Kirby Corporation · NYSE:KEX

Kirby — Q2 2021 Earnings Presentation

12 slides from Kirby's earnings presentation, Jul 29, 2021

  1. Slide 1: 2Q 2021 Earnings Conference Call

    2Q 2021 Earnings Conference Call July 29, 2021

  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 2021 Overview

    2Q 2021 Overview Financial Summary $ millions except earnings (loss) per share 2Q 2021 2Q 2020 Variance % 1Q 2021 Variance % Revenues $ 559.6 $ 541.2 $ 18.4 3% $ 496.9 $ 62.7 13% Operating income 24.0 34.3 (10.3) -30% 3.2 20.8 650% Net earnings (loss) attributable to Kirby 10.2 25.0 (14.8) -59% (3.4

  4. Slide 4: Marine Transportation – 2Q Overview

    Marine Transportation – 2Q Overview Overall Segment Results  Revenues increased 11% sequentially  Operating margin improved to 5.6% Inland  Revenues increased 13% compared to 1Q 2021  Barge utilization improved into the low to mid-80% range  Quarter started slow in April, but activity increased

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

    Distribution & Services – 2Q Overview Overall Segment Results  Revenues increased 16% sequentially  Operating margin improved to 2.7% Oil and Gas (vs. 1Q 2021)  Increased U.S. rig counts and frac activity  Incremental orders and increased deliveries of new pressure pumping and frac based power g

  6. Slide 6: Marine Transportation

    Marine Transportation 2Q 2021 Financial Summary $ millions 2Q 2021 2Q 2020 Variance % 1Q 2021 Variance % Revenue $ 332.9 $ 381.0 $ (48.1) -13% $ 301.0 $ 31.9 11% Operating income 18.5 51.4 (32.9) -64% 1.9 16.6 874% Operating margin 5.6% 13.5% -7.9% 0.6% 5.0%  Inland – Contributed 76% of marine tran

  7. Slide 7: Barge Construction and Retirements

    Barge Construction and Retirements 2Q 2021 Update and FY 2021 Outlook Inland 2Q 2021 FY 2021 (barrels in millions) Barges Barrels Barges Barrels Beginning of period 1,057 23.7 1,066 24.1 Reductions: Retirements (10) (0.3) (26) (0.8) Charters returned (1) - (3) (0.1) End of period 1,046 23.4 1,037 23

  8. Slide 8: Distribution & Services

    Distribution & Services 2Q 2021 Financial Summary $ millions 2Q 2021 2Q 2020 Variance % 1Q 2021 Variance % Revenue $ 226.7 $ 160.2 $ 66.5 42% $ 195.9 $ 30.8 16% Operating income (loss) 6.2 (14.1) 20.3 144% 2.9 3.3 114% Operating margin 2.7% -8.8% 11.5% 1.5% 1.2%  Commercial and industrial – Improve

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

    Balance Sheet, Capital Expenditures, and Liquidity Strong Liquidity and Free Cash Flow Position As of June 30, 2021 Total Cash and Available Debt Cash Equivalents Liquidity $1.28B $53M $852M  Second quarter results: – $95 million of net cash provided by operating activities – $24 million of capital

  10. Slide 10: Marine Transportation – FY 2021 Outlook

    Marine Transportation – FY 2021 Outlook Barge markets expected to continue to improve in H2 2021  Inland – Expect an improved inland barge market going forward provided increasing COVID-19 cases do not slow the pace of the economic recovery – Barge utilization expected to increase into the high-80%

  11. Slide 11: Distribution & Services – FY 2021 Outlook

    Distribution & Services – FY 2021 Outlook Continued improvement in revenue and operating income in the third quarter  Commercial and industrial – Increased on-highway activity and back-up commercial power generation equipment installations – Summer seasonality benefits Thermo King and the power gen

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Kirby — Q2 2021 Earnings Presentation on 6ix