Kirby Corporation · NYSE:KEX

Kirby — Q3 2021 Earnings Presentation

14 slides from Kirby's earnings presentation, Oct 28, 2021

  1. Slide 1: 3Q 2021 Earnings Conference Call

    3Q 2021 Earnings Conference Call October 28, 2021

  2. 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

  3. Slide 3: 3Q 2021 Overview

    3Q 2021 Overview Financial Summary $ millions except earnings (loss) per share 3Q 2021 3Q 2020 Variance % 2Q 2021 Variance % Revenues $ 598.9 $ 496.6 $ 102.3 21% $ 559.6 $ 39.3 7% Operating income (316.9) 29.9 (346.8) -1160% 24.0 (340.9) -1420% Net earnings (loss) attributable to Kirby (264.7) 27.5

  4. Slide 4: Marine Transportation – 3Q Overview

    Marine Transportation – 3Q Overview Inland  COVID-19 delta variant negatively impacted operations – Lower demand for refined products and crude – Reduced barge volumes and utilization – Positive employee cases challenged vessel crewing – Increased costs for additional chartered horsepower  Hurrica

  5. Slide 5: Hurricane Ida

    Hurricane Ida Results in prolonged shutdown of many Louisiana refineries and chemical plants  Hurricane Ida made landfall in SE Louisiana on August 29, 2021 – Category 4 storm with sustained 150 mph winds – Storm surge caused the Mississippi River to flow backwards – Significant damage to refinerie

  6. Slide 6: Distribution & Services – 3Q Overview

    Distribution & Services – 3Q Overview Commercial and Industrial  Power generation activity benefited from back-up power installations and increased utilization of the rental fleet during hurricane season  Increased Thermo King product sales and summer service demand  Marine repair impacted by red

  7. Slide 7: 3Q 2021 One-Time Items

    3Q 2021 One-Time Items Coastal restructuring including the sale of Hawaii assets and retirement of wire equipment  Charge relates to coastal marine transportation – Sale of 4 tank barges and 7 tugboats in Hawaii • Equipment will be chartered until existing contracts expire on December 31, 2021 • Sa

  8. Slide 8: Marine Transportation

    Marine Transportation 3Q 2021 Financial Summary $ millions 3Q 2021 3Q 2020 Variance % 2Q 2021 Variance % Revenue $ 338.5 $ 320.6 $ 17.9 6% $ 332.9 $ 5.6 2% Operating income 16.9 32.4 (15.5) -48% 18.5 (1.6) -9% Operating margin 5.0% 10.1% -5.1% 5.6% -0.6%  Inland – Contributed 76% of marine transpor

  9. Slide 9: Barge Construction and Retirements

    Barge Construction and Retirements 3Q 2021 Update and FY 2021 Outlook Inland 3Q 2021 FY 2021 (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,046 23.4 1,066 24.1 Reductions: Retirements (9) (0.2) (28) (0.9) Charters returned (1) - (4) (0.1) End of period 1,036 23.2 1,034 23.

  10. Slide 10: Distribution & Services

    Distribution & Services 3Q 2021 Financial Summary $ millions 3Q 2021 3Q 2020 Variance % 2Q 2021 Variance % Revenue $ 260.4 $ 176.0 $ 84.4 48% $ 226.7 $ 33.7 15% Operating income 11.0 1.1 9.9 900% 6.2 4.8 77% Operating margin 4.2% 0.6% 3.6% 2.7% 1.5%  Commercial and industrial – Improved demand for

  11. Slide 11: Balance Sheet, Capital Expenditures, and Liquidity

    Balance Sheet, Capital Expenditures, and Liquidity Strong Liquidity and Free Cash Flow Position As of September 30, 2021 Total Cash and Available Debt Cash Equivalents Liquidity $1.21B $54M $908M  Third quarter results: – $83 million of net cash provided by operating activities – $34 million of cap

  12. Slide 12: Marine Transportation – 4Q 2021 Outlook

    Marine Transportation – 4Q 2021 Outlook Barge markets expected to continue to materially improve  Inland – Expecting an improved inland barge market partially muted by continued Hurricane Ida disruptions – Barge volumes expected to benefit from economic growth, increased post-storm production, pent

  13. Slide 13: Distribution & Services – 4Q 2021 Outlook

    Distribution & Services – 4Q 2021 Outlook Near-term activity reductions due to normal seasonality and supply chain delays  Oil and gas – Favorable oil prices expected to drive continued improvement in U.S. rig and frac activity – Robust demand for new transmissions, parts, and service – Strong manu

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Kirby — Q3 2021 Earnings Presentation on 6ix