Kirby(KEX)

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Kirby(KEX) - 2024 Q1 - Quarterly Results
2024-04-25 20:10
Exhibit 99.1 KIRBY CORPORATION Contact: Kurt Niemietz 713-435-1077 FOR IMMEDIATE RELEASE 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 ...
Kirby(KEX) - 2024 Q1 - Earnings Call Transcript
2024-04-25 17:58
Financial Data and Key Metrics Changes - In Q1 2024, Kirby Corporation reported revenue of $808 million and earnings per share of $1.19, compared to $0.68 in Q1 2023, reflecting significant year-over-year growth [12][12] - Overall, both segments delivered higher revenue and operating income year-over-year, with inland revenues increasing 14% and coastal revenues increasing 20% [12][18] - The company experienced a 22% increase in delay days compared to Q4 2023, but these were down modestly year-over-year [15][15] Business Line Data and Key Metrics Changes - Marine Transportation segment revenues were $475 million with an operating income of $83 million, marking a 15% increase in total marine revenues compared to Q1 2023 [25] - Inland business contributed approximately 81% of segment revenue, with average barge utilization in the low-to-mid 90% range [27] - Distribution and Services segment revenues were $333 million, down 2% year-over-year, with power generation revenues increasing 50% year-over-year [34][35] Market Data and Key Metrics Changes - Strong customer demand and limited barge availability contributed to favorable pricing, with spot prices up in the low-to-mid single digits sequentially and around 15% year-over-year [16] - The power generation market is driven by demand for 24/7 power from data centers and other industrial customers, with a stable demand across markets in Distribution and Services [20][21] - Coastal barge utilization levels were in the mid-to-high 90% range, with term contract renewals seeing low 20% increases year-over-year [17][31] Company Strategy and Development Direction - The company plans to focus on capitalizing on strong market fundamentals and driving shareholder value creation [59] - Kirby Corporation is committed to a balanced capital allocation approach, targeting significant free cash flow for share repurchases and growth opportunities [51] - The company anticipates continued growth in power generation driven by strong demand from data centers and the need for backup power [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market fundamentals, stating that the current conditions are among the best experienced [10][46] - The company expects barge utilization rates to remain strong throughout the year, with inland revenues projected to grow in the mid-to-high single-digit range [47][55] - Supply chain constraints and potential recession risks were acknowledged as factors that could impact growth expectations [47][49] Other Important Information - The company is experiencing a maintenance bubble across the industry, impacting operational efficiency and margins [79][82] - Kirby Corporation expects capital expenditures to range between $290 million and $330 million for the year, primarily for maintenance and improvements [43] Q&A Session Summary Question: Insights on margin improvement and conservatism in guidance - Management acknowledged the potential for higher margins but cited inflationary pressures and weather uncertainties as reasons for conservatism in guidance [63][67] Question: Breakdown of power generation revenue sources - Power generation revenue is primarily from industrial customers, with a significant portion coming from oil and gas applications [69][73] Question: Impact of maintenance bubble on barge pricing - The entire industry is facing a maintenance bubble, which is expected to last for at least the next two years, affecting supply and pricing dynamics [79][81] Question: Outlook on e-frac equipment demand - There is continued demand for e-frac equipment, primarily as a replacement for older equipment rather than expansion of capacity [138][140]
Kirby (KEX) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Zacks Investment Research· 2024-04-25 15:00
For the quarter ended March 2024, Kirby (KEX) reported revenue of $808.02 million, up 7.7% over the same period last year. EPS came in at $1.19, compared to $0.68 in the year-ago quarter.The reported revenue represents a surprise of +3.01% over the Zacks Consensus Estimate of $784.43 million. With the consensus EPS estimate being $0.97, the EPS surprise was +22.68%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their nex ...
Kirby (KEX) Q1 Earnings and Revenues Surpass Estimates
Zacks Investment Research· 2024-04-25 13:20
Kirby (KEX) came out with quarterly earnings of $1.19 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.68%. A quarter ago, it was expected that this barge operator would post earnings of $1.03 per share when it actually produced earnings of $1.04, delivering a surprise of 0.97%.Over the last four quarters, the company has s ...
Seeking Clues to Kirby (KEX) Q1 Earnings? A Peek Into Wall Street Projections for Key Metrics
Zacks Investment Research· 2024-04-24 14:21
Wall Street analysts expect Kirby (KEX) to post quarterly earnings of $0.97 per share in its upcoming report, which indicates a year-over-year increase of 42.7%. Revenues are expected to be $784.43 million, up 4.5% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces its earnin ...
Will Kirby (KEX) Beat Estimates Again in Its Next Earnings Report?
Zacks Investment Research· 2024-04-22 17:16
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Kirby (KEX) , which belongs to the Zacks Transportation - Shipping industry, could be a great candidate to consider.This barge operator has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 1.96%.For the most recent quarter, Kirby ...
Kirby (KEX) Is a Great Choice for 'Trend' Investors, Here's Why
Zacks Investment Research· 2024-04-18 13:51
When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the st ...
Here's Why Kirby (KEX) Stock Is a Compelling Portfolio Addition
Zacks Investment Research· 2024-04-08 12:41
Kirby Corporation’s (KEX) strong segmental performances, driven by increased demand, are boosting its top line. If you have not taken advantage of its share price appreciation yet, it’s time to do so.Let’s take a look at the factors that make the stock a strong investment pick at the moment.Robust Price Performance: A glimpse at the company’s price trend reveals that its shares have surged 25.9% year to date, surpassing the industry’s 13.8% growth.Image Source: Zacks Investment ResearchSolid Rank & VGM Scor ...
Kirby Corporation (KEX) Hit a 52 Week High, Can the Run Continue?
Zacks Investment Research· 2024-04-04 14:16
Have you been paying attention to shares of Kirby (KEX) ? Shares have been on the move with the stock up 9.4% over the past month. The stock hit a new 52-week high of $97.81 in the previous session. Kirby has gained 23.8% since the start of the year compared to the 3.9% move for the Zacks Transportation sector and the 14.1% return for the Zacks Transportation - Shipping industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnings co ...
Here's Why Momentum in Kirby (KEX) Should Keep going
Zacks Investment Research· 2024-04-02 13:51
When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate rev ...