Kirby Corporation Announces 2025 Third Quarter Results

Core Insights - Kirby Corporation reported net earnings of $92.5 million or $1.65 per share for Q3 2025, a 6% increase from $90.0 million or $1.55 per share in Q3 2024 [1][5] - Consolidated revenues for Q3 2025 were $871.2 million, up from $831.1 million in Q3 2024 [1] Segment Performance - Marine Transportation: Revenues were $484.9 million, slightly down from $486.1 million in Q3 2024. Operating income decreased to $88.6 million from $99.5 million, with an operating margin of 18.3% compared to 20.5% [3][4][6] - Inland Marine: Average barge utilization was in the mid-80% range, impacted by seasonal weather and softer market conditions. Spot market rates declined in the low-to-mid single digits, while term contracts remained flat [2][4][5] - Coastal Marine: Strong market fundamentals with barge utilization in the mid to high-90% range. Revenues increased by 13% year-over-year, and operating margins reached around 20% [6][12] - Distribution and Services: Revenues rose to $386.2 million from $345.1 million, with operating income increasing to $42.7 million from $30.4 million. Operating margin improved to 11.0% from 8.8% [7][9] Financial Metrics - EBITDA: For Q3 2025, EBITDA was $201.4 million, up from $190.5 million in Q3 2024 [11][24] - Cash Flow: Net cash provided by operating activities was $227.5 million, with capital expenditures of $67.2 million. Free cash flow for the quarter was $160.3 million [11][32] - Debt and Liquidity: Total debt stood at $1,048.9 million, with a debt-to-capitalization ratio of 23.8%. The company had $47.0 million in cash and cash equivalents [11][24] Market Outlook - Inland Marine: Expected to see stable market conditions with signs of improvement. Higher barge utilization is anticipated due to seasonal factors [12][15] - Coastal Marine: Favorable market fundamentals are expected to continue, with steady customer demand and pricing benefiting from limited vessel availability [12][13] - Distribution and Services: Continued strength in power generation and marine repair markets, with full-year revenues expected to rise in the mid-single digits [15][16]