Kirby Corporation · NYSE:KEX
Kirby — Q4 2022 Earnings Presentation
13 slides from Kirby's earnings presentation, Jan 31, 2023
Slide 1: 4Q 2022 Earnings Conference Call
4Q 2022 Earnings Conference Call January 31, 2023
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 2022 Overview
4Q 2022 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2022 4Q 2021 Variance % 3Q 2022 Variance % Revenues $ 730.2 $ 591.3 $ 138.9 23% $ 745.8 $ (15.6) -2% Operating income (loss) 57.7 31.6 26.1 83% 58.9 (1.2) -2% Net earnings (loss) attributable to Kirby 37.3 11.0 26.3 23
Slide 4: FY 2022 Overview
FY 2022 Overview Financial Summary ($ millions except earnings per share) 2022 2021 Variance % Revenues $ 2,784.7 $ 2,246.7 $ 538.0 24% Operating income (loss) 192.9 (258.1) 451.0 175% Net earnings (loss) attributable to Kirby 122.3 (247.0) 369.3 150% Earnings (loss) per share 2.03 (4.11) 6.14 149%
Slide 5: Marine Transportation – 4Q Overview
Marine Transportation – 4Q Overview Market fundamentals continue to improve but inflation, including rising fuel costs, impacted margins Inland Strong market conditions – Spot market rates increased sequentially and year-over-year – Term contracts renewed higher 10% to 15% year-over-year Tight m
Slide 6: Distribution & Services – 4Q Overview
Distribution & Services – 4Q Overview Strong markets drive significant year-on-year growth in revenue and operating margin; supply chain headwinds continued Oil and Gas Continued favorable commodity prices with increased rig count and completions activity Strong demand for engines and parts in d
Slide 7: Marine Transportation
Marine Transportation 4Q 2022 Financial Summary $ millions 4Q 2022 4Q 2021 Variance % 3Q 2022 Variance % Revenue $ 422.7 $ 350.6 $ 72.1 21% $ 433.0 $ (10.3) -2% Operating income 46.7 25.7 21.0 82% 41.7 5.0 12% Operating margin 11.1% 7.3% 3.8% 9.6% 1.5% Inland – Contributed 80% of marine transporta
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 4Q 2022 Update and FY 2023 Outlook Inland 4Q 2022 FY 2022 FY 2023 (estimated) (barrels in millions) Barges Barrels Barges Barrels Barges Barrels Beginning of period 1,035 23.0 1,025 22.9 1,037 23.1 Additions: Reactivations 2 0.1 12 0.2 11 0.3 Reductions: Retirement
Slide 9: Distribution & Services
Distribution & Services 4Q 2022 Financial Summary $ millions 4Q 2022 4Q 2021 Variance % 3Q 2022 Variance % Revenue $ 307.4 $ 240.7 $ 66.7 28% $ 312.8 $ (5.4) -2% Operating income 17.1 7.5 9.6 127% 22.3 (5.2) -23% Operating margin 5.5% 3.1% 2.4% 7.1% -1.6% Oil and Gas – Revenues up 44% year-on-year
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of December 31, 2022 Total Cash and Available Debt Cash Equivalents Liquidity $1.1B $81M $585M 4Q 2022 Results – Net cash provided by operating activities: $132.9 million – Proceeds from sales of retired marine assets: $4 million – Capital expe
Slide 11: Marine Transportation – FY 2023 Outlook
Marine Transportation – FY 2023 Outlook A strong inland barge market is expected to significantly improve financial results Inland – Expecting a strong market driven by economic growth, increased volumes, and minimal new barge construction – Barge utilization expected to be low to mid-90% range –
Slide 12: Distribution & Services – FY 2023 Outlook
Distribution & Services – FY 2023 Outlook Anticipate strong markets will lead to material growth in revenue and operating income Commercial and industrial – Expect strong markets will drive revenue growth for on-highway, power generation, and marine repair – Full year revenue growth in the low dou
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