Kirby Corporation
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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 25% of the U.S. inland tank barge capacity, transporting petrochemicals, black oil, refined petroleum products and agricultural products. Kirby's inland fleet consists of 905 tank barges with 18.1 million barrels of capacity and 249 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 69 tank barges with 6.0 million barrels of capacity and 73 tugboats. Kirby also operates six coastal dry-bulk barge and tug units and one offshore tugboat 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.

Stock Quote

As of: 7/2/2015 4:01pm EDT

Last: 77.49  
Opened at: 76.75
Day range: 76.74 - 77.98
Chng: +0.71
Vol: 323086
  

You can also use the drop down menu below to access our financial information posted on the NSYE financial website.

Highlights

    2015 First Quarter Summary

  • First Quarter Results:
    • Net earnings of $61 million, or $1.09 per share, on revenues of $588 million compared with net earnings of $62 million, or $1.09 per share, on revenues of $589 million for the 2014 first quarter
  • Marine Transportation:
    • U.S. petrochemical volumes remained favorable as low U.S. natural gas prices continue to positively impact the global competitiveness of U.S. petrochemical industry
    • Equipment utilization remained in the 90% to 95% range for both the inland and coastal markets
    • Flat inland contract pricing with potential downward pressure
    • Favorable coastal contract pricing
    • Operating margin of 22.9% for 2015 first quarter compared with 22.4% for 2014 first quarter
  • Diesel Engine Services:
    • Continued decline in the land-based market as customers request delays for existing orders of new pressure pumping units into 2016
    • Stable marine service and power generation markets, with some weakness in the Gulf of Mexico oil service supply vessel market
    • Operating margin of 5.3% for 2015 first quarter compared with 8.3% for 2014 first quarter

    2015 First Quarter and Year Guidance (1)

  • Earnings Guidance:
    • 2015 second quarter guidance range of $.95 to $1.10 per share compared with 2014 second quarter earnings of $1.31 per share
    • 2015 year guidance range of $4.10 to $4.40 per share compared with $4.93 for 2014
 
Earnings Per Share Q4 2014
Revenues Q4 2014
 
 
 
EBIDTA Q4 2014
 

(1) Kirby's most recently published earnings guidance in the April 29, 2015 press release announcing earnings for the 2015 first quarter. That guidance is shown for convenience only and does not constitute confirming or updating guidance, which will only be done by public disclosure.

(2) 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
2015
2014
Increase/
(Decrease)

Marine Revenues

$419.9
$435.8
($15.9)
Diesel Revenues
$167.8
$153.4
$14.4
Total Revenues
$587.7
$589.2
($1.5)
Operating Income
$103.1
$106.9
($3.8)
Net Earnings
$61.1
$62.2
($1.1)
EPS - diluted
$1.09
$1.09
--


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.

Kirby Waterways
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