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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 861 tank barges with 17.3 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 72 tank barges with 6.0 million barrels of capacity and 76 tugboats. Kirby also operates eight 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.

Stock Quote

As of: 4/8/2014 3:45pm EDT

Last: 98.03  
Opened at: 97.57
Day range: 96.50 - 98.21
Chng: +0.56
Vol: 380506
  

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

Highlights

    2013 Fourth 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 for petrochemicals, black oil and refined products in the 90% to 95% range
    • Continued favorable inland transportation term and spot contract pricing
    • Coastal markets remained strong, the result of increased demand for crude oil and gas condensate movements and expansion of the coastal customer base to inland customers with coastal requirements
    • Coastal equipment utilization in the 90% range
    • Favorable coastal term and spot contract pricing
    • Operating margin of 24.8% for 2013 fourth quarter compared with 23.6% for 2012 fourth quarter
  • Diesel Engine Services:
    • Land-based market remained challenged, a reflection of the current state of the United States weak oil service industry and corresponding weak pressure pumping industry
    • Marine and power generation markets stable and consistent with prior 2013 quarters
    • Operating margin of 3.5% for 2013 fourth quarter compared with 10.0% for 2012 fourth quarter that included a $8.2 million credit to the United contingent earnout liability

    2013 First Quarter and Year Guidance

  • Earnings Guidance:
    • 2014 first quarter guidance of $1.05 to $1.15 per share compared with 2013 first quarter earnings of $1.00 per share that included a $0.05 per share credit to the United contingent earnout liability
    • 2014 year guidance of $4.75 to $4.95 per share compared with $4.44 for 2013 that included a $0.20 per share credit to the United contingent earnout liability
 
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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)
Fourth Quarter
Year
2013
2012
Inc (Dec)
2013
2012
Inc (Dec)

Marine Revenues

$434.6
$381.0
$53.6
$1,713.2
$1,408.9
$304.3
Diesel Revenues
$133.8
$131.6
$2.2
$529.0
$703.8
$(174.8)
Total Revenues
$568.4
$512.6
$55.8
$2,242.2
$2,112.7
$129.5
Operating Income
$108.7
$99.4
$9.3
$436.2
$364.8
$71.4
Net Earnings
$64.3
$57.9
$6.4
$253.1
$209.4
$43.7
EPS - diluted
$1.13
$1.03
$.10
$4.44
$3.73
$.71


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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