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) announced a significant 20-year commercial agreement for its Kirby Offshore Wind subsidiary to provide barge services for offshore wind projects to Maersk Supply Service, chosen by Empire Offshore Wind. Kirby will invest $80 million to $100 million in two new feeder barges and hybrid tugboats, enhancing its renewable energy capabilities. The project is expected to create jobs and utilize U.S. shipyards. Operations are projected to start in late 2025 or early 2026, marking Kirby's strategic entry into the U.S. offshore wind market.
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.
Kirby Corporation (KEX) will release its fourth-quarter 2021 results on January 27, 2022, at 6:00 a.m. CST, followed by a conference call at 7:30 a.m. CST. Investors can access the earnings call via Kirby's website or by phone. Kirby is the largest tank barge operator in the U.S., transporting a range of liquids across various waterways and providing equipment rental and after-market services. Financial details will be available through a press release on their site.
Kirby Corporation (NYSE: KEX) will participate in a fireside chat at the Stephens NASH2021 Investment Conference on December 1, 2021, at 4:00 p.m. Eastern in Nashville, Tennessee. Key presenters include David Grzebinski, President and CEO, and Raj Kumar, Executive Vice President and CFO, moderated by Jack Atkins, Managing Director at Stephens. The presentation will be publicly accessible via a webcast, with a replay available for 30 days.
Kirby Corporation (KEX) reported a third-quarter 2021 net loss of $264.7 million, or $(4.41) per share, impacted by a noncash impairment charge of $340.7 million. Adjusted EPS stood at $0.17, with revenues rising to $598.9 million, up from $496.6 million in Q3 2020. Hurricane Ida was estimated to have reduced earnings by $0.08 per share. However, marine transportation showed improvement in October, with barge utilization improving to the high 80% range. The company generated $83 million in net cash from operations and $49 million in free cash flow.
Kirby Corporation (NYSE: KEX) announced the appointment of Raj Kumar as Executive Vice President and Chief Financial Officer, effective November 2021. Kumar succeeds Bill Harvey, who will retire early next year after ensuring a smooth transition. Currently CFO at Dril-Quip, Inc., Kumar has a robust background in corporate finance and leadership roles at various companies, including LyondellBasell and FMC Technologies. Kirby's President, David Grzebinski, expressed confidence in Kumar's capabilities to enhance the company's financial strategies and operations, following Harvey's significant contributions to Kirby's key acquisitions.
Kirby Corporation (KEX) will release its 2021 third quarter results on October 28, 2021, at 6:00 a.m. CDT. An earnings conference call will follow at 7:30 a.m. CDT, accessible via Kirby's Investor Relations website. The financial details will be published in a press release and a Form 8-K prior to the call. Kirby is the largest domestic tank barge operator in the U.S., transporting bulk liquids and providing after-market services and equipment rentals in various industrial markets.
Kirby Corporation (KEX) reported second quarter 2021 net earnings of $10.2 million ($0.17 per share), down from $25 million ($0.42 per share) in 2020. Revenue increased to $559.6 million from $541.2 million year-over-year. Marine transportation saw a 13% sequential revenue increase, driven by improved barge utilization in the low to mid-80% range and better spot market pricing. Distribution and services significantly improved, generating higher revenue and operating income. Free cash flow for 2021 is projected between $250 million and $310 million.
Kirby Corporation (KEX) has appointed Shawn D. Williams as an independent member of its Board of Directors effective July 27, 2021. Mr. Williams brings extensive experience from the chemicals industry, having held leadership positions at companies like Covia Holdings and Nexeo Plastics. His background includes significant roles in industrial and material businesses, including a long tenure at General Electric. Kirby's CEO, David Grzebinski, expressed confidence in Mr. Williams' potential contributions to the company’s strategic future.
Kirby Corporation (KEX) will announce its 2021 second quarter results on July 29, 2021, at 6:00 a.m. CDT, followed by a webcast earnings call at 7:30 a.m. CDT. Investors can access the call via phone or through Kirby's website. Kirby is the largest domestic tank barge operator in the U.S., transporting bulk liquids and offering after-market services for various industrial applications. The financial details will be included in the upcoming press release and Form 8-K, available on Kirby's website.
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