Kirby Corporation · NYSE:KEX
Kirby — Q1 2019 Earnings Presentation
12 slides from Kirby's earnings presentation, May 2, 2019
Slide 1: 1Q 2019 Earnings Conference Call
1Q 2019 Earnings Conference Call May 2, 2019
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 Overview
1Q Overview Financial Summary ($ millions except earnings per share) 1Q 2019 1Q 2018 Variance % 4Q 2018 Variance % Revenues $ 744.6 $ 741.7 $ 2.9 0% $ 721.5 $ 23.1 3% Operating income 72.1 50.7 21.4 42% (19.2) 91.3 476% Net earnings attributable to Kirby 44.3 32.4 11.9 37% (24.4) 68.7 282% Earnings
Slide 4: 1Q Overview – Marine Transportation
1Q Overview – Marine Transportation ▪ Inland – Results heavily impacted by 82% increase in delay days year-on-year – Increased delays contributed to a negative earnings impact of ~$0.05 per share – Strong customer demand with barge utilization in the mid-90% range – Closed Cenac marine transportatio
Slide 5: 1Q Overview – Distribution & Services
1Q Overview – Distribution & Services ▪ Sequential improvement in segment revenue and operating profit ▪ Increased manufacturing deliveries of new oilfield equipment compared to 4Q 2018 ▪ Reduced sales of new engines, transmissions and parts to oilfield customers ▪ Power generation revenue and opera
Slide 6: Marine Transportation
Marine Transportation 1Q 2019 Financial Summary $ millions 1Q 2019 1Q 2018 Variance % 4Q 2018 Variance % Revenue $ 368.1 $ 340.4 $ 27.7 8% $ 382.5 $ (14.4) -4% Operating income 35.4 16.2 19.2 119% 44.5 (9.1) -20% Operating margin 9.6% 4.8% 4.8% 11.6% -2.0% ▪ Inland – Contributed 77% of marine transp
Slide 7: Barge Construction and Retirements
Barge Construction and Retirements 1Q 2019 Update and FY 2019 Outlook Inland 1Q 2019 FY 2019 (Estimated) (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,003 21.8 1,003 21.8 Additions: Cenac Marine 63 1.9 63 1.9 Retirements: Completed (5) (0.1) (5) (0.1) Anticipated - - (4)
Slide 8: Distribution & Services
Distribution & Services 1Q 2019 Financial Summary $ millions 1Q 2019 1Q 2018 Variance % 4Q 2018 Variance % Revenue $ 376.5 $ 401.3 $ (24.8) -6% $ 339.0 $ 37.5 11% Operating income 37.6 37.0 0.6 2% 28.2 9.4 33% Operating margin 10.0% 9.2% 0.8% 8.3% 1.7% ▪ Oil and gas – Results down year-on-year due t
Slide 9: FY 2019 Guidance
FY 2019 Guidance Financial Summary FY 2019 Earnings per share $3.25 to $3.75 Capital expenditures (in millions) $225 to $245 1Q 2019 Earnings 9
Slide 10: Guidance – Marine Transportation
Guidance – Marine Transportation Inland ▪ Inland utilization in the mid-90% range with strong demand anticipated for the remainder of 2019 ▪ Second quarter: – Operations challenged by near-term delays in the Houston Ship Channel and high water on the Mississippi River – Sequential revenue improvemen
Slide 11: Guidance – Distribution & Services
Guidance – Distribution & Services Oil and Gas ▪ Manufacturing backlog has declined since year end ▪ Some new pressure pumping units could be delayed into the third quarter resulting in a sequential reduction in manufacturing revenue and operating income ▪ Demand for new engines, transmissions and p
Slide 12: Slide 12