Kirby Corporation · NYSE:KEX
Kirby — Q3 2024 Earnings Presentation
12 slides from Kirby's earnings presentation, Oct 30, 2024
Slide 1: 3Q 2024 Earnings Conference Call
3Q 2024 Earnings Conference Call October 30, 2024
Slide 2: Disclosures
Disclosures Forward Looking Statements Statements contained in this conference call 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 r
Slide 3: 3Q 2024 Overview
3Q 2024 Overview Financial Summary $ millions except earnings (loss) per share 3Q 2024 3Q 2023 Variance % 2Q 2024 Variance % Revenues $ 831.1 $ 764.8 $ 66.3 9% $ 824.4 $ 6.7 1% Operating income 126.9 93.5 33.4 36% 120.5 6.4 5% Net earnings attributable to Kirby 90.0 63.0 27.0 43% 83.9 6.1 7% Earning
Slide 4: Marine Transportation – 3Q Overview
Marine Transportation – 3Q Overview Pricing gains more than offset modest impact of poor navigational conditions Inland Continued improvements in pricing – Spot market rates increased low to mid-single digits sequentially and in the low double-digit range year-over-year – Term contracts renewed up
Slide 5: Distribution & Services – 3Q Overview
Distribution & Services – 3Q Overview Mixed demand across end markets Power Generation Continued order growth with several large project wins in backup power and other industrial customers adding to our backlog 4% sequential revenue growth with operating margins in the high-single digits Oil and
Slide 6: Marine Transportation: 3Q 2024 Financial Summary
Marine Transportation 3Q 2024 Financial Summary $ millions 3Q 2024 3Q 2023 Variance % 2Q 2024 Variance % Revenue $ 486.1 $ 429.9 $ 56.2 13% $ 484.8 $ 1.3 0% Operating income 99.5 63.5 36.0 57% 94.9 4.6 5% Operating margin 20.5% 14.8% 5.7% 19.6% 0.9% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increa
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 3Q 2024 Update and FY 2024 Outlook Inland 3Q 2024 FY 2024Est (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,093 24.2 1,076 23.7 Additions: Reactivations/new builds/acquisitions 5 0.1 23 0.6 Reductions: Retirements (3) (0.1) (6) (0.1) End
Slide 8: Distribution & Services: 3Q 2024 Financial Summary
Distribution & Services 3Q 2024 Financial Summary 2024 Q3 Revenue Oil & $ millions 3Q 2024 3Q 2023 Variance % 2Q 2024 Variance % Gas Revenue $ 345.1 $ 334.9 $ 10.2 3% $ 339.6 $ 5.5 2% 21% Power Operating income 30.4 33.2 (2.8) -8% 29.4 1.0 3% Generation 32% Operating margin 8.8% 9.9% -1.1% 8.7% 0.1%
Slide 9: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of September 30, 2024 Total Cash and Available Debt Cash Equivalents Liquidity $979M $67M $570M 3Q 2024 Results – Net cash flow provided by operating activities: $207 million – Proceeds from retired asset sales: $5 million – Repurchased 483,335
Slide 10: Marine Transportation – 2024 Fourth Quarter Outlook
Marine Transportation – 2024 Fourth Quarter Outlook Solid demand with minor headwinds, seasonal weather and marginal softness in the refining market Inland – Positive market dynamics due to limited new barge construction – Barge utilization expected to be around 90% range – Continued price improve
Slide 11: Distribution & Services – 2024 Fourth Quarter Outlook
Distribution & Services – 2024 Fourth Quarter Outlook Near-term softness due to uncertainty in supply issues, and customers deferring maintenance Power generation – Strong growth in orders as demand in data center and backup power markets remains robust – Volatile delivery schedule of new products
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