Core Viewpoint - Kirby (KEX) reported a revenue of $785.66 million for the quarter ended March 2025, reflecting a year-over-year decline of 2.8% and an EPS of $1.33, which is an increase from $1.19 a year ago [1] Financial Performance - The reported revenue fell short of the Zacks Consensus Estimate of $831.37 million, resulting in a surprise of -5.50% [1] - The company achieved an EPS surprise of +4.72%, with the consensus EPS estimate being $1.27 [1] Key Metrics - Kirby's shares have returned -6.6% over the past month, compared to the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3] Revenue Breakdown - Distribution and services revenue was reported at $309.51 million, below the average estimate of $320.42 million, representing a year-over-year decline of 7% [4] - Marine transportation revenue was reported at $476.15 million, slightly above the average estimate of $510.95 million, with a year-over-year change of +0.2% [4] - Operating income for marine transportation was $86.58 million, exceeding the average estimate of $85.82 million [4] - General corporate expenses showed an operating income of -$3.70 million, better than the average estimate of -$5.24 million [4] - Distribution and services operating income was reported at $22.59 million, surpassing the average estimate of $16.74 million [4]

Kirby (KEX) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.27 per share. This compares to earnings of $1.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.72%. A quarter ago, it was expected that this barge operator would post earnings of $1.27 per share when it actually produced earnings of $1.29, delivering a surprise of 1.57%.Over the last four quarters, the company has su ...

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1Q 2025 Earnings Conference Call May 1, 2025 Disclosures 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 ...

Financial Data and Key Metrics Changes - The company reported first quarter earnings per share of $1.33, an increase from $1.19 in the same period of 2024, reflecting improved market fundamentals in marine transportation and strong demand for power generation [6][11] - Overall, the Marine Transportation segment revenues were $476 million with an operating income of $87 million, resulting in an operating margin of 18.2% [13][20] - The company expects to generate cash flow from operations of $620 million to $720 million for 2025, with a strong balance sheet and significant free cash flow anticipated despite high levels of capital expenditures [26][33] Business Line Data and Key Metrics Changes - Inland marine transportation revenues increased by 2% year-over-year, primarily due to higher utilization and pricing, despite a 50% increase in delay days compared to the previous quarter [15][19] - Coastal marine revenues decreased by 6% year-over-year due to shipyard maintenance, but barge utilization remained strong in the mid to high 90% range [10][17] - Distribution and Services segment revenues decreased by 7% year-over-year, with power generation revenues down 23% due to supply delays, while commercial and industrial revenues grew by 12% year-over-year [20][22] Market Data and Key Metrics Changes - Barge utilization rates in inland marine were in the low to mid 90% range, while coastal marine utilization was in the mid to high 90% range [9][18] - Spot prices for inland marine increased in the low single digits sequentially and in the high single digits year-over-year, while term contract prices renewed with mid single-digit increases [9][15] - The company noted strong demand for power generation products, particularly from data centers, contributing to a healthy backlog despite supply delays [20][32] Company Strategy and Development Direction - The company aims to capitalize on strong market fundamentals and drive shareholder value creation through strategic acquisitions and stock repurchases [27][33] - Management indicated a focus on maintaining a balanced capital allocation approach, with capital expenditures expected to range between $280 million and $320 million for the year [26][27] - The company is optimistic about the marine market outlook, expecting revenues to grow in the mid to high single-digit range for inland marine and high single to low double-digit range for coastal marine [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core businesses and favorable market conditions, despite potential macroeconomic uncertainties [28][33] - The company anticipates continued strength in market fundamentals for both segments, with inland revenues expected to grow and operating margins gradually improving [30][31] - Management highlighted the importance of managing working capital and supply constraints, while also noting the potential for revenue acceleration as backlogs convert into sales [41][42] Other Important Information - The company reported a net cash flow from operating activities of $36.5 million, impacted by a working capital build of approximately $122 million [24] - The company used $101.5 million for stock repurchases at an average price just over $101, with continued repurchases in the second quarter [25][26] - The inland fleet is expected to end 2025 with a total of 1,117 barges, representing 24.8 million barrels of capacity [19] Q&A Session Summary Question: What is the outlook for acquisitions given the current market environment? - Management indicated that the environment is more constructive for acquisition opportunities, with a focus on consolidating marine acquisitions as a priority [39][40] Question: How are cost controls impacting margins in the Distribution and Services segment? - Management noted that strong lean processes have been implemented, which should continue to improve margins, although there are mix issues affecting overall profitability [42][43] Question: What is the current state of inland barge utilization and pricing? - Management confirmed that inland barge utilization exited the first quarter in the mid-90s, with spot pricing up sequentially and term contracts showing increases [52][54] Question: How do tariffs and trade flows impact the business? - Management explained that while steel prices have increased due to tariffs, the overall impact is modestly positive, with potential benefits from onshoring and domestic manufacturing [70][72] Question: What is the outlook for coastal margins as shipyard days decline? - Management expects coastal margins to improve as shipyard maintenance concludes, with a significant increase in revenue anticipated in subsequent quarters [88][89]

Financial Data and Key Metrics Changes - The company reported first quarter earnings per share of $1.33, an increase from $1.19 in the same period of 2024, reflecting improved market fundamentals in marine transportation and strong demand for power generation [5][6] - Overall, inland marine transportation faced a 50% increase in delay days compared to the previous quarter, impacting financial performance [6][12] - Despite challenges, inland operating margins improved year over year, driven by higher pricing and cost management, maintaining around 20% margins [7][14] Business Line Data and Key Metrics Changes - Marine Transportation segment revenues were $476 million with an operating income of $87 million, resulting in an operating margin of 18.2% [12] - Inland marine revenues increased 2% year over year, primarily due to higher utilization and pricing, while coastal revenues decreased 6% year over year due to shipyard maintenance [14][15] - Distribution and Services segment revenues were $310 million, down 7% year over year, while operating income increased by approximately 3% [18] Market Data and Key Metrics Changes - Barge utilization rates in inland marine were in the low to mid 90% range, while coastal marine utilization was in the mid to high 90% range [7][8] - Spot prices for inland marine increased in the low single digits sequentially and in the high single digits year over year, with term contract prices also seeing mid single-digit increases [7][14] - In power generation, revenues decreased 23% year over year due to supply delays, but the backlog of projects remained healthy [18][19] Company Strategy and Development Direction - The company aims to capitalize on strong market fundamentals and drive shareholder value creation through strategic acquisitions and stock repurchases [31][32] - The outlook for the marine market remains strong, with expectations for inland revenues to grow in the mid to high single-digit range for the full year [27][28] - The company is focused on maintaining a balanced capital allocation approach, with capital expenditures expected to range between $280 million and $320 million for the year [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core businesses and favorable market conditions, despite potential macroeconomic uncertainties [26][31] - The company anticipates continued strong demand for power generation products and services, offsetting weaknesses in oil and gas markets [29][30] - Management noted that while there are supply constraints, they expect to unwind working capital as orders shift in 2025 and beyond [23][30] Other Important Information - The company had total available liquidity of approximately $334 million as of March 31, with a net debt to EBITDA ratio just under 1.5 times [21][23] - The company repurchased $101.5 million in stock at an average price just over $101 during the quarter [22] Q&A Session Summary Question: Can you discuss the acquisition environment and opportunities? - Management indicated that the environment is more constructive for acquisition opportunities compared to the past few years, with a focus on consolidating marine acquisitions [36][38] Question: What is the outlook for margins in the Distribution and Services segment? - Management noted that margin improvements are expected due to strong lean processes, but there are mix issues affecting overall margins [39][40] Question: How are barge utilization and pricing trending? - Management confirmed that barge utilization exited the first quarter in the mid-90s, with spot pricing up sequentially and term contracts showing increases [49][51] Question: What are the impacts of tariffs and trade flows? - Management discussed potential short-term impacts from tariffs on engine pricing but noted that steel price increases could positively affect new barge costs [68][70] Question: What is the expectation for coastal margins moving forward? - Management expects coastal margins to improve as shipyard maintenance concludes, with a positive outlook for revenue generation [86][88]

Core Points - Kirby Corporation reported net earnings of $76.0 million or $1.33 per share for Q1 2025, an increase from $70.1 million or $1.19 per share in Q1 2024 [1][25] - Consolidated revenues for Q1 2025 were $785.7 million, down from $808.0 million in Q1 2024 [1][24] Marine Transportation Segment - Marine transportation revenues for Q1 2025 were $476.1 million, slightly up from $475.4 million in Q1 2024, with operating income increasing to $86.6 million from $83.0 million [6][28] - Inland marine transportation faced challenges due to weather, resulting in a 50% increase in delay days compared to Q4 2024 and a 15% year-over-year increase, yet barge utilization rates remained strong in the low to mid-90% range [3][7] - Coastal marine conditions were strong, with barge utilization in the mid to high-90% range, leading to mid-20% price increases on term contract renewals despite a 6% decrease in revenues year-over-year [4][9] Distribution and Services Segment - Distribution and services revenues for Q1 2025 were $309.5 million, down from $332.6 million in Q1 2024, but operating income increased to $22.6 million from $22.0 million [10][29] - Power generation revenues declined 23% due to supply delays, while oil and gas revenues fell 18% but operating income rose 123% due to e-frac and cost management initiatives [11][13] - Commercial and industrial market revenues grew 12% year-over-year, driven by marine repair activity, with operating income up 23% [12] Financial Performance - EBITDA for Q1 2025 was $174.3 million, compared to $162.6 million in Q1 2024 [14][26] - The company repurchased 1,258,031 shares at an average price of $99.16, totaling $124.7 million year-to-date through April 30, 2025 [7] - As of March 31, 2025, Kirby had $51.1 million in cash and cash equivalents, total debt of $1,098.4 million, and a debt-to-capitalization ratio of 24.8% [14][26] 2025 Outlook - The company anticipates positive market dynamics in inland marine due to limited new barge construction, with expected revenue growth in the mid to high single-digit range for the full year [15] - Coastal marine revenues are expected to increase in the high-single to low-double digit range compared to 2024, driven by higher pricing on contracts [16] - Distribution and services segment revenues are expected to be flat to slightly down for the full year, with operating margins in the high-single digits [17]

Core Viewpoint - A class action lawsuit has been filed against Ready Capital Corporation for failing to disclose significant issues related to non-performing loans in its commercial real estate (CRE) portfolio during the specified class period [1][4]. Financial Performance - Ready Capital reported a fourth quarter 2024 net loss of $1.80 per share and a full year 2024 net loss of $2.52 per share [3]. - The company took decisive actions to stabilize its balance sheet, including a total of $284 million in Current Expected Credit Loss (CECL) and valuation allowances for non-performing loans [3]. - Total leverage increased to 3.8x from 3.3x in the previous quarter [3]. - Following the announcement, Ready Capital's stock price fell by $1.86 per share, approximately 26%, closing at $5.07 on March 3, 2025 [3]. Legal Allegations - The lawsuit alleges that Ready Capital did not disclose that significant non-performing loans were unlikely to be collectible and that the company would fully reserve these loans to stabilize its portfolio [4]. - It is claimed that these issues were not accurately reflected in the company's current expected credit loss or valuation allowances [4].

Core Viewpoint - A class action lawsuit has been filed against Everus Construction Group, Inc. for securities fraud, affecting investors who purchased the company's securities during the specified class period [3][6]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who acquired Everus securities from October 31, 2024, through February 11, 2025, with a deadline of June 3, 2025, for investors to apply as lead plaintiffs [3]. - The complaint alleges that the company failed to disclose that its backlog conversion cycle had become elongated due to larger and more complex projects, leading to delayed revenue recognition [6]. Group 2: Company Background - Everus Construction, previously known as MDU Construction Services Group, Inc., began trading on the NYSE on October 31, 2024, following a spinoff from CEHI, LLC, which is a subsidiary of MDU Resources [4]. Group 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 [5]. - Following the financial results announcement, Everus shares dropped by $12.43, approximately 18%, from $68.42 to $55.99 per share [5].

Core Viewpoint - A class action lawsuit has been filed against Quantum Computing Inc. for allegedly misleading investors regarding its technology capabilities, relationships with NASA, and financial reporting during the class period from March 30, 2020, to January 15, 2025 [1][6]. Group 1: Allegations and Reports - Iceberg Research published reports alleging that Quantum's claims about its TFLN foundry and chip orders were fraudulent, citing evidence such as communications with a university professor and photos of the supposed foundry location [3][4]. - A second report from Iceberg noted that Quantum's setup appeared more like a laboratory than a mass production foundry, and highlighted insignificant revenue reported from 2021 to the first nine months of 2024 despite claims of being a NASA subcontractor [4]. - Capybara Research's report accused Quantum of overstating its ties to NASA, fabricating revenues through related-party transactions, and claimed that Quantum's products were fake, leading to a significant drop in stock price [5]. Group 2: Class Action Details - The lawsuit alleges that Quantum's executives overstated the capabilities of its quantum computing technologies, the nature of its relationship with NASA, and the progress on its TFLN foundry [6]. - It is claimed that Quantum concealed related-party transactions that inflated its revenues, which, once revealed, could severely impact the company's business and reputation [6].