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• GAAP Earnings Per Share: $0.74, including a noncash inventory write-down and a tax credit.

• Adjusted Earnings Per Share: $1.29, up 24% year over year.

• Free Cash Flow: Over $151 million in the fourth quarter.

• Debt Reduction: Paid down $105 million in debt.

• Stock Buyback: $33 million worth of stock repurchased.

• Marine Transportation Revenue: $467 million with an 18% operating margin.

• Inland Operating Margins: Approximately 20%.

• Coastal Operating Margins: In the low teens.

• Distribution and Services Revenue: $336 million with an 8% operating margin.

• Noncash Inventory Impairment Charge: $56.3 million in Distribution and Services.

• Cash and Debt: $74 million in cash and $875 million in total debt.

• Debt-to-Cap Ratio: Improved to 20.7%.

• Cash Flow from Operations: $247 million in the fourth quarter.

• Capital Expenditures: $97 million in the fourth quarter.

• Total Available Liquidity: Approximately $583 million.

• Warning! GuruFocus has detected 3 Warning Sign with SIGI.

Release Date: January 30, 2025

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

Positive Points

• Kirby Corp (NYSE:KEX) reported adjusted earnings per share of $1.29 for the fourth quarter, reflecting a 24% year-over-year increase.

• The company generated over $151 million in free cash flow during the quarter, which was used to pay down $105 million in debt and repurchase $33 million in stock.

• Inland marine transportation saw barge utilization rates averaging in the 90% range, with term contract renewals experiencing high single-digit increases year over year.

• Coastal marine transportation maintained strong barge utilization levels in the mid- to high 90% range, with term contract renewals increasing in the mid- to high 20% range year over year.

• The power generation segment experienced significant growth, with revenues up 36% year over year, driven by strong demand from data centers and industrial applications.

Negative Points

• Kirby Corp (NYSE:KEX) faced a noncash inventory impairment charge of $56.3 million in the Distribution and Services segment due to weak market conditions for conventional diesel fracturing equipment.

• The oil and gas segment experienced a 38% year-over-year decline in revenues, driven by softness in conventional oil and gas business.

• Weather and navigation challenges led to a 30% sequential increase in delay days during the fourth quarter, impacting marine transportation operations.

• The coastal segment's operating margin was impacted by planned shipyard activities, with margins in the low teens.

• Inflationary pressures, particularly in mariner wages and equipment costs, continue to pose challenges, necessitating further price increases to maintain margins.