Kirby Corporation · NYSE:KEX
Kirby — Q1 2025 Earnings Presentation
12 slides from Kirby's earnings presentation, May 1, 2025
Slide 1: 1Q 2025 Earnings Conference Call
1Q 2025 Earnings Conference Call May 1, 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: 1Q 2025 Overview
1Q 2025 Overview Financial Summary $ millions except earnings (loss) per share 1Q 2025 1Q 2024 Variance % 4Q 2024 Variance % Revenues $ 785.7 $ 808.0 $ (22.3) -3% $ 802.3 $ (16.6) -2% Operating income 105.5 101.5 4.0 4% 50.1 55.4 111% Net earnings attributable to Kirby 76.0 70.1 5.9 8% 42.8 33.2 78%
Slide 4: Marine Transportation – 1Q Overview
Marine Transportation – 1Q Overview Improved market conditions but considerably impacted by weather and lock delays Inland Favorable pricing improvements due to better customer demand and limited availability of barges – Spot prices increased in the low single digits sequentially and in the high s
Slide 5: Distribution & Services – 1Q Overview
Distribution & Services – 1Q Overview Mixed results across end markets Power Generation Strong pace of orders with several large project wins in backup power and other industrial customers adding to backlog 23% lower revenues year-over-year as supply delays pushed projects out of quarter Commerc
Slide 6: Marine Transportation – 1Q 2025 Financial Summary
Marine Transportation 1Q 2025 Financial Summary $ millions 1Q 2025 1Q 2024 Variance % 4Q 2024 Variance % Revenue $ 476.1 $ 475.4 $ 0.7 0% $ 466.8 $ 9.3 2% Operating income 86.6 83.0 3.6 4% 86.0 0.6 1% Operating margin 18.2% 17.5% 0.7% 18.4% -0.2% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increase
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 1Q 2025 Update and FY 2025 Outlook Inland 1Q 2025 FY 2025(estimated) (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,094 24.2 1,094 24.2 Additions: Reactivations/new builds/acquisitions 19 0.5 29 0.8 Reductions: Retirements (2) (0.1) (6) (
Slide 8: Distribution & Services – 1Q 2025 Financial Summary
Distribution & Services 1Q 2025 Financial Summary 2025 Q1 Revenue Oil & $ millions 1Q 2025 1Q 2024 Variance % 4Q 2024 Variance % Gas Revenue $ 309.5 $ 332.6 $ (23.1) -7% $ 335.5 $ (26.0) -8% 14% Power Operating income 22.6 22.0 0.6 3% 26.8 (4.2) -16% Generation 34% Operating margin 7.3% 6.6% 0.7% 8.
Slide 9: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of March 31, 2025 Total Cash and Available Debt Cash Equivalents Liquidity $1.1B $51M $334M 1Q 2025 Results – Net cash flow provided by operating activities: $37 million – Proceeds from retired asset sales: $0.1 million – Repurchased 1,002,761
Slide 10: Marine Transportation – 2025 Outlook
Marine Transportation – 2025 Outlook Strong outlook with price increases offsetting inflation Inland – Positive market dynamics due to limited new barge construction and heavy maintenance year – Steady customer demand with barge utilization expected to be in the low to mid 90% range – Full year re
Slide 11: Distribution & Services – 2025 Outlook
Distribution & Services – 2025 Outlook Power generation growth to offset softness in oil and gas and on-highway markets Power generation – Continued strong growth in orders as demand in data center and backup power markets remains solid – Volatile delivery schedule throughout 2025 due to extended
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