Kirby Corp. ( (KEX) ) has realeased its Q3 earnings. Here is a breakdown of the information Kirby Corp. presented to its investors.
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator, specializing in the transportation of bulk liquid products and providing aftermarket services for various industrial applications, including marine, power generation, and oilfield services.
In the third quarter of 2024, Kirby Corporation reported a robust financial performance with net earnings of $90 million and earnings per share of $1.55, marking a significant increase from the previous year. The company experienced a 9% increase in total revenues, reaching $831.1 million, driven by strong market conditions in both inland and coastal marine transportation, as well as distribution and services.
Key highlights include a notable 11% year-over-year increase in inland marine revenues and a 23% rise in coastal revenues due to higher pricing and strong demand. The inland marine segment achieved a 20% operating margin, while coastal operations improved to the mid-teens. The distribution and services segment saw mixed results, with a 19% year-over-year increase in oil and gas revenues, despite challenges in conventional oilfield activity. Kirby also generated over $130 million in free cash flow and repurchased shares worth $55.8 million.
Looking ahead, Kirby Corporation anticipates continued favorable market conditions with stable demand in marine transportation and incremental growth in distribution and services. While facing some supply challenges, the company expects to maintain strong cash flow and a solid financial position, forecasting significant operating cash flow for the full year 2024 and beyond.
