Yahoo Finance

• Earnings Per Share (EPS): $1.55 for Q3 2024, up from $1.50 in Q3 2023.

• Total Revenue: Increased by 9% year over year.

• Free Cash Flow: Over $130 million generated in the quarter.

• Debt Reduction: $70 million paid down in debt.

• Stock Buyback: $56 million in stock repurchased.

• Inland Marine Revenue: Increased 11% year over year.

• Inland Marine Margins: Low 20% range.

• Coastal Marine Revenue: Increased 23% year over year.

• Coastal Marine Operating Margin: Mid-10s range.

• Distribution and Services Revenue: $345 million for Q3 2024.

• Distribution and Services Operating Margin: 8.8%.

• Power Generation Revenue: Down 6% year over year.

• Oil and Gas Revenue: Up 19% year over year.

• Commercial and Industrial Revenue: Up 4% year over year.

• Total Debt: Approximately $979 million as of September 30, 2024.

• Cash Flow from Operations: Around $207 million for the quarter.

• Capital Expenditures (CapEx): $76 million for the quarter.

• Available Liquidity: Approximately $570 million as of September 30, 2024.

• Warning! GuruFocus has detected 7 Warning Sign with CB.

Release Date: October 30, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Kirby Corp (NYSE:KEX) reported a strong financial performance with a 9% increase in total revenues and a 48% increase in earnings per share year-over-year.

• The company generated over $130 million in free cash flow during the quarter, which was used to pay down $70 million in debt and repurchase $56 million in stock.

• Inland marine transportation saw an 11% increase in revenues year-over-year, with barge utilization rates in the 90% range and improved pricing.

• Coastal market fundamentals remained strong, with barge utilization levels in the mid to high 90% range and a 23% increase in total revenues year-over-year.

• The Distribution and Services segment experienced a 19% increase in oil and gas revenues year-over-year, driven by growth in the e-frac business.

Negative Points

• Kirby Corp (NYSE:KEX) faced modest weather and navigational challenges in marine transportation, impacting operations.

• The company continues to experience supply chain constraints, particularly in the power generation space, affecting working capital management.

• The conventional oil and gas business remains very soft, with no deliveries of conventional frac systems expected this year.

• The coastal business is expected to see a temporary decline in operating margins in the fourth quarter due to planned shipyard activities.

• The inland marine transportation segment is facing inflationary pressures and an acute labor shortage, driving up costs.