating Income | YoY Change | Q1 2025 Operating Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Marine Transportation (KMT) | $476.1M | 0% | $86.6M | +4% | 18.2% | | Distribution & Services (KDS) | $309.5M | -7% | $22.6M | +3% | 7.3% | Contract Renewal Price Increases (Q1 2025 vs Q1 2024 Renewals) | Market | Contract Type | Price Increase Range | | :--- | :--- | :--- | | Inland | Term | 3% – 5% | | Inland | Spot | 6% – 8% | | Coastal | Term | 24% – 26% | | Coastal | Spot | 18% – 20% | - In KDS, the commercial and industrial market saw increased revenue from marine repair, while the power generation market experienced decreased revenue due to deferred equipment deliveries[69](index=69&type=chunk)[70](index=70&type=chunk) - The oil and gas market revenue declined from lower conventional activity, but operating income increased due to deliveries of electric fracturing equipment and cost management[71](index=71&type=chunk) [Outlook](index=21&type=section&id=Outlook) The company anticipates improved 2025 results, with a positive marine outlook and mixed conditions for distribution and services - The KMT outlook is positive due to **limited new barge construction**, which is expected to keep utilization high and drive continued improvement in term contract pricing[74](index=74&type=chunk) - The KDS outlook is mixed, with **strong growth anticipated in power generation orders** from data center demand, while on-highway service and oil and gas markets face headwinds[75](index=75&type=chunk) [Financial Condition, Capital Resources and Liquidity](index=29&type=section&id=Financial%20Condition,%20Capital%20Resources%20and%20Liquidity) Long-term debt and total assets increased, while operating cash flow declined significantly due to an inventory buildup - Long-term debt increased by **26%** from year-end 2024, primarily due to increased borrowings on the 2027 Revolving Credit Facility[110](index=110&type=chunk) - Net cash from operating activities decreased by **70% to $36.5 million** in Q1 2025 from $123.3 million in Q1 2024, mainly due to an inventory buildup in KDS for future power generation projects[117](index=117&type=chunk) - During Q1 2025, the company purchased **1.0 million shares** of its common stock for **$101.5 million**[119](index=119&type=chunk) - As of March 31, 2025, the company had **$275.0 million of available borrowing capacity** under its 2027 Revolving Credit Facility[33](index=33&type=chunk)[113](index=113&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's exposure to market risk has not materially changed since the previous fiscal year-end - The Company's exposure to market risk has **not changed materially** since December 31, 2024[128](index=128&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were **effective**[129](index=129&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control[131](index=131&type=chunk) [PART II – OTHER INFORMATION](index=34&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company does not expect ongoing legal proceedings, including a notable 2016 incident, to have a material adverse financial effect - The company is involved in a civil action related to the **2016 grounding of the ATB unit Nathan E. Stewart** and barge DBL 55 in British Columbia[49](index=49&type=chunk) - Management believes its accrual for the estimated liability is adequate and does not expect the incident to have a material adverse effect on its business or financial condition, citing **satisfactory insurance coverage**[49](index=49&type=chunk)[50](index=50&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2024 Annual Report - The company's risk factors have **not materially changed** from those disclosed in its 2024 Annual Report on Form 10-K[134](index=134&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased over one million shares of its common stock for $101.5 million during the first quarter of 2025 Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January 2025 | 135,453 | $107.74 | | February 2025 | 339,148 | $104.55 | | March 2025 | 528,160 | $97.36 | | **Total** | **1,002,761** | **$101.19** | [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No directors or Section 16 officers adopted, modified, or terminated any Rule 10b5-1 trading arrangements during the quarter - **No directors or Section 16 officers** adopted, modified, or terminated any "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements" during the first quarter of 2025[137](index=137&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including required CEO and CFO certifications - The report includes required certifications from the Chief Executive Officer (Exhibit 31.1) and Chief Financial Officer (Exhibit 31.2) pursuant to Rule 13a-14(a)[138](index=138&type=chunk)[139](index=139&type=chunk)

NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors of the June 3, 2025, deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of investors who acquired Everus Construction Group, Inc. (“Everus” or the “Company”) (NYSE:ECG) securities during the period from October 31, 2024, through February 11, 2025 (“the Class Period”), including investors who held MDU Resources Group, Inc. (“MDU Resources”) common stock as of October ...