Kirby Corporation · NYSE:KEX

Kirby — Q2 2024 Earnings Presentation

12 slides from Kirby's earnings presentation, Aug 1, 2024

1. Slide 1: 2Q 2024 Earnings Conference Call

   2Q 2024 Earnings Conference Call August 1, 2024

2. 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

3. Slide 3: 2Q 2024 Overview

   2Q 2024 Overview Financial Summary $ millions except earnings (loss) per share 2Q 2024 2Q 2023 Variance % 1Q 2024 Variance % Revenues $ 824.4 $ 777.2 $ 47.2 6% $ 808.0 $ 16.4 2% Operating income 120.5 87.3 33.2 38% 101.5 19.0 19% Net earnings attributable to Kirby 83.9 57.4 26.5 46% 70.1 13.8 20% Ea

4. Slide 4: Marine Transportation – 2Q Overview

   Marine Transportation – 2Q Overview Continued pricing momentum, but modestly impacted by poor navigational conditions Inland  Steady customer demand with barge utilization in low to mid-90% range  Continued pricing increases driving margin improvements – Spot market rates increased low to mid-sing

5. Slide 5: Distribution & Services – 2Q Overview

   Distribution & Services – 2Q Overview Stable demand across all end markets Power Generation  Strong pace of orders with several large project wins in backup power and other industrial customers  9% year-over-year revenue growth with operating margins in the low double digits Oil and Gas  Growth i

6. Slide 6: Marine Transportation: 2Q 2024 Financial Summary

   Marine Transportation 2Q 2024 Financial Summary $ millions 2Q 2024 2Q 2023 Variance % 1Q 2024 Variance % Revenue $ 484.8 $ 427.0 $ 57.8 14% $ 475.4 $ 9.4 2% Operating income 94.9 64.3 30.6 48% 83.0 11.9 14% Operating margin 19.6% 15.0% 4.6% 17.5% 2.1% Inland Coastal Y/Y % Q/Q % Y/Y % Q/Q % Term incr

7. Slide 7: Barge Construction and Retirements

   Barge Construction and Retirements 2Q 2024 Update and FY 2024 Outlook Inland 2Q 2024 FY 2024Est (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,078 23.8 1,076 23.7 Additions: Reactivations/new builds/acquisitions 16 0.4 23 0.6 Reductions: Retirements (1) (0.0) (3) (0.0) End

8. Slide 8: Distribution & Services: 2Q 2024 Financial Summary

   Distribution & Services 2Q 2024 Financial Summary 2024 Q2 Revenue $ millions 2Q 2024 2Q 2023 Variance % 1Q 2024 Variance % Oil & Gas Revenue $ 339.6 $ 350.3 $ (10.7) -3% $ 332.6 $ 7.0 2% 19% Power Operating income 29.4 29.8 (0.4) -1% 22.0 7.4 34% Generation Operating margin 8.7% 8.5% 0.2% 6.6% 2.1%

9. Slide 9: Balance Sheet, Capital Expenditures, and Liquidity

   Balance Sheet, Capital Expenditures, and Liquidity As of June 30, 2024 Total Cash and Available Debt Cash Equivalents Liquidity $1.05B $54M $488M  2Q 2024 Results – Net cash flow provided by operating activities: $179 million – Proceeds from retired asset sales: $7 million – Repurchased 372,265 sha

10. Slide 10: Marine Transportation – 2024 Outlook

    Marine Transportation – 2024 Outlook Solid demand due to limited availability of vessels, and strong refinery and chemical plant activity  Inland – Stable market conditions driven by strong customer demand and limited new barge construction – Barge utilization expected to be in low to mid-90% range

11. Slide 11: Distribution & Services – FY 2024 Outlook

    Distribution & Services – FY 2024 Outlook Growing demand for power generation products coupled with new manufacturing orders  Power generation – Strong demand from data center and backup power markets – Lumpiness in revenues driven by timing of product availability – Expected to be ~40-45% of segme

12. Slide 12: Slide 12

Kirby — Q2 2024 Earnings Presentation on 6ix