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Kirby Corporation Announces Date for 2023 Fourth Quarter Earnings Release and Earnings Webcast
Newsfilter· 2024-01-02 21:05
HOUSTON, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Kirby Corporation ("Kirby") (NYSE:KEX) will announce its 2023 fourth quarter results at 6:00 a.m. Central Standard Time ("CST") on Thursday, February 1, 2024. This announcement will be followed by an earnings conference call webcast at 7:30 a.m. CST. 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 ...
Kirby(KEX) - 2023 Q3 - Quarterly Report
2023-11-05 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-7615 KIRBY CORPORATION (Exact name of registrant as specified in its charter) Nevada 74-1884980 (State or other jurisdiction of incorporatio ...
Kirby(KEX) - 2023 Q3 - Earnings Call Transcript
2023-10-26 17:16
Financial Data and Key Metrics Changes - In Q3 2023, the company reported revenues of $765 million and earnings per share of $1.05, compared to $746 million and $0.65 per share in Q3 2022, representing a revenue increase of 2.5% and a significant earnings increase of 61.5% year-over-year [11][12][29] - Inland revenues increased by 2% year-over-year primarily due to higher term and spot contract pricing, while Coastal revenues decreased by 13% year-over-year due to planned shipyard maintenance [15][43] - Operating margins for the Marine Transportation segment were 15% in Q3 2023, up from 52% in operating income year-over-year, despite a slight revenue decrease [42][49] Business Line Data and Key Metrics Changes - Marine Transportation segment revenues were $430 million, with operating income of $64 million, reflecting a 1% decrease in total Marine revenues year-over-year [42] - Distribution and Services segment revenues were $335 million, with operating income of $33 million, marking a 7% increase in revenues year-over-year and a 49% increase in operating income [29] - The Commercial and Industrial market saw a 28% year-over-year increase in revenues, driven by strong demand in marine repair and power generation sectors [17] Market Data and Key Metrics Changes - Barge utilization in the Inland segment was in the high 80% range, improving to low 90% with the reopening of the Illinois River [27] - Coastal barge utilization remained strong at mid-90% range, despite challenges from planned shipyard maintenance [25][28] - Average spot market rates increased in the mid-single digits sequentially and in the low 30% range year-over-year, indicating a tightening market [16][25] Company Strategy and Development Direction - The company is optimistic about the outlook heading into a contract renewal period in Q4, with expectations of continued strong demand and limited availability of barges [1] - The company plans to capitalize on strong market fundamentals and drive shareholder value, despite potential challenges from supply chain issues and economic uncertainties [34] - The focus remains on improving financial results in 2024, with expectations of steady demand in Distribution and Services and favorable oilfield fundamentals [20][34] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are challenges related to supply chain constraints, demand for products and services remains strong, and new orders continue to be received [19][60] - The company is closely monitoring potential recession risks and weather-related impacts on the Marine business, but remains confident in the strength of core businesses [34][47] - The outlook for Q4 is expected to be slightly better than previously anticipated, with tight market conditions and strong customer demand [83] Other Important Information - The company had total available liquidity of approximately $451 million as of September 30, 2023, and expects to generate significant free cash flow in the coming quarters [30][49] - The company repurchased $23.3 million of stock during the quarter, reflecting a commitment to returning capital to shareholders [30] Q&A Session Summary Question: Can you discuss the inland and coastal capacity and the need for new equipment? - Management indicated that the cost of new equipment has significantly increased, making it economically unfeasible to build new barges currently [54][56] Question: How are supply chain issues affecting sales and operations? - Supply chain issues are persistent but vary; some components are delayed while others have improved, impacting delivery schedules [60][70] Question: What is the outlook for contract renewals and customer demand? - Management expressed confidence in contract renewals due to tight market conditions and strong customer demand, with a shift towards longer-term contracts [78][99]
Kirby(KEX) - 2023 Q3 - Earnings Call Presentation
2023-10-26 15:06
3Q 2023 Earnings 5 End of period 1,071 23.6 1,073 23.6 Forward Looking Statements Statements contained in this conference call 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 f ...
Kirby(KEX) - 2023 Q2 - Quarterly Report
2023-08-06 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-7615 KIRBY CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R ...
Kirby(KEX) - 2023 Q1 - Quarterly Report
2023-05-07 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-7615 KIRBY CORPORATION (Exact name of registrant as specified in its charter) Nevada 74-1884980 (State or other jurisdiction of incorporation or ...
Kirby(KEX) - 2023 Q1 - Earnings Call Transcript
2023-04-27 21:53
Kirby Corporation (NYSE:KEX) Q1 2023 Results Conference Call April 27, 2023 8:30 AM ET Company Participants Kurt Niemietz - Vice President, Investor Relations & Treasurer David Grzebinski - President and Chief Executive Officer Raj Kumar - Executive Vice President and Chief Financial Officer Conference Call Participants Jon Chappell - Evercore ISI Ben Nolan - Stifel Ken Hoexter - BOA Greg Lewis - BTIG Greg Wasikowski - Webber Research & Advisory Jack Atkins - Stephens Inc. Operator Good day, and thank you f ...
Kirby(KEX) - 2022 Q4 - Annual Report
2023-02-20 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File no. 1-07615 Kirby Corporation (Exact name of registrant as specified in its charter) Nevada 74-1884980 (State or other jurisdiction of incorpora ...
Kirby(KEX) - 2022 Q4 - Earnings Call Presentation
2023-01-31 13:21
4Q 2022 Disclosures Statements contained in this conference call 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 cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jo ...
Kirby(KEX) - 2022 Q3 - Earnings Call Transcript
2022-10-24 16:49
Kirby Corporation (NYSE:KEX) Q3 2022 Earnings Conference Call October 24, 2022 8:00 AM ET Company Participants Kurt Niemietz - Vice President of Investor Relations and Treasure David Grzebinski - President and Chief Executive Officer Raj Kumar - Executive Vice President and Chief Financial Officer Conference Call Participants Ken Hoexter - Bank of America Jack Atkins - Stephens Ben Nolan - Stifel Jonathan Chappell - Evercore Greg Lewis - BTIG Greg Wasikowski - Webber Research Operator Good morning, and welc ...