Kirby Corporation Announces 2021 Fourth Quarter and Full Year Results and 2022 Outlook
Kirby Corporation (KEX) reported a fourth quarter 2021 net earnings of $11.0 million, or $0.18 per share, including a $0.09 one-time tax provision. Adjusted earnings were $0.27 per share. Consolidated revenues rose to $591.3 million, up from $489.8 million a year earlier. The full year net loss was $247 million, but adjusted earnings for 2021 were $33.7 million, down from $110 million in 2020. The company anticipates improved performance in 2022, projecting cash flow from operations of $400 million to $480 million. Challenges included supply chain delays and adverse weather impacts.
- Fourth quarter adjusted earnings increased to $0.27 per share.
- Consolidated revenues increased to $591.3 million for Q4 2021.
- Inland marine business showed significant revenue growth driven by strong barge utilization.
- Expectations of cash flow from operations ranging from $400 million to $480 million in 2022.
- Fourth quarter net earnings decreased compared to the previous year, down from $22.2 million.
- Full year net loss of $247 million represents ongoing financial challenges.
- Supply chain issues resulted in revenue reductions in distribution and services.
- Fourth quarter 2021 GAAP earnings per share of
$0.18 including a one-time$0.09 per share deferred tax provision related to a change in Louisiana tax law - Fourth quarter 2021 adjusted earnings per share of
$0.27 - Solid improvement in inland marine with barge market strengthening and operating margins approaching
10%
- Distribution and services activity sequentially lower due to supply chain delays and seasonality
- Meaningful improvement expected in 2022 in both inland marine and distribution and services
- 2022 projected cash flow from operations of
$400 million to$480 million and capital expenditures of$170 t o$190 million
HOUSTON, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the fourth quarter ended December 31, 2021 of
For the 2021 full year, Kirby reported a net loss attributable to Kirby of (
David Grzebinski, Kirby’s President and Chief Executive Officer, commented, “Kirby’s fourth quarter adjusted earnings sequentially increased driven by improved results in the marine transportation businesses. These improvements were partially offset by a reduction in distribution and services earnings as a result of seasonality in the commercial and industrial market and supply chain delays in manufacturing. Looking forward into 2022, the outlook for marine transportation and distribution and services is very favorable, and we expect material growth in earnings during the year.
“In marine transportation, our inland business experienced improved market fundamentals due to strong refinery and petrochemical plant utilization and increased customer volumes. As a result, our barge utilization steadily increased during the quarter with an average in the mid-to high
“In coastal marine, market conditions were stable in the fourth quarter. At the end of the quarter, we completed our exit from the Hawaii market, positioning the coastal business for improved profitability and long-term success.
“In distribution and services, our markets remained strong and continued to build momentum heading into 2022. In oil and gas, we experienced favorable demand for new transmissions and increased orders for new environmentally friendly pressure pumping equipment and frac related power generation equipment. However, significant supply chain issues delayed many deliveries of new manufactured equipment during the quarter. As a result, our oil and gas businesses reported a sequential reduction in revenues and operating income. In commercial and industrial, demand remained strong as the economy continued to recover from the pandemic. This was offset by normal seasonality in Thermo King and the power generation rental fleet, resulting in sequentially lower financial results. Lastly, early in the quarter, we acquired an energy storage systems manufacturer based in Texas. This acquisition is a key step in our ESG journey and the development of Kirby’s energy storage solutions for the oilfield, industrial applications, and marine transportation going forward.” Mr. Grzebinski concluded.
Segment Results – Marine Transportation
Marine transportation revenues for the 2021 fourth quarter were
In the inland market, average 2021 fourth quarter barge utilization was in the mid-to high
In coastal, market conditions for refined products and black oil transportation were unchanged during the quarter. Pricing on spot and term contracts was also stable. Average coastal barge utilization improved to the
Segment Results – Distribution and Services
Distribution and services revenues for the 2021 fourth quarter were
In the commercial and industrial market, revenues increased compared to the 2020 fourth quarter, primarily due to improved economic activity across the U.S. which resulted in higher business levels in the power generation and on-highway businesses. Increased product sales in Thermo King also contributed favorably to year-on-year growth. The marine repair business was stable year-on-year. Overall, commercial and industrial revenues increased
In the oil and gas market, revenues and operating income improved compared to the 2020 fourth quarter due to higher oilfield activity which resulted in increased demand for transmissions, engines, parts, and service. The manufacturing business, although heavily impacted by supply chain delays, experienced increased year-on-year demand, orders, and deliveries of new environmentally friendly pressure pumping equipment and frac related power generation equipment. Overall, oil and gas revenues increased
One-time Charges
Kirby’s 2021 fourth quarter results were impacted by a one-time deferred tax provision related to a change in Louisiana tax law. On November 13, 2021, the voters of the state of Louisiana approved a constitutional amendment that removed the corporate tax deduction for federal income taxes paid and lowered the corporate income tax rate from
Cash Generation
For the 2021 fourth quarter, EBITDA was
2022 Outlook
Commenting on the 2022 full year outlook, Mr. Grzebinski said, “After a very challenging year in 2021, we are encouraged by the strength of the ongoing economic recovery, the favorable outlook for inland barging and the oil and gas markets, and the continued growth in demand for our products and services. Although there are still some uncertainties surrounding the COVID-19 Omicron variant which are currently impacting our operations, we see strong momentum building and expect all of our businesses to deliver significantly improved financial results in 2022. As our markets rebound, we expect 2022 capital spending to increase, enabling our businesses to capitalize on growth opportunities and ensure safe, efficient and reliable operations. As always, we will continue to focus on costs and the balance sheet to drive strong cash flow from operations. We intend to use this cash flow to further pay down debt and to pursue attractive acquisition opportunities that may arise.”
In inland marine, 2022 guidance contemplates favorable market conditions with continued economic growth, increased volumes from new petrochemical plants, and minimal new barge construction across the industry. Barge utilization is expected to range between the high
In coastal marine, customer demand is expected to modestly improve in 2022 as refined products and black oil transportation volumes continue to recover from the impact of the pandemic. However, pricing is expected to remain challenged due to underutilized barge capacity across the industry. During the year, Kirby’s coastal barge utilization is expected to be in the
In distribution and services, economic growth and strong oilfield fundamentals are expected to improve activity levels and contribute to a 30 to
Kirby expects 2022 capital spending to range between
Mr. Grzebinski concluded, “2021 was a very challenging year for Kirby. The continued impacts of the COVID-19 pandemic and unprecedented weather events which shutdown the two largest refinery and petrochemical complexes in the U.S. ultimately contributed to weak markets and financial results across the Company. As we start 2022, despite continued uncertainty around COVID-19, for the first time in many years marine transportation and distribution and services are both poised to deliver significant profitability improvement. In inland, customer demand continues to grow, barge utilization is strong, and the price environment is improving. With limited new supply on the horizon, we believe the inland business is well-positioned for a multi-year upcycle. In coastal, although the market still has some challenges, we have taken necessary steps to improve future profitability by retiring underutilized vessels and exiting unprofitable markets. And finally, in distribution and services, economic activity and market share growth is driving up demand for our commercial and industrial products and services. In oil and gas, our environmentally friendly oilfield and power generation equipment continues to attract significant customer demand, resulting in considerable growth in new orders. Overall, the outlook for Kirby is bright, and we are excited about the coming year and the earnings growth potential that lies ahead.”
Conference Call
A conference call is scheduled for 7:30 a.m. Central Standard Time today, Thursday, January 27, 2022, to discuss the 2021 fourth quarter performance as well as the outlook for 2022. To listen to the webcast, please visit the Investor Relations section of Kirby’s website at www.kirbycorp.com. A slide presentation for this conference call will be posted on Kirby’s website approximately 15 minutes before the start of the webcast. For listeners who wish to participate in the question and answer session of the conference call webcast, you may access the call by dialing (866) 691-5839 within the U.S. and Canada or +1 (409) 216-0840 internationally. The conference ID for the call is 1878827. A replay of the webcast will be available for a period of one year by visiting the News & Events page in the Investor Relations section of Kirby’s website.
GAAP to Non-GAAP Financial Measures
The financial and other information to be discussed in the conference call is available in this press release and in a Form 8-K filed with the Securities and Exchange Commission. This press release and the Form 8-K includes a non-GAAP financial measure, Adjusted EBITDA, which Kirby defines as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill. A reconciliation of Adjusted EBITDA with GAAP net earnings (loss) attributable to Kirby is included in this press release. This press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in this press release. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results. This press release also includes a non-GAAP financial measure, free cash flow, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in this press release. Kirby uses free cash flow to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. This press release also includes marine transportation performance measures, consisting of ton miles, revenue per ton mile, towboats operated and delay days. Comparable marine transportation performance measures for the 2020 year and quarters are available in the Investor Relations section of Kirby’s website, www.kirbycorp.com, under Financials.
Forward-Looking Statements
Statements contained in this press release 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 cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby’s annual report on Form 10-K for the year ended December 31, 2020.
About Kirby Corporation
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and control systems, energy storage battery systems, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets. For the oil and gas market, Kirby manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customers.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Fourth Quarter | Year | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(unaudited, $ in thousands, except per share amounts) | |||||||||||||||
Revenues: | |||||||||||||||
Marine transportation | $ | 350,566 | $ | 299,419 | $ | 1,322,918 | $ | 1,404,265 | |||||||
Distribution and services | 240,700 | 190,337 | 923,742 | 767,143 | |||||||||||
Total revenues | 591,266 | 489,756 | 2,246,660 | 2,171,408 | |||||||||||
Costs and expenses: | |||||||||||||||
Costs of sales and operating expenses | 433,923 | 342,947 | 1,652,961 | 1,510,818 | |||||||||||
Selling, general and administrative | 68,477 | 58,860 | 266,911 | 258,272 | |||||||||||
Taxes, other than on income | 7,710 | 8,452 | 36,251 | 42,000 | |||||||||||
Depreciation and amortization | 50,234 | 54,854 | 213,718 | 219,921 | |||||||||||
Impairments and other charges | — | — | 340,713 | 561,274 | |||||||||||
Gain on disposition of assets | (679 | ) | (131 | ) | (5,761 | ) | (118 | ) | |||||||
Total costs and expenses | 559,665 | 464,982 | 2,504,793 | 2,592,167 | |||||||||||
Operating income (loss) | 31,601 | 24,774 | (258,133 | ) | (420,759 | ) | |||||||||
Other income | 1,855 | 1,962 | 10,001 | 8,147 | |||||||||||
Interest expense | (10,297 | ) | (11,423 | ) | (42,469 | ) | (48,739 | ) | |||||||
Earnings (loss) before taxes on income | 23,159 | 15,313 | (290,601 | ) | (461,351 | ) | |||||||||
(Provision) benefit for taxes on income | (12,010 | ) | 7,102 | 43,830 | 189,759 | ||||||||||
Net earnings (loss) | 11,149 | 22,415 | (246,771 | ) | (271,592 | ) | |||||||||
Net earnings attributable to noncontrolling interests | (188 | ) | (211 | ) | (183 | ) | (954 | ) | |||||||
Net earnings (loss) attributable to Kirby | $ | 10,961 | $ | 22,204 | $ | (246,954 | ) | $ | (272,546 | ) | |||||
Net earnings (loss) per share attributable to Kirby common stockholders: | |||||||||||||||
Basic | $ | 0.18 | $ | 0.37 | $ | (4.11 | ) | $ | (4.55 | ) | |||||
Diluted | $ | 0.18 | $ | 0.37 | $ | (4.11 | ) | $ | (4.55 | ) | |||||
Common stock outstanding (in thousands): | |||||||||||||||
Basic | 60,080 | 59,937 | 60,053 | 59,912 | |||||||||||
Diluted | 60,311 | 59,975 | 60,053 | 59,912 | |||||||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Fourth Quarter | Year | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(unaudited, $ in thousands) | ||||||||||||||
Adjusted EBITDA: (1) | ||||||||||||||
Net earnings (loss) attributable to Kirby | $ | 10,961 | $ | 22,204 | $ | (246,954 | ) | $ | (272,546 | ) | ||||
Interest expense | 10,297 | 11,423 | 42,469 | 48,739 | ||||||||||
Provision (benefit) for taxes on income | 12,010 | (7,102 | ) | (43,830 | ) | (189,759 | ) | |||||||
Impairment of long-lived assets | — | — | 121,661 | 165,304 | ||||||||||
Impairment of goodwill | — | — | 219,052 | 387,970 | ||||||||||
Depreciation and amortization | 50,234 | 54,854 | 213,718 | 219,921 | ||||||||||
$ | 83,502 | $ | 81,379 | $ | 306,116 | $ | 359,629 | |||||||
Capital expenditures | $ | 26,047 | $ | 18,814 | $ | 98,015 | $ | 148,185 | ||||||
Acquisitions of businesses and marine equipment | $ | 1,645 | $ | 6,200 | $ | 9,115 | $ | 354,972 | ||||||
December 31, | |||||||
2021 | 2020 | ||||||
(unaudited, $ in thousands) | |||||||
Cash and cash equivalents | $ | 34,813 | $ | 80,338 | |||
Long-term debt, including current portion | $ | 1,163,367 | $ | 1,468,586 | |||
Total equity | $ | 2,888,782 | $ | 3,087,553 | |||
Debt to capitalization ratio | 28.7 | % | 32.2 | % | |||
MARINE TRANSPORTATION STATEMENTS OF EARNINGS
Fourth Quarter | Year | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(unaudited, $ in thousands) | |||||||||||||||
Marine transportation revenues | $ | 350,566 | $ | 299,419 | $ | 1,322,918 | $ | 1,404,265 | |||||||
Costs and expenses: | |||||||||||||||
Costs of sales and operating expenses | 243,063 | 189,196 | 924,380 | 907,119 | |||||||||||
Selling, general and administrative | 30,703 | 25,888 | 119,017 | 111,182 | |||||||||||
Taxes, other than on income | 6,699 | 7,676 | 30,527 | 35,528 | |||||||||||
Depreciation and amortization | 44,419 | 47,503 | 185,979 | 186,798 | |||||||||||
Total costs and expenses | 324,884 | 270,263 | 1,259,903 | 1,240,627 | |||||||||||
Operating income | $ | 25,682 | $ | 29,156 | $ | 63,015 | $ | 163,638 | |||||||
Operating margin | 7.3 | % | 9.7 | % | 4.8 | % | 11.7 | % | |||||||
DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS
Fourth Quarter | Year | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(unaudited, $ in thousands) | |||||||||||||||
Distribution and services revenues | $ | 240,700 | $ | 190,337 | $ | 923,742 | $ | 767,143 | |||||||
Costs and expenses: | |||||||||||||||
Costs of sales and operating expenses | 191,755 | 154,290 | 728,855 | 604,238 | |||||||||||
Selling, general and administrative | 36,623 | 32,154 | 141,100 | 140,449 | |||||||||||
Taxes, other than on income | 987 | 756 | 5,607 | 6,392 | |||||||||||
Depreciation and amortization | 3,834 | 6,003 | 20,573 | 28,255 | |||||||||||
Total costs and expenses | 233,199 | 193,203 | 896,135 | 779,334 | |||||||||||
Operating income (loss) | $ | 7,501 | $ | (2,866 | ) | $ | 27,607 | $ | (12,191 | ) | |||||
Operating margin | 3.1 | % | (1.5 | )% | 3.0 | % | (1.6 | )% | |||||||
OTHER COSTS AND EXPENSES
Fourth Quarter | Year | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
(unaudited, $ in thousands) | |||||||||||||||
General corporate expenses | $ | 2,261 | $ | 1,647 | $ | 13,803 | $ | 11,050 | |||||||
Impairment of long-lived assets | $ | — | $ | — | $ | 121,661 | $ | 165,304 | |||||||
Impairment of goodwill | $ | — | $ | — | $ | 219,052 | $ | 387,970 | |||||||
Inventory write-downs | $ | — | $ | — | $ | — | $ | 8,000 | |||||||
Gain on disposition of assets | $ | (679 | ) | $ | (131 | ) | $ | (5,761 | ) | $ | (118 | ) | |||
ONE TIME CHARGES AND BENEFITS
The 2021 fourth quarter and full year and 2020 full year GAAP results include certain one-time charges. The following is a reconciliation of GAAP earnings to non-GAAP earnings, excluding the one-time items for earnings before tax (pre-tax), net earnings attributable to Kirby (after-tax), and diluted earnings per share (per share):
Fourth Quarter 2021 | Full Year 2021 | |||||||||||||||||||
Pre-Tax | After-Tax | Per Share | Pre-Tax | After-Tax | Per Share | |||||||||||||||
(unaudited, $ in millions except per share amounts) | ||||||||||||||||||||
GAAP earnings (loss) | $ | 23.2 | $ | 11.0 | $ | 0.18 | $ | (290.6 | ) | $ | (247.0 | ) | $ | (4.11 | ) | |||||
Impairments and other charges | — | — | — | 340.7 | 275.0 | 4.58 | ||||||||||||||
Louisiana tax law change | — | 5.7 | 0.09 | — | 5.7 | 0.09 | ||||||||||||||
Earnings, excluding one-time items(2) | $ | 23.2 | $ | 16.7 | $ | 0.27 | $ | 50.1 | $ | 33.7 | $ | 0.56 | ||||||||
Full Year 2020 | |||||||||||
Pre-Tax | After-Tax | Per Share | |||||||||
(unaudited, $ in millions except per share amounts) | |||||||||||
GAAP loss | $ | (461.4 | ) | $ | (272.5 | ) | $ | (4.55 | ) | ||
Impairments and other charges | 561.3 | 433.3 | 7.24 | ||||||||
Income tax benefit on 2018 and 2019 net operating loss carrybacks | — | (50.8 | ) | (0.85 | ) | ||||||
Earnings, excluding one-time items(2) | $ | 99.9 | $ | 110.0 | $ | 1.84 | |||||
RECONCILIATION OF FREE CASH FLOW
The following is a reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow(2):
Fourth Quarter | Year | ||||||||||||||
2021 | 2020(3) | 2021 | 2020(3) | ||||||||||||
(unaudited, $ in millions) | |||||||||||||||
Net cash provided by operating activities | $ | 41.2 | $ | 85.1 | $ | 321.6 | $ | 444.9 | |||||||
Less: Capital expenditures | (26.0 | ) | (18.8 | ) | (98.0 | ) | (148.2 | ) | |||||||
Free cash flow(2) | $ | 15.2 | $ | 66.3 | $ | 223.6 | $ | 296.7 | |||||||
FY 2022 Projection | |||||||
Low | High | ||||||
(unaudited, $ in millions) | |||||||
Net cash provided by operating activities | $ | 400.0 | $ | 480.0 | |||
Less: Capital expenditures | (190.0 | ) | (170.0 | ) | |||
Free cash flow(2) | $ | 210.0 | $ | 310.0 | |||
MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS
Fourth Quarter | Year | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Inland Performance Measurements: | |||||||||||
Ton Miles (in millions) (4) | 3,844 | 2,905 | 13,696 | 13,006 | |||||||
Revenue/Ton Mile (cents/tm) (5) | 7.1 | 7.8 | 7.3 | 8.4 | |||||||
Towboats operated (average) (6) | 255 | 248 | 250 | 287 | |||||||
Delay Days (7) | 2,330 | 1,768 | 9,605 | 10,408 | |||||||
Average cost per gallon of fuel consumed | $ | 2.51 | $ | 1.20 | $ | 2.13 | $ | 1.41 | |||
Barges (active): | |||||||||||
Inland tank barges | 1,025 | 1,066 | |||||||||
Coastal tank barges | 31 | 44 | |||||||||
Offshore dry-cargo barges | 4 | 4 | |||||||||
Barrel capacities (in millions): | |||||||||||
Inland tank barges | 22.9 | 24.1 | |||||||||
Coastal tank barges | 3.1 | 4.2 |
- Kirby has historically evaluated its operating performance using numerous measures, one of which is Adjusted EBITDA, a non-GAAP financial measure. Kirby defines Adjusted EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill. Adjusted EBITDA is presented because of its wide acceptance as a financial indicator. Adjusted EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. Adjusted EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. Adjusted EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information.
- Kirby uses certain non-GAAP financial measures to review performance excluding certain one-time items including: earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with Kirby’s GAAP financial information.
- See Kirby’s 2020 10-K for amounts provided by (used in) investing and financing activities.
- Ton miles indicate fleet productivity by measuring the distance (in miles) a loaded tank barge is moved. Example: A typical 30,000 barrel tank barge loaded with 3,300 tons of liquid cargo is moved 100 miles, thus generating 330,000 ton miles.
- Inland marine transportation revenues divided by ton miles. Example: Fourth quarter 2021 inland marine transportation revenues of
$271,315,000 divided by 3,844,000,000 inland marine transportation ton miles = 7.1 cents. - Towboats operated are the average number of owned and chartered towboats operated during the period.
- Delay days measures the lost time incurred by a tow (towboat and one or more tank barges) during transit. The measure includes transit delays caused by weather, lock congestion and other navigational factors.
FAQ
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