Welcome to our dedicated page for Kirby Corporation news (Ticker: KEX), a resource for investors and traders seeking the latest updates and insights on Kirby Corporation stock.
Kirby Corporation, headquartered in Houston, Texas, is the largest tank barge operator in the United States. The company specializes in the transportation of bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, all three U.S. coasts, as well as Alaska and Hawaii.
Kirby Corporation operates primarily in two segments: Marine Transportation and Distribution and Services. The Marine Transportation segment is the backbone of the company's revenue, offering marine transportation services through a fleet of tank barges and towing vessels. These vessels transport essential commodities such as petrochemicals, black oil, refined petroleum products, and agricultural chemicals.
The Distribution and Services segment complements the transportation division by providing after-market services. This includes genuine replacement parts for engines, transmissions, reduction gears, and power generation equipment used in various sectors such as oil and gas, and commercial and industrial applications.
Kirby Corporation is well-regarded for its commitment to safety, operational efficiency, and environmental stewardship. Recent achievements include the implementation of advanced navigational technologies and strategic partnerships to enhance service delivery and maintain a competitive edge in the market.
Financially, Kirby Corporation has historically used several performance measures, including EBITDA, to assess its operations. EBITDA is widely recognized as an indicator of financial health and is utilized by rating agencies, analysts, and investors. Kirby also employs non-GAAP financial measures to exclude one-time items, providing a clearer picture of ongoing operational performance.
Investors and stakeholders can find detailed financial information in Kirby’s annual reports and quarterly filings, which include metrics like ton miles, inland marine transportation revenues, and delay days—key indicators of fleet productivity and operational efficiency.
Kirby Corporation (NYSE: KEX) reported first-quarter 2023 net earnings of $40.7 million or $0.68 per share, a significant increase compared to $17.4 million or $0.29 per share in the previous year. The total consolidated revenue reached $750.4 million, up from $610.8 million year-over-year. The results reflect one-time costs of $0.04 per share due to strategic reviews, balanced by $0.04 per share from delayed IRS refunds. Inland marine showed strong utilization rates in the low to mid-90% range despite navigation delays, while marine transportation faced a 31% year-over-year increase in delay days. The company anticipates continued earnings growth throughout 2023, driven by strong oil and gas demand.
Kirby Corporation (KEX) is set to release its 2023 first quarter results on April 27, 2023, at 6:00 a.m. CDT. Following the announcement, an earnings conference call will be held at 7:30 a.m. CDT. Interested participants can pre-register to join the Q&A session via telephone. Kirby, the largest domestic tank barge operator, transports bulk liquids across the U.S. and provides various industrial services, including equipment rental and aftermarket support. For further details, the financial information will be available in the press release and a Form 8-K prior to the call, accessible on Kirby's website.
Kirby Corporation (NYSE: KEX) has appointed Rocky B. Dewbre as an independent member of its Board of Directors, following a cooperation agreement with JCP Investment Management. This expansion increases the board to eleven directors, with nine being independent. Dewbre brings extensive leadership experience in the motor fuels and lubricants distribution sector. The board believes his expertise will contribute to Kirby's growth potential. JCP has expressed confidence in Kirby’s leadership and growth prospects, particularly highlighting ongoing share repurchase plans. The full cooperation agreement details will be filed with the SEC.
Kirby Corporation (KEX) reported a significant increase in net earnings for Q4 2022, reaching $37.3 million or $0.62 per share, compared to $11.0 million or $0.18 per share in Q4 2021. Excluding one-time items, earnings were $0.67 per share. Consolidated revenues rose to $730.2 million, up from $591.3 million year-over-year. The board authorized a $5 million increase in share repurchases, reflecting confidence in growth prospects for 2023, with anticipated cash flow from operations of $480-$580 million. Despite challenges like weather conditions and supply chain issues, the outlook for marine transportation and distribution remains optimistic.
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