Kirby Corporation · NYSE:KEX
Kirby — Q1 2022 Earnings Presentation
13 slides from Kirby's earnings presentation, Apr 28, 2022
Slide 1: 1Q 2022 Earnings Conference Call
1Q 2022 Earnings Conference Call April 28, 2022
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 2022 Overview
1Q 2022 Overview Financial Summary $ millions except earnings (loss) per share 1Q 2022 1Q 2021 Variance % 4Q 2021 Variance % Revenues $ 610.8 $ 496.9 $ 113.9 23% $ 591.3 $ 19.5 3% Operating income 29.7 3.2 26.5 828% 31.6 (1.9) -6% Net earnings (loss) attributable to Kirby 17.4 (3.4) 20.8 612% 11.0 6
Slide 4: Marine Transportation – 1Q Overview
Marine Transportation – 1Q Overview Market fundamentals improving, but Omicron impacted earnings by ~$0.10 per share Inland Improved market conditions – Spot market rates increased sequentially and year-on-year – Term contracts renewed higher COVID-19 Omicron variant negatively impacted operatio
Slide 5: Kirby Offshore Wind
Kirby Offshore Wind Kirby announces new offshore wind partnership with Maersk under 20-year framework agreement Under the 20-year framework agreement: ‒ Kirby will provide barge transportation services for offshore wind towers and turbines to Maersk Supply Service ‒ First project is Empire Offshor
Slide 6: Distribution & Services – 1Q Overview
Distribution & Services – 1Q Overview Strong markets drive sequential and year-on-year growth in revenue and operating margin Oil and Gas Favorable commodity prices with increased rig count and completions activity Strong demand for new transmissions and parts in distribution Manufacturing bac
Slide 7: Marine Transportation – 1Q 2022 Financial Summary
Marine Transportation 1Q 2022 Financial Summary $ millions 1Q 2022 1Q 2021 Variance % 4Q 2021 Variance % Revenue $ 355.5 $ 301.0 $ 54.5 18% $ 350.6 $ 4.9 1% Operating income 16.9 1.9 15.0 789% 25.7 (8.8) -34% Operating margin 4.8% 0.6% 4.2% 7.3% -2.5% Inland – Contributed 78% of marine transportat
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 1Q 2022 Update and FY 2022 Outlook Inland 1Q 2022 FY 2022 (estimated) (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,025 22.9 1,025 22.9 Additions: Reactivations - - 9 0.1 Reductions: Retirements - - - - End of period 1,025 22.9 1,034 23.
Slide 9: Distribution & Services – 1Q 2022 Financial Summary
Distribution & Services 1Q 2022 Financial Summary $ millions 1Q 2022 1Q 2021 Variance % 4Q 2021 Variance % Revenue $ 255.2 $ 195.9 $ 59.3 30% $ 240.7 $ 14.5 6% Operating income 11.0 2.9 8.1 279% 7.5 3.5 47% Operating margin 4.3% 1.5% 2.8% 3.1% 1.2% Oil and Gas – Revenues up 71% year-on-year and 20
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity As of March 31, 2022 Total Cash and Available Debt Cash Equivalents Liquidity $1.15B $32M $886M 1Q 2022 Results – Net cash provided by operating activities: $32 million – Proceeds from retired asset sales: $14 million – Capital expenditures: $35 m
Slide 11: Marine Transportation – FY 2022 Outlook
Marine Transportation – FY 2022 Outlook A strong inland barge market is expected to drive improved financial results Inland – Expecting a strong market driven by favorable refinery and chemical plant utilization, increased volumes, and minimal new barge construction – Barge utilization expected to
Slide 12: Distribution & Services – FY 2022 Outlook
Distribution & Services – FY 2022 Outlook Anticipate strong markets will lead to material growth in revenue and operating income Oil and Gas – Favorable oil prices expected to drive continued improvement in U.S. rig and frac activity – Seeing robust demand for new transmissions, parts, and service
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