Slide 1: 4Q 2023 Earnings Conference Call
4Q 2023 Earnings Conference Call February 1, 2024
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 2023 Overview
4Q 2023 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2023 4Q 2022 Variance % 3Q 2023 Variance % Revenues $ 799.2 $ 730.2 $ 69.0 9% $ 764.8 $ 34.4 4% Operating income 92.8 57.7 35.1 61% 93.5 (0.7) -1% Net earnings attributable to Kirby 61.9 37.3 24.6 66% 63.0 (1.1) -2% Ea
Slide 4: FY 2023 Overview
FY 2023 Overview Financial Summary ($ millions except earnings per share) 2023 2022 Variance % Revenues $ 3,091.6 $ 2,784.8 $ 306.8 11% Operating income 335.1 192.9 142.2 74% Net earnings attributable to Kirby 222.9 122.3 100.6 82% Earnings per share 3.72 2.03 1.69 83% Excluding one-time items: Oper
Slide 5: Marine Transportation – 4Q Overview
Marine Transportation – 4Q Overview Favorable market conditions with strong demand and limited availability of barges, but impacted by temporary challenges Inland Continued pricing improvements – Spot market rates increased sequentially and year-over-year – Term contracts renewed up high single di
Slide 6: Distribution & Services – 4Q Overview
Distribution & Services – 4Q Overview Solid demand with steady levels of service and repair work combined with strong backlog Oil and Gas Execution on manufacturing backlog partially offset by lower conventional oil and gas work Continue to receive new orders of environmentally-friendly pressure
Slide 7: Marine Transportation 4Q 2023 Financial Summary
Marine Transportation 4Q 2023 Financial Summary $ millions 4Q 2023 4Q 2022 Variance % 3Q 2023 Variance % Revenue $ 452.6 $ 422.7 $ 29.9 7% $ 429.9 $ 22.7 5% Operating income 68.2 46.7 21.5 46% 63.5 4.7 7% Operating margin 15.1% 11.1% 4.0% 14.8% 0.3% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term increa
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 4Q 2023 Update and FY 2024 Outlook Inland 4Q 2023 FY 2023 (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,071 23.6 1,037 23.1 Additions: Reactivations/new builds/acquisitions 5 0.1 39 0.6 Reductions: Retirements - - - - End of period 1,076
Slide 9: Distribution & Services 4Q 2023 Financial Summary
Distribution & Services 4Q 2023 Financial Summary $ millions 4Q 2023 4Q 2022 Variance % 3Q 2023 Variance % Revenue $ 346.6 $ 307.4 $ 39.2 13% $ 334.9 $ 11.7 3% Operating income 28.7 17.1 11.6 68% 33.2 (4.5) -14% Operating margin 8.3% 5.5% 2.8% 9.9% -1.6% Commercial and Industrial – Revenues up 24%
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of December 31, 2023 Total Cash and Available Debt Cash Equivalents Liquidity $1.02B $33M $491M 4Q 2023 Results – Net cash provided by operating activities: $216 million – Capital expenditures: $127 million – Repurchased 673,279 shares at an av
Slide 11: Marine Transportation – 2024 Outlook
Marine Transportation – 2024 Outlook Strong market conditions despite temporary headwinds Inland – Favorable market conditions driven by steady refinery and petrochemical plant utilization, minimal new barge construction, and a heavy year for industry maintenance – Further pricing improvements in
Slide 12: Distribution & Services – 2024 Outlook
Distribution & Services – 2024 Outlook Steady demand in commercial and industrial with mixed oilfield fundamentals Commercial and industrial – Steady growth in on-highway, power generation, and marine repair markets – Full year revenue growth in the high single to low double-digit range – Operatin
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