Kirby(US:KEX)2025-05-01 17:27Financial Performance - Net earnings for Q1 2025 were $76.0 million, or $1.33 per share, compared to $70.1 million, or $1.19 per share in Q1 2024, reflecting a 10% increase in earnings per share [2]. - Consolidated revenues for Q1 2025 were $785.7 million, down from $808.0 million in Q1 2024, indicating a decrease of approximately 2.8% year-over-year [2]. - Total revenues for Q1 2025 were $785,659,000, a decrease of 2.9% from $808,022,000 in Q1 2024 [27]. - Net earnings attributable to Kirby increased to $75,986,000 in Q1 2025, compared to $70,068,000 in Q1 2024, representing an increase of 8.7% [27]. - Operating income for the marine transportation segment was $86,584,000, up from $82,983,000 in the previous year, resulting in an operating margin of 18.2% [31]. - Distribution and services revenues decreased to $309,510,000 in Q1 2025 from $332,610,000 in Q1 2024, a decline of 6.9% [32]. - EBITDA for Q1 2025 was $174.3 million, compared to $162.6 million in Q1 2024, showing a year-over-year increase of approximately 10.5% [15]. - EBITDA for Q1 2025 was $174,326,000, compared to $162,587,000 in Q1 2024, reflecting a growth of 7.2% [29]. - Free cash flow for Q1 2025 was negative at $(42,200,000), a significant decrease from $42,300,000 in Q1 2024 [37]. Revenue Segments - Inland marine transportation saw a 50% sequential increase in delay days and a 15% increase year-over-year, impacting operational performance despite barge utilization rates in the low to mid-90% range [4]. - Average spot market rates in the inland market increased in the low single digits sequentially and in the high single-digit range year-over-year, with term contract prices renewing with mid-single digit increases [9]. - Coastal marine revenues decreased by 6% year-over-year, while operating margins were in the high single to low double-digit range, with barge utilization levels in the mid to high-90% range [5][10]. - Distribution and services revenues for Q1 2025 were $309.5 million, down from $332.6 million in Q1 2024, with operating income slightly increasing to $22.6 million [11]. Debt and Cash Flow - Long-term debt increased to $1,098,369,000 in Q1 2025 from $874,948,000 in Q4 2024, resulting in a debt to capitalization ratio of 24.8% [29]. - The company expects to generate net cash from operating activities of $620 million to $720 million in 2025, with capital spending projected between $280 million to $320 million [19]. Operational Metrics - Average cost per gallon of fuel consumed decreased to $2.57 in Q1 2025 from $2.82 in Q1 2024 [39]. - The number of towboats operated increased to an average of 291 in Q1 2025, up from 286 in Q1 2024 [39]. - Kirby made acquisitions of businesses and marine equipment totaling $97,250,000 in Q1 2025 [29]. Shareholder Actions - Kirby repurchased 1,258,031 shares at an average price of $99.16 for a total of $124.7 million year-to-date through April 30, 2025 [6]. Future Outlook - For 2025, inland revenues are expected to grow in the mid to high single-digit range, while coastal revenues are anticipated to increase in the high-single to low-double digit range compared to 2024 [16][17].