The Transportation group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Kirby (KEX) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Transportation sector should help us answer this question. Kirby is a member of the Transportation sector. This group includes 135 individual stocks and currently holds a Zacks Sector Rank of #16. The Zacks Sector Rank gauges th ...

Kirby Corporation (KEX) reported second-quarter 2024 earnings of $1.43 per share, which beat the Zacks Consensus Estimate of $1.32 and improved 50.5% year over year. Total revenues of $824.4 million surpassed the Zacks Consensus Estimate of $821.7 million and improved 6.1% year over year. Total costs and expenses (on a reported basis) grew 2% year over year to $703.89million. Segmental Performance The company operates via two segments, namely, marine transportation, and distribution and services. Revenues i ...

Kirby (KEX) reported $824.39 million in revenue for the quarter ended June 2024, representing a year-overyear increase of 6.1%. EPS of $1.43 for the same period compares to $0.95 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $821.73 million, representing a surprise of +0.32%. The company delivered an EPS surprise of +8.33%, with the consensus EPS estimate being $1.32. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street e ...

Financial Performance - 2Q 2024 revenues increased to $824.4 million, a 6% increase compared to $777.2 million in 2Q 2023 and a 2% increase compared to $808.0 million in 1Q 2024[3] - Net earnings attributable to Kirby increased to $83.9 million, a 46% increase compared to $57.4 million in 2Q 2023 and a 20% increase compared to $70.1 million in 1Q 2024[3] - Earnings per share increased to $1.43, a 50% increase compared to $0.95 in 2Q 2023 and a 20% increase compared to $1.19 in 1Q 2024[3] - Strong cash flow from operations of $179 million with free cash flow of $91 million[3] Marine Transportation - Marine transportation revenue increased by 14% year-over-year to $484.8 million from $427.0 million[8] - Marine transportation operating income increased by 48% year-over-year to $94.9 million from $64.3 million[8] - Inland contributed 81% of marine transportation revenues, with barge utilization in the low to mid-90% range[10] - Coastal contributed 19% of marine transportation revenues, with barge utilization in the mid to high-90% range[10] Distribution & Services - Distribution & Services revenue decreased by 3% year-over-year to $339.6 million from $350.3 million, but increased 2% sequentially from $332.6 million[14] - Power generation revenues increased 9% year-over-year[7, 14] - Oil and Gas revenues decreased 33% year-on-year but increased 22% sequentially[15]

Core Insights - Kirby (KEX) reported quarterly earnings of $1.43 per share, exceeding the Zacks Consensus Estimate of $1.32 per share, and showing an increase from $0.95 per share a year ago, resulting in an earnings surprise of 8.33% [1] - The company achieved revenues of $824.39 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.32% and up from $777.25 million year-over-year [2] - Kirby's stock has increased approximately 56.6% year-to-date, significantly outperforming the S&P 500's gain of 15.8% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.45, with expected revenues of $834.95 million, and for the current fiscal year, the EPS estimate is $5.30 on revenues of $3.28 billion [7] - The estimate revisions trend for Kirby is favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expectations of outperformance in the near future [6] Industry Context - The Transportation - Shipping industry, to which Kirby belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, International Seaways (INSW), is expected to report a year-over-year earnings decline of 19.9% for the quarter ended June 2024, with revenues anticipated to drop 12% from the previous year [9][10]

Kirby (KEX) shares soared 4.7% in the last trading session to close at $129.59. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.3% gain over the past four weeks. Shares of Kirby have gained 65% year to date driven by the improving sentiment pertaining to the capesize market. In fact, this year the capesize market has undergone the strongest first quarter since 2011. The current northward movement of the Baltic Dry Index is owin ...

Core Viewpoint - The lawsuit against Lamb Weston alleges that the company made significant misrepresentations regarding its new ERP system, which led to substantial financial losses and operational issues during the transition period [1][4]. Group 1: Financial Impact - Lamb Weston reported a loss of over $130 million in sales during the third quarter of fiscal 2024 due to problems with its ERP system transition [4]. - The ERP transition negatively impacted net sales by $135 million, net income by $72 million, and adjusted EBITDA by $95 million [4]. - The company reduced its sales guidance for fiscal 2024 by $330 million at the midpoint [4]. Group 2: Operational Issues - The ERP system rollout resulted in reduced visibility into finished goods inventory, affecting the company's ability to fulfill customer orders, leading to shipment delays and canceled orders [4]. - Customers affected by the ERP transition began turning to competitors, further impacting sales volumes in the fourth quarter of fiscal 2024 [4]. Group 3: Stock Market Reaction - Following the announcement of the financial results and ERP issues, Lamb Weston's share price fell by $19.59, approximately 19.46%, from $100.68 to $81.17 [4].

Industry Overview - The Zacks Transportation - Shipping industry is currently ranked 46, placing it in the top 18% of over 245 Zacks industries [3] - The industry has outperformed the S&P 500 Index, gaining 54.6% compared to the S&P 500's 27.7% increase over the same period [13][24] - The industry is trading at a forward 12-month price-to-sales (P/S) ratio of 2.57X, which is lower than the S&P 500's 5.28X but higher than the sector's 1.8X [6] Market Dynamics - Tensions in the Red Sea due to attacks by Yemen's Houthi militants have disrupted maritime trade, leading to increased freight costs as shipping companies opt for longer routes [2] - The reopening of the Chinese economy has positively impacted demand for goods and commodities, further benefiting the shipping industry [9][22] - The floating LNG market is projected to grow from $19.2 billion in 2022 to $51.6 billion by 2032, at a CAGR of 10.8%, driven by low unit costs and increasing demand for quick-to-market LNG supply [8] Company Insights - Kirby Corporation (KEX) is benefiting from increased demand in its distribution and services segment, currently holding a Zacks Rank 2 (Buy) [29] - Costamare (CMRE) has gained 55% year to date, supported by positive market sentiment in the dry bulk sector and holds a Zacks Rank 1 (Strong Buy) [15] - Golar LNG (GLNG) has seen a 46.2% increase year to date and ranks first in FLNG capacity, with a Zacks Rank 3 (Hold) [19][31]

HOUSTON, June 28, 2024 (GLOBE NEWSWIRE) -- Kirby Corporation ("Kirby") (NYSE: KEX) will announce its 2024 second quarter results at 6:00 a.m. Central Daylight Time ("CDT") on Thursday, August 1, 2024. This announcement will be followed by an earnings conference call webcast at 7:30 a.m. CDT. The financial and other information to be discussed in the conference call will be available in the 2024 second quarter press release and in a Form 8-K to be posted prior to the call on Kirby's website at www.kirbycorp. ...

Company Overview - Kirby Corporation is the largest domestic tank barge operator in the United States, transporting bulk liquid products across the Mississippi River System, Gulf Intracoastal Waterway, and all three U.S. coasts [4] - The company specializes in transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge [4] - Kirby also engages in the transportation of dry-bulk commodities in U.S. coastwise trade [4] Services and Equipment - Kirby provides after-market services and genuine replacement parts for various industrial applications, including oilfield services, marine, and power generation [4] - The company rents equipment such as generators, industrial compressors, high-capacity lift trucks, and refrigeration trailers for diverse industrial markets [4] - In the oil and gas sector, Kirby manufactures and remanufactures oilfield service equipment, including pressure pumping units, and produces electric power generation equipment and specialized electrical distribution systems [4] Upcoming Financial Announcement - Kirby Corporation will announce its 2024 second quarter results on August 1, 2024, at 6:00 a.m. CDT, followed by an earnings conference call at 7:30 a.m. CDT [1] - Financial information for the conference call will be available in the press release and Form 8-K posted on Kirby's website prior to the call [2]