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| Home | Investor Relations | Financial Overview |
Company Profile
Kirby Corporation, headquartered in Houston, Texas, is the nation's premier tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. coasts, and in Alaska and Hawaii for a blue chip customer base.
Kirby's inland tank barge fleet represents approximately 26% of the U.S. inland tank barge capacity, transporting petrochemicals, black oil, refined petroleum products and agricultural products. Kirby's inland fleet consists of 844 tank barges with 16.9 million barrels of capacity and 256 towboats.
Kirby's coastal tank barge fleet, one of the youngest fleets in the U.S. coastal trade, transports refined petroleum products, petrochemicals and black oil along the East Coast, West Coast and Gulf Coast, as well as Alaska and Hawaii. Kirby's coastal tank barge fleet consists of 82 tank barges with 6.3 million barrels of capacity and 85 tugboats. Kirby also operates seven coastal dry-bulk barge and tug units transporting coal and limestone rock across the Gulf of Mexico, and dry sugar products between Florida and the East Coast.
Through Kirby's diesel engine services segment, Kirby is the leading after market service provider for medium-speed and high-speed diesel engines, reduction gears and ancillary products for marine and power generation applications. Kirby also serves as a distributor and service provider for high-speed diesel engines, transmissions, pumps and compression products, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for the land-based pressure pumping and oilfield service markets. |
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Highlights
2013 First Quarter Summary
- Marine Transportation:
U.S petrochemical volumes remained favorable as low U.S. natural gas prices continued to positively impacted the global competitiveness of U.S. petrochemical industry Consistent levels of demand across all inland markets resulting in equipment utilization in the 90% to 95% range Continued favorable inland transportation term and spot contract pricing during first quarter Coastal markets continued to improved, the result of increased demand for crude oil and condensate moves, cooler weather in Northeast, and expansion of the coastal customer base to inland customers with coastal requirements Acquisitions of Allied Transportation and Penn Maritime in 2012 fourth quarter contributed to higher first quarter demand and operating results Higher coastal demand resulted in favorable term and spot contract pricing during the first quarter Coastal operation equipment utilization improved to the 90% range during the first quarter Operating margin of 21.3% compared with 20.4% for 2012 first quarter
- Diesel Engine Services:
Land-based market remained weak, a reflection of the current state of the United States weak oil service industry and corresponding weak pressure pumping industry As a result of lower land-based operating results, recorded a credit of $4.3 million, or $0.05 per share, reducing the fair value of the contingent earnout liability associated with the acquisition of United in April 2011 Marine market stable, although the Midwest market was negatively impacted by the 2012 and early 2013 low water conditions on the Mississippi River that led to deferrals of maintenance by certain customers Power generation market benefited from major generator set upgrades and strong parts sales Operating margin of 10.0% for 2013 first quarter, including the positive earnings impact of the $4.3 million credit to the contingent earnout liability, compared with 10.2% for 2012 first quarter
2013 Second Quarter and Year Guidance
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* Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA, a non-GAAP financial measure. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information.
Financial Highlights
(In millions, except for
share amounts) |
First Quarter |
Year |
2013 |
2012 |
Inc (Dec) |
2012 |
2011 |
Increase |
Marine Revenues |
$418.5 |
$336.0 |
$82.5 |
$1,408.9 |
$1,194.6 |
$214.3 |
| Diesel Revenues |
$140.3 |
$231.0 |
$(90.7) |
$703.8 |
$655.8 |
$48.0 |
| Total Revenues |
$558.8 |
$567.0 |
$(8.2) |
$2,112.7 |
$1,850.4 |
$262.3 |
| Operating Income |
$99.8 |
$89.1 |
$10.7 |
$364.8 |
$312.3 |
$52.5 |
| Net Earnings |
$56.6 |
$50.9 |
$5.7 |
$209.4 |
$183.0 |
$26.4 |
| EPS - diluted |
$1.00 |
$.91 |
$.09 |
$3.73 |
$3.33 |
$.40 |
| Fleet
The U.S. inland waterway system is comprised mainly of the Mississippi River and its tributaries and the Gulf Intracoastal Waterway (see map below) and is one of the busiest, cost-efficient, productive and safest transportation systems in the world. The inland waterway system comprises 12,000 miles of navigable interconnected rivers, canals and intracoastal waterways serving the U.S. as water highways.
The U.S. also benefits from the coastwise trade of bulk liquid and dry products to ports along the East Coast, Gulf Coast and West Coast, as well as in Alaska and Hawaii.
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