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Kirby Corp. (KEX)
NYSE:KEX
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Kirby
(NYSE:KEX)
67Neutral
Positive Factors
Cash Flow and Stock Repurchases
KEX management updated their operating cash flow and CAPEX guidance, highlighting significant free cash flow which could lead to substantial stock repurchases.
Demand and Utilization
Utilization is higher due to increased demand, reaching 95%.
Market Strength
Day rates are firming and heading in the right direction, indicating strength in the market.
Negative Factors
Market Recovery
The coastal market fundamentals continue to improve, with pricing for KEX's barges significantly higher from their 2020 bottom, indicating the early stages of a coastal recovery.
Operational Challenges
Coastal Marine faces significant headwinds in the first quarter due to additional shipyard dockings.
Kirby (KEX) vs. S&P 500 (SPY)
Market Cap
$5.94B
Dividend YieldN/A
Average Volume (3M)619.47K
Price to Earnings (P/E)20.7
Beta (1Y)1.22
Revenue Growth2.99%
EPS Growth19.03%
CountryUS
Employees5,414
SectorIndustrials
Sector Strength78
IndustryMarine Shipping
Share Statistics
EPS (TTM)1.33
Shares Outstanding56,897,000
10 Day Avg. Volume567,031
30 Day Avg. Volume619,467
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.15
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit8.28
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$124.33Price Target Upside18.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
Kirby Business Overview & Revenue Model
Company DescriptionKirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. It also transport petrochemical, black oil, refined petroleum product, and agricultural chemicals by tank barge; and operates offshore dry-bulk barge and tugboat unit that are engaged in the offshore transportation of dry-bulk cargo in the United States coastal trade. As of December 31, 2021, it owned and operated 1,025 inland tank barge, approximately 255 inland towboat, 31 coastal tank barge, 29 coastal tugboat, 4 offshore dry-bulk cargo barge, 4 offshore tugboat, and 1 docking tugboat. Its Distribution and Services segment sells after-market service and genuine replacement part for engine, transmission, reduction gear, electric motor, drive, and control, electrical distribution and control system, energy storage battery system, and related oilfield service equipment; rebuild component parts or diesel engine, transmission and reduction gear, and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications; rents generator, industrial compressor, high capacity lift truck, and refrigeration trailer; and manufactures and remanufactures oilfield service equipment, including pressure pumping unit, as well as manufacturers electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customer. It serves to various companies and the United States government. The company was formerly known as Kirby Exploration Company, Inc. and changed its name to Kirby Corporation in 1990. Kirby Corporation was founded in 1921 and is headquartered in Houston, Texas.
How the Company Makes MoneyKirby Corporation generates revenue primarily through two main segments: Marine Transportation and Diesel Engine Services. The Marine Transportation segment is the largest contributor, where Kirby operates a fleet of inland and coastal tank barges and towing vessels, generating income by providing transportation services for a variety of liquid cargoes. The Diesel Engine Services segment earns revenue by providing overhaul and repair services for engines, sales of engine parts, and field services. Kirby's earnings are significantly influenced by the demand in the petrochemical and refining industries, changes in oil prices, and the overall economic climate affecting its key markets.
Kirby Financial Statement Overview
Summary
Kirby demonstrates strong revenue growth and profitability, with improved operational efficiency reflected in higher EBIT and EBITDA margins. The balance sheet is robust, with no debt reported in 2024, though the zero total assets figure requires verification. Cash flow management shows strengths in previous years but raises concerns in 2024 due to missing data, indicating potential liquidity challenges.Income Statement
Kirby has shown consistent revenue growth from 2020 to 2024, with a notable increase in gross profit margin and net income in the latest year. The EBIT and EBITDA margins have also improved significantly, indicating better operational efficiency. However, the company faced challenges in 2021 with negative EBIT and EBITDA, which could indicate past operational inefficiencies.―
Balance Sheet
The debt-to-equity ratio is favorable, with the company having zero total debt in 2024, reflecting strong financial stability. The return on equity has improved due to increased net income, indicating effective utilization of equity. The equity ratio is stable, suggesting good financial health, but the total assets were recorded as zero in the latest year, which might be an error or requires further clarification.70
Cash Flow
Kirby has shown fluctuations in free cash flow growth, with a positive growth rate from 2021 to 2023 but no free cash flow reported in 2024, which might indicate reinvestment or other strategic financial moves. The operating cash flow to net income ratio was favorable in 2023, but the absence of operating cash flow data in 2024 raises concerns about liquidity management.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 3.27B | 3.09B | 2.78B | 2.25B | 2.17B | Gross Profit |
| 825.20M | 700.06M | 522.37M | 379.98M | 440.67M | EBIT |
| 399.10M | 335.09M | -159.00K | -126.90M | -71.38M | EBITDA |
| 690.23M | 546.04M | 399.95M | -31.88M | -162.48M | Net Income Common Stockholders |
| 286.71M | 222.94M | 122.29M | -246.77M | -271.59M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 74.44M | 32.58M | 80.58M | 34.81M | 80.34M | Total Assets |
| 5.85B | 5.72B | 5.55B | 5.40B | 5.92B | Total Debt |
| 1.06B | 1.19B | 1.26B | 1.36B | 1.66B | Net Debt |
| -74.44M | 1.16B | 1.18B | 1.32B | 1.58B | Total Liabilities |
| 2.50B | 2.54B | 2.51B | 2.51B | 2.84B | Stockholders Equity |
| 3.30B | 3.19B | 3.05B | 2.89B | 3.09B |
| Cash Flow | Free Cash Flow | |||
| 413.83M | 138.50M | 121.52M | 223.56M | 296.75M | Operating Cash Flow |
| 756.49M | 540.23M | 294.13M | 321.58M | 444.94M | Investing Cash Flow |
| -400.13M | -413.15M | -139.60M | -55.79M | -485.85M | Financing Cash Flow |
| -314.50M | -175.08M | -108.76M | -311.31M | 96.51M |
Kirby Technical Analysis
Positive
104.53
Price Trends
98.20
Positive
103.33
Positive
112.26
Negative
Market Momentum
0.83
Negative
63.47
Neutral
89.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KEX, the sentiment is Positive. The current price of 104.53 is above the 20-day moving average (MA) of 95.90, above the 50-day MA of 98.20, and below the 200-day MA of 112.26, indicating a neutral trend. The MACD of 0.83 indicates Negative momentum. The RSI at 63.47 is Neutral, neither overbought nor oversold. The STOCH value of 89.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KEX.
Kirby Risk Analysis
Kirby disclosed 28 risk factors in its most recent earnings report. Kirby reported the most risks in the “Production” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kirby Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.86B | 0.86 | 66.17% | 46.33% | 63.25% | ― | |
77 Outperform | $1.54B | 3.17 | 15.68% | 4.00% | 6.00% | -9.89% | |
72 Outperform | $1.76B | 5.36 | 14.71% | 14.24% | 33.31% | 62.94% | |
71 Outperform | $3.71B | 8.12 | 18.86% | 1.18% | 10.57% | 68.82% | |
71 Outperform | $1.56B | 7.01 | 11.68% | 13.43% | 9.33% | 98.70% | |
67 Neutral | $5.94B | 20.71 | 8.94% | ― | 2.99% | 19.03% | |
64 Neutral | $4.27B | 11.80 | 5.31% | 249.79% | 4.07% | -9.02% |
* Industrials Sector Average
Performance Comparison
KEX
Kirby
104.53
-8.80
-7.76%
DAC
Danaos
82.02
4.90
6.35%
SBLK
Star Bulk Carriers
15.08
-8.79
-36.82%
MATX
Matson
110.07
-0.85
-0.77%
GOGL
Golden Ocean Group
7.87
-5.58
-41.49%
ZIM
ZIM Integrated Shipping Services
15.02
5.94
65.42%
Kirby Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: 8.47%|
Next Earnings Date:Jul 24, 2025
Earnings Call Sentiment Positive
The earnings call reflects a generally positive sentiment with significant earnings growth and improvements in marine segment utilization and pricing, despite challenges from weather impacts and supply delays.Q1-2025 Updates
Positive Updates
Strong Earnings Per Share Growth
Earnings per share for the first quarter increased to $1.33 from $1.19 in the same period last year.
Inland Marine Utilization and Pricing
Inland marine barge utilization rates were in the low to mid-90% range, with spot prices up in the low single digits sequentially and high single digits year-over-year.
Coastal Marine Pricing Improvements
Coastal marine term contract renewals saw mid-20% range price increases, with barge utilization levels in the mid to high 90% range.
Oil and Gas Operating Income Surge
Despite a revenue decline, operating income in the oil and gas sector increased by 123% year-over-year.
Negative Updates
Weather and Navigational Challenges
Delay days in Inland Marine increased 50% compared to the fourth quarter of 2024 and 15% from the same period last year due to winter storms, high winds, and fog.
Supply Delays in Power Generation
Power generation revenues declined by 23% year-over-year due to supply delays, pushing some projects out of the quarter.
Coastal Marine Revenue Decline
Coastal marine revenues decreased 6% year-over-year, impacted by planned shipyard maintenance on several large vessels.
Company Guidance
During the Kirby Corporation 2025 First Quarter Earnings Conference Call, the company announced earnings per share of $1.33, an increase from $1.19 in the first quarter of 2024. Marine Transportation segment revenues were $476 million, with an operating margin of 18.2%, reflecting a 4% year-over-year increase in operating income. Inland Marine Transportation experienced a 50% increase in delay days sequentially, with barge utilization rates in the low to mid-90% range. Spot prices rose in the low single digits sequentially and high single digits year-over-year. Coastal Marine saw utilization in the mid to high 90% range, with term contract renewals up by mid-20%. Distribution and Services segment revenues were $310 million, with operating margins of 7.3%. Power Generation revenues decreased 23% year-over-year due to supply delays, but oil and gas operating income increased 123% year-over-year. The company anticipates continued growth and improving financial results through 2025, maintaining their commitment to a balanced capital allocation approach, which includes share repurchases and potential acquisitions.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.