Kirby(US:KEX)2025-10-29 14:39Financial Performance - Net earnings for Q3 2025 were $92.5 million, or $1.65 per share, a 6% increase from $90.0 million, or $1.55 per share in Q3 2024[2] - Consolidated revenues for Q3 2025 reached $871.2 million, up from $831.1 million in Q3 2024, reflecting a year-over-year growth of approximately 4.5%[2] - Operating income for Q3 2025 was $129,219,000, compared to $126,930,000 in Q3 2024, reflecting a stable operating performance[24] - Net earnings attributable to Kirby for Q3 2025 were $92,496,000, up from $89,968,000 in Q3 2024, resulting in a diluted earnings per share of $1.65[24][26] - EBITDA for Q3 2025 was $201.4 million, compared to $190.5 million in Q3 2024, indicating a year-over-year increase of approximately 6%[13] - EBITDA for Q3 2025 was $201,407,000, an increase from $190,469,000 in Q3 2024, indicating improved operational efficiency[26] - Free cash flow for Q3 2025 was $160.3 million, compared to $130.1 million in Q3 2024, highlighting enhanced cash generation capabilities[34] Revenue Breakdown - Distribution and services revenues for Q3 2025 were $386.2 million, a 12% increase from $345.1 million in Q3 2024, with operating margins improving to 11%[9] - Marine transportation revenues were $484,941,000, slightly down from $486,054,000 in Q3 2024, while distribution and services revenues increased by 12% to $386,220,000 from $345,095,000[28][30] - Power generation revenues surged 56% year-over-year, contributing to a 96% increase in operating income, driven by strong demand from data centers and industrial customers[10] - Coastal marine revenues increased by 13% year-over-year, with barge utilization in the mid to high-90% range and operating margins around 20%[8] Operational Metrics - Inland marine barge utilization averaged in the mid-80% range during Q3 2025, with expectations for improvement into the 85-90% range in Q4 2025[4] - The company operated an average of 270 towboats in Q3 2025, down from 287 in Q3 2024, indicating a potential optimization in fleet management[36] Capital and Cash Flow - The company expects to generate net cash from operating activities of $620 million to $720 million in 2025, with capital spending projected between $260 million to $290 million[17] - Capital expenditures in Q3 2025 totaled $67,280,000, down from $76,383,000 in Q3 2024, reflecting a more disciplined investment approach[26] - Kirby repurchased 1,314,009 shares at an average price of $91.30 for a total of $120.0 million in Q3 2025[4] Cost and Leverage - Average cost per gallon of fuel consumed decreased to $2.46 in Q3 2025 from $2.65 in Q3 2024, contributing to cost savings[36] - The debt to capitalization ratio increased to 23.8% in Q3 2025 from 20.7% in Q4 2024, indicating a rise in leverage[26] Future Outlook - Kirby anticipates full-year revenues in distribution and services to increase in the mid-single digits, with operating margins in the high-single digits[16]