HOUSTON, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Kirby Corporation ("Kirby") (NYSE: KEX) today announced the appointment of Tracy A. Embree as a new independent member of the Kirby Board of Directors effective February 16, 2026. She will stand for election at the annual meeting of the corporation in April of this year. Ms. Embree is the retired President of Otis Americas, a division of Otis Worldwide Corporation, and brings more than 25 years of global leadership experience across industrial operations, manufactu ...

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Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][20] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total available liquidity at the end of the fourth quarter was approximately $542 million [21] Business Line Data and Key Metrics Changes - Marine transportation segment revenues were $482 million in Q4 2025, with an operating income of $100 million and an operating margin in the low 20% range [10] - Inland marine revenues decreased 1% compared to Q4 2024, primarily due to lower utilization, while coastal revenues increased 22% year-over-year [11][13] - Distribution and services segment revenues were $370 million, with operating income of $30 million and an operating margin of 8.1% [15] Market Data and Key Metrics Changes - Inland barge utilization averaged in the mid- to high-80% range, improving towards the end of the quarter, while coastal barge utilization remained strong in the mid- to high-90% range [6][14] - Power generation revenues grew 47% year-over-year, driven by strong order flow and project wins [7][16] - The oil and gas market continued to face softness, with revenues down 45% year-over-year [18] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with expectations of improving market conditions and operational momentum [4][9] - The company is focused on a balanced capital allocation approach, returning capital to shareholders while pursuing long-term investment opportunities [22][23] - Power generation is identified as a core growth area, with an expanding backlog and strong customer demand [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining industry and potential demand from Venezuelan crude, which could positively impact operations [24][37] - The company anticipates stable refinery activity and improving inland utilization, with spot rates showing early signs of an upward trend [8][25] - Despite expected seasonal challenges in Q1, management expects operating performance to strengthen throughout the year [26][28] Other Important Information - The company experienced an increase in medical costs, which is expected to continue in 2026, impacting operating margins [18][19] - Capital expenditures for 2025 totaled $264 million, with expectations for 2026 to fall within the $220 million-$260 million range [22] Q&A Session Summary Question: Inquiry on Q4 term contract pricing and demand outlook - Management noted that the slight decline in term pricing was due to weak demand in Q4, but they have seen spot prices rebound in January, indicating a more positive outlook for 2026 [31][32][36] Question: Clarification on coastal revenue expectations and shipyard impacts - Management confirmed that increased shipyard activity would impact margins, but revenue growth would primarily come from price increases rather than volume [39][40] Question: Discussion on EPS guidance range and underlying factors - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the potential for improved inland pricing throughout the year [48][49] Question: Update on CapEx guidance and new build pricing - Management indicated that new build pricing remains consistent, with labor costs still high, and they do not anticipate significant acquisitions impacting CapEx guidance [84][87]

Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][18] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [18] - Total revenues for the marine transportation segment increased by 3% year-over-year, while operating income rose by 17% [9] Business Line Data and Key Metrics Changes - In the inland marine segment, barge utilization improved to the mid- to high-80% range, with operating margins in the low-20% range [5][11] - Coastal marine revenues increased by 22% year-over-year, with operating margins around 20% [11] - The distribution and services segment saw revenues of $370 million, a 10% increase year-over-year, primarily driven by the power generation business [13][14] Market Data and Key Metrics Changes - The inland marine market experienced early quarter softness but improved towards the end, with spot prices rebounding in the low- to mid-single digits [5] - Coastal marine market fundamentals remained solid, with barge utilization levels in the mid- to high-90% range [6] - Power generation revenues grew 47% year-over-year, supported by strong order flow and project wins [14] Company Strategy and Development Direction - Kirby Corporation aims for steady growth in 2026, with expectations of consistent year-over-year earnings growth supported by stable operations and improving market fundamentals [22][23] - The company plans to continue returning capital to shareholders while pursuing long-term value-creating investments and acquisitions [20][27] - The focus remains on enhancing shareholder value through disciplined capital allocation and exploring bolt-on acquisitions [83] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand outlook for 2026, despite potential near-term noise from macro factors like Venezuelan oil flows [21][22] - The company anticipates stable refinery activity and improving inland utilization, with expectations for barge utilization to average in the low 90% range [23] - Management acknowledged inflationary pressures and rising medical costs but remains focused on cost control and operational excellence [16][51] Other Important Information - The company expects capital expenditures for 2026 to be in the range of $220 million to $260 million, with a focus on maintenance and growth capital [19] - The balance sheet remains strong, with total available liquidity of approximately $542 million as of December 31, 2025 [18] Q&A Session Summary Question: Insights on 4Q term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand softness, but they are optimistic about the renewal cycle as spot prices have improved [30][31] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to costs without generating revenue, but they remain optimistic about pricing in the coastal market [37][39] Question: Clarification on EPS guidance range and factors influencing it - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the inland market's pricing improvements [44][46] Question: Update on CapEx guidance and new build pricing trends - Management stated that growth CapEx is focused on expanding internal capabilities, with new build pricing remaining consistent with previous quarters [82][86]

F I N A N C I A L R E V I E W FOURTH QUARTER AND FULL YEAR 2025 J A N U A R Y 2 9 , 2 0 2 6 2 FINANCIAL RESULTS Fourth Quarter 2025 and Full Year 2025 | | 4Q 2025 | FULL YEAR 2025 | 4Q AND FULL YEAR 2025 SALES & REVENUES | | --- | --- | --- | --- | | Sales & Revenues | $19.1B | $67.6B | ALL-TIME RECORDS | | Operating Profit | $2.7B | $11.2B | 4Q 2025 ADJUSTED OPERATING PROFIT MARGIN1 AND ADJUSTED PROFIT PER SHARE2 | | Adjusted Operating Profit1 | $3.0B | $11.6B | BETTER THAN ANTICIPATED | | Profit Per Share ...

Company Overview - Generac Holdings is a leading provider of power generation and energy storage solutions, serving residential, commercial, and industrial markets globally [5] - The company has a market capitalization of $9.47 billion and reported revenue of $4.35 billion with a net income of $310.18 million [4] Recent Developments - Matrix Asset Advisors increased its holdings in Generac by 46,101 shares during the fourth quarter, valued at approximately $7.44 million [2] - This purchase raised Generac's stake to 1.38% of Matrix Asset Advisors' total reportable U.S. equity assets, which amount to $1.11 billion as of December 31 [3] Financial Performance - Generac's third-quarter net sales decreased by 5% to $1.1 billion, attributed to softened residential demand, while commercial and industrial revenue grew by 9% year over year [8] - The company maintained a steady adjusted EBITDA margin of 17.3% and generated $96 million in free cash flow during the third quarter [9] Market Position - Generac's stock price was $161.43 as of January 15, with a return of 0.81% over the past year, underperforming the S&P 500 by approximately 16 percentage points [3][9] - The company has a diversified revenue stream, with significant contributions from residential and light commercial standby generators, and is focused on critical infrastructure sectors [7]

Core Insights - Caterpillar (CAT) shares reached an all-time high after exceeding profit and sales expectations, driven by strong demand for data center power-generation equipment, which offset tariff challenges [1][6] Financial Performance - The company reported third-quarter adjusted earnings per share of $4.95, approximately 10% above analyst expectations, with revenue increasing by 9.5% to $17.64 billion, which is $1 billion above forecasts [2] - All three business segments of Caterpillar posted gains, with the Energy and Transportation unit seeing a significant sales increase of 17% to $8.4 billion. Power generation sales within this segment surged by 31% [4] Market Dynamics - The demand for electricity from AI data centers is identified as a key driver for Caterpillar's future growth, contributing to its status as one of the top-performing stocks of the year [3] - Despite tariff costs reaching the upper end of the company's estimate of $500 million to $600 million, the impact was mitigated by higher sales volumes, leading to an adjusted operating profit margin slightly above expectations [5]

Company Overview - Generac provides total energy solutions, including power generation equipment, energy storage systems, and energy management devices, serving light commercial, industrial, and residential markets [2] - The company has been operational since 1959 and is a leader in North America's generator market, with a valuation exceeding $10 billion [2] Market Demand and Trends - There is a growing demand for reliable power infrastructure, particularly driven by the expansion of data centers, which consumed approximately 415 TWh of power last year and is projected to reach 945 TWh by 2030 [4] - Major tech firms like Microsoft, Amazon, Meta, and Alphabet are significantly increasing their capital spending on data center construction, with combined expenditures reaching about $245 billion last year and approaching $360 billion [5] Product Applications - Generac's products cater to various applications, including portable power, home backup, solar power storage, and EV charging, ensuring essential electricity supply under all conditions [1] - The company offers industrial-strength diesel-powered generators that meet the high power demands of data centers [7] Financial Performance - In Q2 2025, Generac reported a revenue of $1.06 billion, a 6% year-over-year increase, surpassing forecasts by nearly $35 million [8] - The net income for the quarter was $74 million, translating to $1.25 per share, which exceeded expectations by $0.22 [8] Analyst Insights - Analyst Sean Milligan from Needham highlights that Generac's stock surged by up to 29% following the Q2 2025 earnings release, attributing this to the company's focus on the data center business [9] - Milligan projects a $250 million revenue from data centers in 2026, with an adjusted EBITDA margin of approximately 17.5%, potentially scaling to a $500 million run-rate in 2027 [10] Stock Ratings - Generac has a Moderate Buy consensus rating from analysts, with 16 recent reviews showing an equal split of 8 Buys and Holds [12] - The current share price is $189.04, with an average target price of $207.14, indicating a potential gain of 9.5% over the next year [12]

Core Viewpoint - Kirby reported strong Q2 2025 earnings with GAAP EPS of $1.67 and revenue of $855.5 million, exceeding analyst expectations, but management expressed caution regarding future demand uncertainties [1][5][12] Financial Performance - Q2 2025 GAAP EPS was $1.67, up 17% from $1.43 in Q2 2024 [2] - Total GAAP revenue reached $855.5 million, a 3.8% increase from $824.4 million in Q2 2024 [2] - Operating margin improved to 15.4%, up from 14.6% in Q2 2024 [2] - EBITDA increased to $202.2 million, a 10.6% rise from $182.9 million in Q2 2024 [2] - Free cash flow significantly decreased to $22.5 million from $90.7 million in Q2 2024, a decline of 75.2% [2][7] Business Overview - Kirby holds approximately 27% of the U.S. inland tank barge market and 11% of the coastal market, operating over 1,100 inland and 28 coastal tank barges [3] - The company focuses on marine transportation of bulk liquids and industrial equipment repair and parts distribution [3] Key Success Factors - Kirby's success is driven by scale in marine services, regulatory compliance, and diversification into industrial equipment sales [4] - Demand for petrochemicals and petroleum, along with tight shipyard capacity, are critical for performance [4] Segment Performance - Marine transportation revenue rose 1.6% to $492.6 million, with operating income increasing 4.4% and margins reaching 20.1% [6] - Distribution and Services revenue increased by 6.9% to $362.9 million, with power generation revenue up 31% year-over-year [7] Industry Dynamics - Kirby's operations are influenced by the Jones Act, which protects the tank barge industry from foreign competition [10] - High steel prices and labor shortages limit rapid fleet expansion, with new orders primarily for replacement rather than growth [11] Future Guidance - Management expects FY2025 EPS growth of 15% to 25%, but cautioned about potential softness in demand [12] - Marine transportation utilization is projected to dip into the low 90% range in Q3 2025 [12] - Distribution and Services revenue is expected to be flat or slightly up, with operating margins in the high single digits [13]