Kirby Corporation · NYSE:KEX
Kirby — Q4 2024 Earnings Presentation
13 slides from Kirby's earnings presentation, Jan 30, 2025
Slide 1: 4Q 2024 Earnings Conference Call
4Q 2024 Earnings Conference Call January 30, 2025
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: 4Q 2024 Overview
4Q 2024 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2024 4Q 2023 Variance % 3Q 2024 Variance % Revenues $ 802.3 $ 799.2 $ 3.1 0% $ 831.1 $ (28.8) -3% Operating income 50.1 92.8 (42.7) -46% 126.9 (76.8) -61% Net earnings attributable to Kirby 42.8 61.9 (19.1) -31% 90.0 (
Slide 4: FY 2024 Overview
FY 2024 Overview Financial Summary ($ millions except earnings per share) 2024 2023 Variance % Revenues $ 3,265.9 $ 3,091.6 $ 174.3 6% Operating income 399.1 335.1 64.0 19% Net earnings attributable to Kirby 286.7 222.9 63.8 29% Earnings per share 4.91 3.72 1.19 32% Excluding one-time items: Operati
Slide 5: Marine Transportation – 4Q Overview
Marine Transportation – 4Q Overview Normal headwinds from poor operating conditions due to weather and lock delays Inland ▪ Refinery activity dropped at the start of the quarter but began to improve at the end of the quarter; barge utilization in the 90% range ▪ Spot market rates were flat to slight
Slide 6: Distribution & Services – 4Q Overview
Distribution & Services – 4Q Overview Mixed demand across end markets Power Generation ▪ Strong pace of orders with several large project wins in backup power and other industrial customers adding to our backlog ▪ 16% sequential revenue growth and 36% growth year-over-year Commercial and Industrial
Slide 7: Marine Transportation 4Q 2024 Financial Summary
Marine Transportation 4Q 2024 Financial Summary $ millions 4Q 2024 4Q 2023 Variance % 3Q 2024 Variance % Revenue $ 466.8 $ 452.6 $ 14.2 3% $ 486.1 $ (19.3) -4% Operating income 86.0 68.2 17.8 26% 99.5 (13.5) -14% Operating margin 18.4% 15.1% 3.3% 20.5% -2.1% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Te
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 4Q 2024 Update and FY 2025 Outlook Inland 4Q 2024 FY 2024 FY 2025(estimated) (barrels in millions) Barges Barrels Barges Barrels Barges Barrels Beginning of period 1,095 24.2 1,076 23.7 1,094 24.2 Additions: Reactivations/new builds/acquisitions 4 0.1 26 0.7 10 0.3
Slide 9: Distribution & Services 4Q 2024 Financial Summary
Distribution & Services 4Q 2024 Financial Summary 2024 Q4 Revenue Oil & $ millions 4Q 2024 4Q 2023 Variance % 3Q 2024 Variance % Gas Revenue $ 335.5 $ 346.6 $ (11.1) -3% $ 345.1 $ (9.6) -3% 16% Power Operating income 26.8 28.7 (1.9) -7% 30.4 (3.6) -12% Generation 39% Operating margin 8.0% 8.3% -0.3%
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of December 31, 2024 Total Cash and Available Debt Cash Equivalents Liquidity $875M $74M $583M ▪ 4Q 2024 Results – Net cash flow provided by operating activities: $247 million – Proceeds from retired asset sales: $7 million – Repurchased 286,697
Slide 11: Marine Transportation – 2025 Outlook
Marine Transportation – 2025 Outlook Strong outlook with near-term headwinds, seasonal weather and coastal shipyard activity ▪ Inland – Positive market dynamics due to limited new barge construction – Barge utilization expected to be in the low to mid 90% range – Continued improvements on spot and t
Slide 12: Distribution & Services – 2025 Outlook
Distribution & Services – 2025 Outlook Growth in power generation to mostly offset softness in other areas ▪ Power generation – Continued strong growth in orders as demand in data center and backup power markets remains solid – Extended lead times for certain OEM products will contribute to volatile
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