KEX
Kirby Corporation109.05
-1.37-1.24%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details guidance drivers, upside levers
Q&A unpacked the wide 2026 guidance range as driven by power gen delivery lumpiness from OEM constraints and inland pricing upside from potential Venezuelan crude volumes, which could boost heavy residuals demand but remain unproven. Coastal mid-single-digit revenue growth is all pricing, offsetting 10%+ higher shipyard days with no volume lift. Inland spot rates now exceed term by 10%, utilization hit 94%, yet inflation in wages and medical costs caps margins conservatively. Power gen blends lower-margin backup diesel with pricier behind-the-meter natural gas systems, eyeing 10-20% growth and service annuities. Spot outpaces term by 10%. Management dismissed power gen sale notions, prioritizing buybacks absent M&A. Constructive tone; watch Venezuelan barrels and OEM supply.
Key Stats
Market Cap
6.08BP/E (TTM)
20.27Basic EPS (TTM)
5.38Dividend Yield
0%Recent Filings
8-K
Kirby ups revolver to $750M
Kirby Corporation amended and restated its revolving credit facility on March 26, 2026, boosting commitments to $750 million maturing March 26, 2031—dropping the term loan entirely. It refinanced $270 million in prior debt (including $70 million term loan), funded vessel buys, and backed buybacks; borrowings now sit at $180 million after a $20 million paydown. Lenders can stretch maturity twice more. Covenants mirror the old deal.
8-K
Kirby appoints new director Embree
Kirby Corporation expanded its board from nine to ten directors and elected Tracy A. Embree as an independent Class I director effective February 16, 2026, until the 2026 annual meeting. Embree brings over 25 years in power generation, manufacturing, and distribution, including as President of Otis Americas and senior Cummins roles. She receives prorated fees of $21,250 plus $41,875 in restricted stock vesting in six months. Her expertise bolsters board depth for Kirby's operations.
10-K
FY2025 results
Kirby Corporation delivered FY2025 revenues of $3.36B, up 3% y/y, with marine transportation at $1.94B (up 1%) driving 58% of topline via higher coastal term pricing (24-26% in H1) despite inland utilization slipping to mid-high 80% range in Q4 from lighter feedstocks and maintenance. KDS surged 6% to $1.43B, margins expanding to 9.2% on 26% power gen growth from data centers offsetting 32% oil/gas drop; yet Q4 momentum cooled with inland pricing turning negative (-3-5% term). Capex fell to $264M (mostly marine maintenance), debt steady at 21% of cap, while $354M buybacks trimmed shares. Projects $575-675M op cash flow in 2026. Aging inland locks risk quarterly delays.
8-K
Q4 EPS $1.68 beats prior year
Kirby Corporation reported Q4 2025 net earnings of $91.8 million or $1.68 per share, up from $42.8 million or $0.74 last year, with revenues at $851.8 million. Marine transportation operating income hit $100.3 million at 20.8% margin, boosted by inland utilization in the mid-to-high 80% range and steady coastal at 20%. Repurchased $101.6 million in shares; debt fell $130 million. Expects 2026 EPS flat to +12%. Power generation surged 47%.
10-Q
Q3 FY2025 results
Kirby posted Q3 revenues of $871.2M, up 4.8% y/y, with operating income rising to $129.2M from $126.9M while marine transportation held flat at $484.9M amid lower inland utilization yet coastal term pricing gains; distribution and services jumped 12% to $386.2M on power generation and marine repair demand. Diluted EPS climbed to $1.65 from $1.55, aligning with 56M shares. YTD operating cash flow hit $358M despite inventory builds, funding $217M capex and $253M buybacks; debt stands at $1.05B with $325M revolver availability. Acquired 16 barges for $106.5M cash in H1. KDS margins expanded to 11.0%. Inland spot softness persists.
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