Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net
earnings attributable to Kirby for the second quarter ended June
30, 2024, of $83.9 million or $1.43 per share, compared with
earnings of $57.4 million, or $0.95 per share for the 2023 second
quarter. Consolidated revenues for the 2024 second quarter were
$824.4 million compared with $777.2 million reported for the 2023
second quarter.
David Grzebinski, Kirby’s Chief Executive
Officer, commented, “Our second quarter results reflected steady
fundamentals in both marine transportation and distribution and
services, with some modest weather and navigational challenges for
marine and continued supply constraints in distribution &
services. These challenges were offset by good execution. Solid
demand in both marine and distribution and services continued
during the quarter and led to strong financial performance.
“In inland marine transportation, our second
quarter results reflected continued pricing momentum with a modest
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 low to mid-90% range
throughout the quarter. Spot prices increased in the low to
mid-single digits sequentially and in the mid-teen’s range
year-over-year. Term contract prices also renewed up higher with
mid-single digit increases versus a year ago. Overall, second
quarter inland revenues increased 11% year-over-year and margins
were in the low 20% range.
“In coastal, market fundamentals remained steady
with our barge utilization levels running in the mid to high-90%
range. During the quarter, we saw strong customer demand and
limited availability of large capacity vessels which resulted in
high teens percentage increases on term contract renewals
year-over-year. Average spot market rates increased in the
high-single digits sequentially and in the mid 20% range
year-over-year. These increases help soften continued inflationary
pressures particularly with shipyards and help partially offset the
capital expense from the addition of ballast water treatment
systems. Overall, second quarter coastal revenues increased 24%
year-over-year and had an operating margin in the low teens
range.
“In distribution and services, total demand was
stable across our markets with sequential growth in revenue and
operating income. In power generation, the pace of orders was
strong with several large projects wins from backup power and other
industrial customers as power becomes more critical. In oil and
gas, revenues were down year-on-year but up over 20% sequentially
driven by growth in our e-frac business. In our commercial and
industrial market, revenues were up sequentially and year-over-year
driven by steady demand across our different businesses, with
growth coming from ThermoKing product deliveries in the quarter.”
Mr. Grzebinski concluded.
Segment Results – Marine
Transportation Marine transportation revenues for the 2024
second quarter were $484.8 million compared with $427.0 million for
the 2023 second quarter. Operating income for the 2024 second
quarter was $94.9 million compared with $64.3 million for the 2023
second quarter. Segment operating margin for the 2024 second
quarter was 19.6% compared with 15.0% for the 2023 second
quarter.
In the inland market, 2024 second quarter
average barge utilization was in the low to mid-90% range similar
to the 2023 second quarter. During the quarter, average spot market
rates increased in the low to mid-single digits sequentially and in
the mid-teens compared to the 2023 second quarter. Term contracts
that renewed in the second quarter increased in the mid-single
digits on average compared to a year ago. Inland revenues increased
11% compared to the 2023 second quarter primarily due to pricing.
The inland market represented 81% of segment revenues in the second
quarter of 2024. Inland’s operating margin was in the low 20% range
for the quarter.
In coastal, market conditions were strong during
the quarter, with Kirby’s barge utilization in the mid to high-90%
range. During the quarter, average spot market rates increased in
the high single digits sequentially and in the mid-20% range
compared to the 2023 second quarter. Term contracts that renewed in
the second quarter increased in the high teens range on average
compared to a year ago. Coastal revenues increased 24%
year-over-year driven by better pricing and the return to service
of one unit previously in shipyard. Coastal represented 19% of
marine transportation segment revenues during the second quarter
and had an operating margin in the low teens range.
Segment Results
– Distribution and Services Distribution
and services revenues for the 2024 second quarter were $339.6
million compared with $350.3 million for the 2023 second quarter.
Operating income for the 2024 second quarter was $29.4 million
compared with $29.8 million for the 2023 second quarter. Operating
margin was 8.7% for the 2024 second quarter compared with 8.5% for
the 2023 second quarter.
In the power generation market, revenues grew 9%
year-over-year as the need for 24/7 power and back up capabilities
become more critical. Power generation revenues in industrial end
markets were up 87% year-over year while power generation revenues
in oil & gas end markets were down due to equipment delays.
Overall, power generation revenues represented approximately 32% of
segment revenues. Power generation operating margins were in the
low double digits.
In the commercial and industrial market,
revenues grew 9% and operating income increased 38% compared to the
2023 second quarter, as higher business levels in marine repair
were offset by lower activity in on-highway. Overall, commercial
and industrial revenues represented approximately 49% of segment
revenues. Commercial and industrial operating margins were in the
high single digits.
In the oil and gas market, revenues grew 22% and
operating income increased 13% compared to the 2024 first quarter
but declined year-over-year due to lower levels of conventional
oilfield activity which resulted in decreased demand for new
transmissions and parts partially offset by deliveries of e-frac
equipment. Overall, oil and gas revenues represented approximately
19% of segment revenues. Oil and gas operating margins were in the
low to mid-single digits.
Cash Generation For the 2024
second quarter, EBITDA was $182.9 million compared with $140.3
million for the 2023 second quarter. During the quarter, net cash
provided by operating activities was $179.3 million, and capital
expenditures were $88.6 million. During the quarter, the Company
had net proceeds from asset sales totaling $6.6 million. Kirby also
used $43.7 million to repurchase stock at an average price of
$117.33. As of June 30, 2024, the Company had $53.5 million of cash
and cash equivalents on the balance sheet and $487.7 million of
liquidity available. Total debt was $1,048.1 million, and the
debt-to-capitalization ratio was 24.3%.
2024 Outlook Commenting on the
outlook for the remainder of 2024, Mr. Grzebinski said, “Overall,
solid execution and favorable market conditions led to a strong
first half of the year for us and we have a favorable outlook for
the remainder of the year. We see growth coming in at the higher
end of our previously guided range, our balance sheet is strong and
we expect to generate significant free cash flow this year. We see
favorable markets continuing and expect our businesses will produce
strong financial results as we move through the remainder of this
year and into next year.”
In inland marine, our outlook for the remainder
of 2024 anticipates continued positive market dynamics with steady
customer demand and limited new barge construction in the industry.
In addition to this, many industry units are scheduled for
maintenance. With these favorable market conditions, we expect our
barge utilization rates to remain in the low to mid-90% range
throughout the remainder of the year. Overall, inland revenues are
expected to grow in the high single to low double-digit range on a
full year basis. However, although not expected, a potential
recession with a drop in demand could impact expected growth. That
said the Company expects operating margins to continue to gradually
improve during the year and average just over 20% for the full
year.
In coastal marine, strong customer demand is
expected throughout the year with barge utilization in the low to
mid-90% range. With major shipyards and ballast water treatment
installations concluded in the first half of the year, revenues for
the full year are expected to increase in the low double to
mid-teens range compared to the 2023 full year. With some planned
shipyards in the fourth quarter of 2024, coastal operating margins
are expected to average in the low double-digit range on a full
year basis.
In the distribution and services segment,
despite the uncertainty from volatile commodity prices, we expect
incremental demand for products, parts, and services in the
segment. In commercial and industrial, the demand outlook in marine
repair is strong while on-highway is somewhat weak with the
exception of refrigeration products and services. In power
generation, we anticipate continued strong growth as data center
demand and the need for backup power is very strong. In oil and
gas, activity levels are lower but seem to be bottoming. We do
anticipate extended lead times for certain OEM products to continue
contributing to a volatile delivery schedule of new products in
2024 and into 2025. Overall, the Company expects segment revenues
to be flat to slightly down on a full year basis with operating
margins in the mid to high-single digits but slightly lower full
year 2024 compared to full year 2023 due to mix.
Kirby expects to generate net cash provided from
operating activities of $600 million to $700 million in 2024 and
capital spending is expected to range between $300 million to $330
million. Approximately $200 million to $240 million is associated
with marine maintenance capital and improvements to existing inland
and coastal marine equipment, and facility improvements.
Approximately $90 million is associated with growth capital
spending in both our businesses.
Conference Call A conference
call is scheduled for 7:30 a.m. Central Standard Time today,
Thursday, August 1, 2024, to discuss the 2024 second 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 |
|
|
Second Quarter |
|
|
Six Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands, except per share
amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Marine transportation |
$ |
484,808 |
|
|
$ |
426,962 |
|
|
$ |
960,220 |
|
|
$ |
839,457 |
|
Distribution and services |
|
339,582 |
|
|
|
350,286 |
|
|
|
672,192 |
|
|
|
688,235 |
|
Total revenues |
|
824,390 |
|
|
|
777,248 |
|
|
|
1,632,412 |
|
|
|
1,527,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
554,232 |
|
|
|
546,069 |
|
|
|
1,104,913 |
|
|
|
1,088,149 |
|
Selling, general and administrative |
|
80,383 |
|
|
|
82,896 |
|
|
|
170,589 |
|
|
|
171,745 |
|
Taxes, other than on income |
|
10,310 |
|
|
|
9,758 |
|
|
|
18,354 |
|
|
|
18,944 |
|
Depreciation and amortization |
|
59,482 |
|
|
|
51,697 |
|
|
|
117,124 |
|
|
|
102,806 |
|
Gain on disposition of assets |
|
(515 |
) |
|
|
(472 |
) |
|
|
(589 |
) |
|
|
(2,702 |
) |
Total costs and expenses |
|
703,892 |
|
|
|
689,948 |
|
|
|
1,410,391 |
|
|
|
1,378,942 |
|
Operating income |
|
120,498 |
|
|
|
87,300 |
|
|
|
222,021 |
|
|
|
148,750 |
|
Other income |
|
3,088 |
|
|
|
1,264 |
|
|
|
6,357 |
|
|
|
7,707 |
|
Interest expense |
|
(12,819 |
) |
|
|
(12,286 |
) |
|
|
(25,970 |
) |
|
|
(25,507 |
) |
Earnings before taxes on income |
|
110,767 |
|
|
|
76,278 |
|
|
|
202,408 |
|
|
|
130,950 |
|
Provision for taxes on income |
|
(26,785 |
) |
|
|
(18,960 |
) |
|
|
(48,511 |
) |
|
|
(33,011 |
) |
Net earnings |
|
83,982 |
|
|
|
57,318 |
|
|
|
153,897 |
|
|
|
97,939 |
|
Net (earnings) loss attributable to noncontrolling interests |
|
(128 |
) |
|
|
49 |
|
|
|
25 |
|
|
|
126 |
|
Net earnings attributable to Kirby |
$ |
83,854 |
|
|
$ |
57,367 |
|
|
$ |
153,922 |
|
|
$ |
98,065 |
|
Net earnings per share attributable to Kirby common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.44 |
|
|
$ |
0.96 |
|
|
$ |
2.64 |
|
|
$ |
1.64 |
|
Diluted |
$ |
1.43 |
|
|
$ |
0.95 |
|
|
$ |
2.62 |
|
|
$ |
1.63 |
|
Common stock outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
58,181 |
|
|
|
59,806 |
|
|
|
58,324 |
|
|
|
59,892 |
|
Diluted |
|
58,592 |
|
|
|
60,085 |
|
|
|
58,703 |
|
|
|
60,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
|
|
Second Quarter |
|
|
Six Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
EBITDA: (1) |
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Kirby |
$ |
83,854 |
|
|
$ |
57,367 |
|
|
$ |
153,922 |
|
|
$ |
98,065 |
|
Interest expense |
|
12,819 |
|
|
|
12,286 |
|
|
|
25,970 |
|
|
|
25,507 |
|
Provision for taxes on income |
|
26,785 |
|
|
|
18,960 |
|
|
|
48,511 |
|
|
|
33,011 |
|
Depreciation and amortization |
|
59,482 |
|
|
|
51,697 |
|
|
|
117,124 |
|
|
|
102,806 |
|
|
$ |
182,940 |
|
|
$ |
140,310 |
|
|
$ |
345,527 |
|
|
$ |
259,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
88,560 |
|
|
$ |
98,046 |
|
|
$ |
169,607 |
|
|
$ |
171,245 |
|
Acquisitions of businesses and marine equipment |
$ |
65,232 |
|
|
$ |
— |
|
|
$ |
65,232 |
|
|
$ |
— |
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
(unaudited, $ in thousands) |
|
Cash and cash equivalents |
$ |
53,540 |
|
|
$ |
32,577 |
|
Long-term debt, including current portion |
$ |
1,048,090 |
|
|
$ |
1,016,595 |
|
Total equity |
$ |
3,262,678 |
|
|
$ |
3,186,677 |
|
Debt to capitalization ratio |
|
24.3 |
% |
|
|
24.2 |
% |
|
|
|
|
|
|
|
|
MARINE TRANSPORTATION STATEMENTS OF EARNINGS |
|
|
|
Second Quarter |
|
|
Six Months |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
Marine transportation revenues |
|
$ |
484,808 |
|
|
$ |
426,962 |
|
|
$ |
960,220 |
|
|
$ |
839,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
|
299,975 |
|
|
|
275,618 |
|
|
|
601,237 |
|
|
|
557,641 |
|
Selling, general and administrative |
|
|
32,527 |
|
|
|
33,605 |
|
|
|
69,648 |
|
|
|
68,592 |
|
Taxes, other than on income |
|
|
8,383 |
|
|
|
7,962 |
|
|
|
14,580 |
|
|
|
15,269 |
|
Depreciation and amortization |
|
|
49,047 |
|
|
|
45,526 |
|
|
|
96,896 |
|
|
|
90,668 |
|
Total costs and expenses |
|
|
389,932 |
|
|
|
362,711 |
|
|
|
782,361 |
|
|
|
732,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
94,876 |
|
|
$ |
64,251 |
|
|
$ |
177,859 |
|
|
$ |
107,287 |
|
Operating margin |
|
|
19.6 |
% |
|
|
15.0 |
% |
|
|
18.5 |
% |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTION AND SERVICES STATEMENTS OF
EARNINGS |
|
|
|
Second Quarter |
|
|
Six Months |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited, $ in thousands) |
|
Distribution and services revenues |
|
$ |
339,582 |
|
|
$ |
350,286 |
|
|
$ |
672,192 |
|
|
$ |
688,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses |
|
|
253,742 |
|
|
|
268,657 |
|
|
|
503,145 |
|
|
|
528,521 |
|
Selling, general and administrative |
|
|
45,919 |
|
|
|
45,686 |
|
|
|
97,440 |
|
|
|
94,883 |
|
Taxes, other than on income |
|
|
1,900 |
|
|
|
1,707 |
|
|
|
3,728 |
|
|
|
3,558 |
|
Depreciation and amortization |
|
|
8,585 |
|
|
|
4,394 |
|
|
|
16,429 |
|
|
|
8,639 |
|
Total costs and expenses |
|
|
310,146 |
|
|
|
320,444 |
|
|
|
620,742 |
|
|
|
635,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
29,436 |
|
|
$ |
29,842 |
|
|
$ |
51,450 |
|
|
$ |
52,634 |
|
Operating margin |
|
|
8.7 |
% |
|
|
8.5 |
% |
|
|
7.7 |
% |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COSTS AND EXPENSES |
|
|
Second Quarter |
|
|
Six Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited, $ in thousands) |
|
General corporate expenses |
$ |
4,329 |
|
|
$ |
7,265 |
|
|
$ |
7,877 |
|
|
$ |
13,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition of assets |
$ |
(515 |
) |
|
$ |
(472 |
) |
|
$ |
(589 |
) |
|
$ |
(2,702 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2023 first six 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 Six Months 2023 |
|
|
Pre-Tax |
|
|
After-Tax |
|
|
Per Share |
|
|
(unaudited, $ in millions except per share
amounts) |
|
GAAP earnings |
$ |
131.0 |
|
|
$ |
98.1 |
|
|
$ |
1.63 |
|
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) |
$ |
131.3 |
|
|
$ |
98.3 |
|
|
$ |
1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
Second Quarter |
|
|
Six Months |
|
|
2024 |
|
|
2023(3) |
|
|
2024 |
|
|
2023(3) |
|
|
(unaudited, $ in millions) |
|
Net cash provided by operating activities |
$ |
179.3 |
|
|
$ |
211.4 |
|
|
$ |
302.6 |
|
|
$ |
227.9 |
|
Less: Capital expenditures |
|
(88.6 |
) |
|
|
(98.0 |
) |
|
|
(169.6 |
) |
|
|
(171.2 |
) |
Free cash flow(2) |
$ |
90.7 |
|
|
$ |
113.4 |
|
|
$ |
133.0 |
|
|
$ |
56.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARINE TRANSPORTATION PERFORMANCE
MEASUREMENTS |
|
|
Second Quarter |
|
|
Six Months |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Inland Performance Measurements: |
|
|
|
|
|
|
|
|
|
|
|
Ton Miles (in millions) (4) |
|
3,330 |
|
|
|
3,500 |
|
|
|
6,634 |
|
|
|
6,940 |
|
Revenue/Ton Mile (cents/tm) (5) |
|
11.8 |
|
|
|
10.1 |
|
|
|
11.7 |
|
|
|
9.9 |
|
Towboats operated (average) (6) |
|
287 |
|
|
|
281 |
|
|
|
287 |
|
|
|
282 |
|
Delay Days (7) |
|
3,334 |
|
|
|
2,317 |
|
|
|
6,841 |
|
|
|
6,442 |
|
Average cost per gallon of fuel consumed |
$ |
2.83 |
|
|
$ |
2.87 |
|
|
$ |
2.83 |
|
|
$ |
3.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges (active): |
|
|
|
|
|
|
|
|
|
|
|
Inland tank barges |
|
|
|
|
|
|
|
1,093 |
|
|
|
1,045 |
|
Coastal tank barges |
|
|
|
|
|
|
|
28 |
|
|
|
29 |
|
Offshore dry-cargo barges |
|
|
|
|
|
|
|
4 |
|
|
|
4 |
|
Barrel capacities (in millions): |
|
|
|
|
|
|
|
|
|
|
|
Inland tank barges |
|
|
|
|
|
|
|
24.2 |
|
|
|
23.3 |
|
Coastal tank barges |
|
|
|
|
|
|
|
2.9 |
|
|
|
3.0 |
|
(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 June 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: Second
quarter 2024 inland marine transportation revenues of $391.8
million divided by 3,330 million inland marine transportation ton
miles = 11.8 cents.(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
Kirby (NYSE:KEX)
過去 株価チャート
から 8 2024 まで 9 2024
Kirby (NYSE:KEX)
過去 株価チャート
から 9 2023 まで 9 2024