Kirby Corporation · NYSE:KEX
Kirby — Q1 2021 Earnings Presentation
13 slides from Kirby's earnings presentation, Apr 29, 2021
Slide 1: 1Q 2021 Earnings Conference Call
1Q 2021 Earnings Conference Call April 29, 2021
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: 1Q 2021 Overview
1Q 2021 Overview Financial Summary $ millions except earnings (loss) per share 1Q 2021 1Q 2020 Variance % 4Q 2020 Variance % Revenues $ 496.9 $ 643.9 $ (147.0) -23% $ 489.8 $ 7.1 1% Operating income (loss) 3.2 (509.7) 512.9 -101% 24.8 (21.6) -87% Net earnings (loss) attributable to Kirby (3.4) (347.
Slide 4: Winter Storm Uri
Winter Storm Uri Results in prolonged shutdown of many Gulf Coast refineries and petrochemical plants Winter storm arrived along the Gulf Coast on February 15, 2021 – Brought severe cold temperatures, ice, and snow – Texas electric grid collapsed with extensive power outages for days – Plant infra
Slide 5: Marine Transportation – 1Q Overview
Marine Transportation – 1Q Overview Inland Started the quarter with improving demand and barge utilization Winter storm stopped the upward momentum as refineries and chemical plants abruptly shut down Poor operating conditions throughout the quarter Reduced term contract and spot market pric
Slide 6: Distribution & Services – 1Q Overview
Distribution & Services – 1Q Overview Overall Revenues increased 3% sequentially Positive operating margins Impacted by winter storm with facility closures for several days Oil and Gas Increased U.S. rig counts and frac activity Incremental orders and increased deliveries of new ESG friend
Slide 7: Marine Transportation
Marine Transportation 1Q 2021 Financial Summary $ millions 1Q 2021 1Q 2020 Variance % 4Q 2020 Variance % Revenue $ 301.0 $ 403.3 $ (102.3) -25% $ 299.4 $ 1.6 1% Operating income 1.9 50.7 (48.8) -96% 29.2 (27.3) -93% Operating margin 0.6% 12.6% -12.0% 9.7% -9.1% Inland – Contributed 75% of marine t
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 1Q 2021 Update and FY 2021 Outlook Inland 1Q 2021 FY 2021 (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,066 24.1 1,066 24.1 Reductions: Retirements (7) (0.3) (25) (0.8) Charters returned (2) (0.1) (2) (0.1) End of period 1,057 23.7 1,039
Slide 9: Distribution & Services
Distribution & Services 1Q 2021 Financial Summary $ millions 1Q 2021 1Q 2020 Variance % 4Q 2020 Variance % Revenue $ 195.9 $ 240.7 $ (44.8) -19% $ 190.3 $ 5.6 3% Operating income (loss) 2.9 3.7 (0.8) -22% (2.9) 5.8 200% Operating margin 1.5% 1.5% 0.0% -1.5% 3.0% Commercial and industrial – Improve
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity Strong Liquidity and Free Cash Flow Position As of March 31, 2021 Total Cash and Available Debt Cash Equivalents Liquidity $1.35B $52M $776M First quarter results: – $103 million of net cash provided by operating activities – $14 million of capita
Slide 11: Marine Transportation – FY 2021 Outlook
Marine Transportation – FY 2021 Outlook Barge markets starting to turn favorable with material improvement expected in H2-2021 Inland – Expect an improved inland barge market going forward – Barge utilization into the high-80% to low-90% range in the second half of 2021 – Second quarter revenues a
Slide 12: Distribution & Services – FY 2021 Outlook
Distribution & Services – FY 2021 Outlook Meaningful year-on-year improvement in revenue and operating income Commercial and industrial – On-highway and power generation to benefit from improving economy – Increased Thermo King product sales expected – Expected to represent ~70% of segment revenue
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