Kirby Corporation Announces 2024 Third Quarter Results
Kirby (KEX) reported strong Q3 2024 results with net earnings of $90.0 million or $1.55 per share, up from $63.0 million or $1.05 per share in Q3 2023. Total revenues increased 9% to $831.1 million. Marine transportation showed robust performance with inland operating margins in low 20% range and coastal margins in mid-teens. Inland barge utilization remained around 90%, while coastal utilization reached mid to high-90%. The company generated over $130 million in free cash flow and repurchased 483,335 shares for $55.8 million at an average price of $115.46.
Kirby (KEX) ha riportato risultati solidi per il terzo trimestre del 2024, con utili netti di 90,0 milioni di dollari, pari a 1,55 dollari per azione, in aumento rispetto ai 63,0 milioni di dollari, pari a 1,05 dollari per azione, nel terzo trimestre del 2023. I ricavi totali sono aumentati del 9%, raggiungendo 831,1 milioni di dollari. Il trasporto marittimo ha mostrato una performance robusta, con margini operativi interni nella fascia bassa del 20% e margini costieri nella fascia media dei teen. L'utilizzo delle chiatte interne è rimasto attorno al 90%, mentre quello costiero ha raggiunto il 90% medio-alto. L'azienda ha generato oltre 130 milioni di dollari di flusso di cassa libero e ha riacquistato 483.335 azioni per 55,8 milioni di dollari a un prezzo medio di 115,46 dollari.
Kirby (KEX) reportó resultados sólidos en el tercer trimestre de 2024, con ganancias netas de 90,0 millones de dólares o 1,55 dólares por acción, en comparación con 63,0 millones de dólares o 1,05 dólares por acción en el tercer trimestre de 2023. Los ingresos totales aumentaron un 9% hasta alcanzar los 831,1 millones de dólares. El transporte marítimo mostró un rendimiento robusto, con márgenes operativos internos en el rango bajo del 20% y márgenes costeros en la media de los adolescentes. La utilización de barcazas interiores se mantuvo en torno al 90%, mientras que la utilización costera alcanzó entre el 90% y el 95%. La empresa generó más de 130 millones de dólares en flujo de caja libre y recompró 483.335 acciones por 55,8 millones de dólares a un precio promedio de 115,46 dólares.
키르비 (KEX)는 2024년 3분기 실적을 발표하며 순이익이 9천만 달러, 주당 1.55달러에 도달했다고 보고했습니다. 이는 2023년 3분기의 6천3백만 달러, 주당 1.05달러에서 증가한 수치입니다. 총 수익은 9% 증가하여 8억3천1백11만 달러가 되었습니다. 해양 운송은 저렴한 20% 대의 내륙 운영 마진과 중간 십대의 연안 마진으로 견고한 성과를 보였습니다. 내륙 바지선 활용도는 약 90%를 유지했으며, 연안 활용도는 중간에서 높은 90%에 도달했습니다. 이 회사는 1억3천만 달러 이상의 자유 현금 흐름을 창출했으며, 55.8백만 달러에 483,335주를 재매입했으며 평균 가격은 115.46달러입니다.
Kirby (KEX) a annoncé de bons résultats pour le troisième trimestre 2024, avec un bénéfice net de 90,0 millions de dollars, soit 1,55 dollar par action, en hausse par rapport à 63,0 millions de dollars, soit 1,05 dollar par action au troisième trimestre 2023. Les revenus totaux ont augmenté de 9 % pour atteindre 831,1 millions de dollars. Le transport maritime a montré une performance robuste avec des marges d'exploitation intérieures dans la fourchette basse de 20 % et des marges côtières dans les adolescents moyens. L'utilisation des barges intérieures est restée autour de 90 %, tandis que l'utilisation côtière a atteint des niveaux moyens à élevés de 90 %. L'entreprise a généré plus de 130 millions de dollars de flux de trésorerie libre et a racheté 483 335 actions pour 55,8 millions de dollars à un prix moyen de 115,46 dollars.
Kirby (KEX) hat im dritten Quartal 2024 starke Ergebnisse mit einem Nettogewinn von 90,0 Millionen Dollar oder 1,55 Dollar pro Aktie gemeldet, ein Anstieg von 63,0 Millionen Dollar oder 1,05 Dollar pro Aktie im dritten Quartal 2023. Die Gesamterlöse stiegen um 9% auf 831,1 Millionen Dollar. Der maritime Transport zeigte eine robuste Leistung mit internen Betriebs margens im niedrigen 20%-Bereich und Küsten margens im mittleren Teen-Bereich. Die Nutzung der Binnenschiffe blieb bei etwa 90%, während die Küstennutzung im mittleren bis hohen 90%-Bereich lag. Das Unternehmen generierte über 130 Millionen Dollar an freiem Cashflow und kaufte 483.335 Aktien für 55,8 Millionen Dollar zu einem Durchschnittspreis von 115,46 Dollar zurück.
- Net earnings increased 43% YoY to $90.0 million
- Revenue grew 9% YoY to $831.1 million
- Marine transportation revenues up 13% YoY to $486.1 million
- Strong free cash flow generation over $130 million
- Inland marine operating margins in low 20% range
- Coastal marine operating margins improved to mid-teens
- Distribution and services operating margin declined to 8.8% from 9.9% YoY
- Power generation revenues decreased 6% YoY
- Supply chain challenges continue to affect distribution and services segment
Insights
The Q3 2024 results demonstrate robust performance with
Key highlights include:
- Marine transportation revenues up
13% YoY with impressive20.5% operating margin - Strong free cash flow of
$130 million - Strategic share repurchase of 483,335 shares at
$115.46 per share - Healthy balance sheet with debt-to-capitalization ratio improving to
22.9%
The inland marine segment shows particular strength with pricing power and
Industry dynamics strongly favor Kirby's position, particularly in marine transportation. new barge construction has created a tight supply market, enabling significant pricing power. Spot market rates increased in low double digits YoY, while term contract renewals saw high-single digit increases for inland and impressive
The power generation segment shows promising long-term potential despite current supply challenges, with strong order backlog driven by growing data center and backup power demand. The oil & gas market remains volatile but shows stabilization signs, while commercial/industrial markets demonstrate mixed performance with strength in marine repair offsetting weakness in on-highway services.
- Third quarter 2024 earnings per share of
$1.55 - Continued strength in inland marine with a sequential increase in spot market prices and operating margins in the low
20% range - Continued strong market conditions in coastal marine with operating margins improving to the mid-teens range
- Strong free cash flow generation with over
$130 million of free cash flow in the third quarter - Kirby repurchased 483,335 shares at an average price of
$115.46 for$55.8 million in the 2024 third quarter
HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the third quarter ended September 30, 2024, of
David Grzebinski, Kirby’s Chief Executive Officer, commented, “Our third quarter results reflected steady market fundamentals in both marine transportation and distribution and services, even though we experienced some modest weather and navigational challenges for marine and continued supply challenges in distribution and services. These headwinds were mostly offset by good execution in both marine and distribution and services during the quarter that led to strong financial performance, with total revenues up
“In inland marine transportation, our third quarter results reflected further gains in pricing combined with a modest negative impact from poor navigational conditions due to weather and lock delays. From a demand standpoint, customer activity was steady with barge utilization rates running in the
“In coastal, market fundamentals remained steady with our barge utilization levels running in the mid to high
“In distribution and services, demand was mixed across our end markets with growth in some areas offset by slowness or delays in other areas which netted a
Segment Results – Marine Transportation
Marine transportation revenues for the 2024 third quarter were
In the inland market, 2024 third quarter average barge utilization was in the
In coastal, market conditions were strong during the quarter, with Kirby’s barge utilization in the mid to high
Segment Results – Distribution and Services
Distribution and services revenues for the 2024 third quarter were
Power generation revenues in industrial end markets were up
In the commercial and industrial market, revenues grew
In the oil and gas market, revenues grew
Cash Generation
For the 2024 third quarter, EBITDA was
2024 Outlook
Commenting on the outlook for the remainder of 2024, Mr. Grzebinski said, “Overall, solid execution and good market conditions led to a strong quarter for us and we have a favorable outlook as we look forward at next year. A lack of meaningful newbuild of equipment in marine has supply in check and we continue to receive new orders for power generation equipment as we work through supply issues. Our balance sheet is strong, and we expect to generate significant cash flow this year and next year. We see favorable fundamentals continuing and expect our businesses will produce solid financial results as we move through the remainder of this year and into next year.”
In inland marine, our outlook for the fourth quarter of 2024 anticipates continued positive market dynamics with limited new barge construction in the industry. We expect to see normal seasonal weather impacts and steady demand with slightly lower refinery utilization. With these market conditions, we expect our barge utilization rates to remain around the
In coastal, market conditions remain very favorable with supply and demand in balance across the industry fleet. Steady customer demand is expected to continue in the fourth quarter with our barge utilization in the mid
In the distribution and services segment, we see near-term uncertainty from supply issues, customer maintenance deferrals, and lower overall levels of activity in oil and gas. However, we expect incremental demand for products, parts, and services in the segment longer term as rates of investment improve from low levels. In commercial and industrial, the demand outlook in marine repair remains steady while on-highway service and repair is somewhat weak in the current environment. In power generation, we anticipate continued strong growth in orders as data center demand and the need for backup power is very strong. In oil and gas, activity levels are lower but have been stabilizing at these lower levels. We do anticipate extended lead times for certain OEM products to continue contributing to a volatile delivery schedule of new products in the fourth quarter and into 2025. Overall, the Company expects segment revenues to be down in the mid-single digits sequentially with operating margins in the mid to high-single digits but lower than the third quarter of 2024.
For the full year, Kirby expects to generate net cash provided from operating activities of
Conference Call
A conference call is scheduled for 7:30 a.m. Central Standard Time today, Wednesday, October 30, 2024, to discuss the 2024 third quarter performance as well as the outlook for 2024. To listen to the webcast, please visit the Investor Relations section of Kirby’s website at www.kirbycorp.com. For listeners who wish to participate in the question and answer session via telephone, please pre-register at Kirby Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call. A slide presentation for this conference call will be posted on Kirby’s website approximately 15 minutes before the start of the webcast. 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, EBITDA, which Kirby defines as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. A reconciliation of EBITDA with GAAP net earnings 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 additionally 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. 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 2023 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 adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. 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, 2023.
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, and specialized electrical distribution and control equipment for oilfield customers.
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited, $ in thousands, except per share amounts) | |||||||||||||||
| Revenues: | |||||||||||||||
| Marine transportation | $ | 486,054 | $ | 429,885 | $ | 1,446,274 | $ | 1,269,342 | |||||||
| Distribution and services | 345,095 | 334,887 | 1,017,287 | 1,023,122 | |||||||||||
| Total revenues | 831,149 | 764,772 | 2,463,561 | 2,292,464 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 552,091 | 530,541 | 1,657,004 | 1,618,690 | |||||||||||
| Selling, general and administrative | 84,119 | 79,125 | 254,708 | 250,870 | |||||||||||
| Taxes, other than on income | 8,973 | 9,666 | 27,327 | 28,610 | |||||||||||
| Depreciation and amortization | 60,653 | 53,445 | 177,777 | 156,251 | |||||||||||
| Gain on disposition of assets | (1,617 | ) | (1,528 | ) | (2,206 | ) | (4,230 | ) | |||||||
| Total costs and expenses | 704,219 | 671,249 | 2,114,610 | 2,050,191 | |||||||||||
| Operating income | 126,930 | 93,523 | 348,951 | 242,273 | |||||||||||
| Other income | 2,949 | 1,589 | 9,306 | 9,296 | |||||||||||
| Interest expense | (12,498 | ) | (13,386 | ) | (38,468 | ) | (38,893 | ) | |||||||
| Earnings before taxes on income | 117,381 | 81,726 | 319,789 | 212,676 | |||||||||||
| Provision for taxes on income | (27,350 | ) | (18,722 | ) | (75,861 | ) | (51,733 | ) | |||||||
| Net earnings | 90,031 | 63,004 | 243,928 | 160,943 | |||||||||||
| Net (earnings) loss attributable to noncontrolling interests | (63 | ) | (40 | ) | (38 | ) | 86 | ||||||||
| Net earnings attributable to Kirby | $ | 89,968 | $ | 62,964 | $ | 243,890 | $ | 161,029 | |||||||
| Net earnings per share attributable to Kirby common stockholders: | |||||||||||||||
| Basic | $ | 1.56 | $ | 1.06 | $ | 4.20 | $ | 2.70 | |||||||
| Diluted | $ | 1.55 | $ | 1.05 | $ | 4.17 | $ | 2.68 | |||||||
| Common stock outstanding (in thousands): | |||||||||||||||
| Basic | 57,753 | 59,383 | 58,129 | 59,721 | |||||||||||
| Diluted | 58,186 | 59,746 | 58,526 | 60,033 | |||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| EBITDA: (1) | |||||||||||||||
| Net earnings attributable to Kirby | $ | 89,968 | $ | 62,964 | $ | 243,890 | $ | 161,029 | |||||||
| Interest expense | 12,498 | 13,386 | 38,468 | 38,893 | |||||||||||
| Provision for taxes on income | 27,350 | 18,722 | 75,861 | 51,733 | |||||||||||
| Depreciation and amortization | 60,653 | 53,445 | 177,777 | 156,251 | |||||||||||
| $ | 190,469 | $ | 148,517 | $ | 535,996 | $ | 407,906 | ||||||||
| Capital expenditures | $ | 76,383 | $ | 103,718 | $ | 245,990 | $ | 274,963 | |||||||
| Acquisitions of businesses and marine equipment | $ | — | $ | 37,500 | $ | 65,232 | $ | 37,500 | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (unaudited, $ in thousands) | |||||||
| Cash and cash equivalents | $ | 67,073 | $ | 32,577 | |||
| Long-term debt, including current portion | $ | 978,593 | $ | 1,016,595 | |||
| Total equity | $ | 3,303,610 | $ | 3,186,677 | |||
| Debt to capitalization ratio | 22.9 | % | 24.2 | % | |||
| MARINE TRANSPORTATION STATEMENTS OF EARNINGS | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| Marine transportation revenues | $ | 486,054 | $ | 429,885 | $ | 1,446,274 | $ | 1,269,342 | |||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 296,114 | 278,979 | 897,351 | 836,620 | |||||||||||
| Selling, general and administrative | 34,064 | 33,000 | 103,712 | 101,592 | |||||||||||
| Taxes, other than on income | 6,524 | 7,783 | 21,104 | 23,052 | |||||||||||
| Depreciation and amortization | 49,876 | 46,656 | 146,772 | 137,324 | |||||||||||
| Total costs and expenses | 386,578 | 366,418 | 1,168,939 | 1,098,588 | |||||||||||
| Operating income | $ | 99,476 | $ | 63,467 | $ | 277,335 | $ | 170,754 | |||||||
| Operating margin | 20.5 | % | 14.8 | % | 19.2 | % | 13.5 | % | |||||||
| DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| Distribution and services revenues | $ | 345,095 | $ | 334,887 | $ | 1,017,287 | $ | 1,023,122 | |||||||
| Costs and expenses: | |||||||||||||||
| Costs of sales and operating expenses | 255,835 | 251,163 | 758,980 | 779,684 | |||||||||||
| Selling, general and administrative | 47,547 | 43,701 | 144,987 | 138,584 | |||||||||||
| Taxes, other than on income | 2,414 | 1,812 | 6,142 | 5,370 | |||||||||||
| Depreciation and amortization | 8,921 | 5,017 | 25,350 | 13,656 | |||||||||||
| Total costs and expenses | 314,717 | 301,693 | 935,459 | 937,294 | |||||||||||
| Operating income | $ | 30,378 | $ | 33,194 | $ | 81,828 | $ | 85,828 | |||||||
| Operating margin | 8.8 | % | 9.9 | % | 8.0 | % | 8.4 | % | |||||||
| OTHER COSTS AND EXPENSES | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited, $ in thousands) | |||||||||||||||
| General corporate expenses | $ | 4,541 | $ | 4,666 | $ | 12,418 | $ | 18,539 | |||||||
| Gain on disposition of assets | $ | (1,617 | ) | $ | (1,528 | ) | $ | (2,206 | ) | $ | (4,230 | ) | |||
| ONE-TIME CHARGES | |||||||||||||||
The 2023 first nine months 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):
| First Nine Months 2023 | |||||||||||
| Pre-Tax | After-Tax | Per Share | |||||||||
| (unaudited, $ in millions except per share amounts) | |||||||||||
| GAAP earnings | $ | 212.7 | $ | 161.0 | $ | 2.68 | |||||
| Costs related to strategic review and shareholder engagement | 3.0 | 2.4 | 0.04 | ||||||||
| IRS refund interest income | (2.7 | ) | (2.2 | ) | (0.04 | ) | |||||
| Earnings, excluding one-time items(2) | $ | 213.0 | $ | 161.2 | $ | 2.68 | |||||
| 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):
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023(3) | 2024 | 2023(3) | ||||||||||||
| (unaudited, $ in millions) | |||||||||||||||
| Net cash provided by operating activities | $ | 206.5 | $ | 96.3 | $ | 509.1 | $ | 324.2 | |||||||
| Less: Capital expenditures | (76.4 | ) | (103.8 | ) | (246.0 | ) | (275.0 | ) | |||||||
| Free cash flow(2) | $ | 130.1 | $ | (7.5 | ) | $ | 263.1 | $ | 49.2 | ||||||
| MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS | |||||||||||||||
| Third Quarter | Nine Months | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Inland Performance Measurements: | |||||||||||||||
| Ton Miles (in millions) (4) | 3,135 | 3,291 | 9,769 | 10,231 | |||||||||||
| Revenue/Ton Mile (cents/tm) (5) | 12.5 | 10.7 | 12.0 | 10.2 | |||||||||||
| Towboats operated (average) (6) | 287 | 274 | 286 | 279 | |||||||||||
| Delay Days (7) | 2,061 | 1,548 | 8,902 | 7,990 | |||||||||||
| Average cost per gallon of fuel consumed | $ | 2.65 | $ | 2.71 | $ | 2.77 | $ | 2.97 | |||||||
| Barges (active): | |||||||||||||||
| Inland tank barges | 1,095 | 1,071 | |||||||||||||
| Coastal tank barges | 28 | 28 | |||||||||||||
| Offshore dry-cargo barges | 4 | 4 | |||||||||||||
| Barrel capacities (in millions): | |||||||||||||||
| Inland tank barges | 24.2 | 23.6 | |||||||||||||
| Coastal tank barges | 2.9 | 2.9 | |||||||||||||
(1) Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA, a non-GAAP financial measure. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in calculating performance compensation pursuant to Kirby’s annual incentive plan. 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. 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.
(2) 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. 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.
(3) See Kirby’s annual report on Form 10-K for the year ended December 31, 2023, and its quarterly report on Form 10-Q for the quarter ended September 30, 2023 for amounts provided by (used in) investing and financing activities.
(4) 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.
(5) Inland marine transportation revenues divided by ton miles. Example: Third quarter 2024 inland marine transportation revenues of
(6) Towboats operated are the average number of owned and chartered towboats operated during the period.
(7) 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.
Contact: Kurt Niemietz
713-435-1077
FAQ
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