|
|
| Home | Investor Relations | Financial Overview |
Company Profile
Kirby Corporation, headquartered in Houston, Texas, is the nation's premier inland tank barge operator, transporting bulk liquid products throughout the Mississippi River System and the Gulf Intracoastal Waterway. Kirby's inland tank barge fleet represents approximately 32% of the U.S. inland tank barge capacity, transporting petrochemicals, black oil products, refined petroleum products and agricultural chemicals for a blue chip customer base. Kirby's fleet consists of 874 inland tank barges, with a liquid cargo capacity of 16.8 million barrels, and 215 inland towboats, providing safe, efficient and environmental sound inland marine transportation of liquid cargoes. Kirby also owns and operates four ocean-going barge and tug units transporting dry-bulk commodities in United States coastwise trade.
Through the Kirby Engine Systems segment, Kirby provides after-market service for medium-speed and high-speed diesel engines and reductions gears. Kirby provides a service that is essential to the day-to-day operations of three distinct markets: marine, power generation and railroad applications. |
|
|
| |
Highlights
2009 Third Quarter Summary
- Marine Transportation:
- Lower demand softened by contract mix
- 80% term contracts
- 54% of term contracts are time charters
- Lower diesel fuel costs impacted revenues as well as costs
- Upriver demand for more finished petrochemical products continued gradual improvement
- Black oil production and refined products demand stable
- Utilization ranged from 80% to 85% in Q3
- Operating margins improved during recessionary economy
- Diesel engine services:
- Marine and railroad markets remained weak - customers deferred maintenance
- Power generation market stable
- Cost reduction efforts:
- Early retirements and other staff reductions
- Reduced number of chartered towboats
- Efficiency initiatives
2009 Fourth Quarter and Year Outlook
- 2009 fourth quarter guidance of $.57 to $.62 per share compared with $.72 per share for 2008 fourth quarter
- Marine transportation: Expect business levels to remain steady
- Diesel Engine Services: Continued weakness as Gulf Coast oil services, inland marine and rail customers defer maintenance
- Increase in weather delay days associate with winter weather
- 2009 year guidance: $2.37 to $2.42/share vs. $2.91 in 2008
* Net earnings attributable to Kirbyand earnings per share attributable to Kirby common stockholders after adjustments are non-GAAP financial measures used by Kirby that exclude non-recurring adjustments in order to present a measure of net earnings that facilitates a comparison of results from one period to results from another period on a more consistent basis, since the non-recurring items are materially different in nature and amount from one period to another. The adjustments generally represent items that are outside normal business operations and are therefore difficult to predict for future periods.
** EBITDA, which Kirby defines as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, is used because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) and noncash charges (depreciation and amortization), EBITDA is one of the perfromance 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 report on Kirby, as well as by investors and investment bankers generally in valuing companies.
Financial Highlights
(In millions, except for
share amounts) |
Third Quarter |
Nine Months |
2009 |
2008 |
Decrease |
2009 |
2008 |
Decrease |
Marine Revenues |
$227.5 |
$286.9 |
$(59.4) |
$664.4 |
$830.0 |
$(165.6) |
| Diesel Revenues |
$44.7 |
$67.7 |
$(23.0) |
$158.2 |
$203.5 |
$(45.3) |
| Total Revenues |
$272.7 |
$354.5 |
$(82.4) |
$822.6 |
$1,033.5 |
$(210.9) |
| Operating Income |
$59.9 |
$71.6 |
$(11.7) |
$166.2 |
$204.2 |
$(38.0) |
| Net Earnings |
$35.0 |
$41.8 |
$(6.8) |
$96.7 |
$118.8 |
$(22.1)
|
| EPS - diluted |
$.65 |
$.77 |
$(.12) |
$1.79 |
$2.19 |
$(.40) |
Marine Transportation Revenues by Product Line
|
Approximate percent of marine transportation revenues for the nine months ended September 30, 2009. |
|
12,000 miles of waterway linking America's heartland to the world. |
Fleet
The U.S. inland waterway system is comprised mainly of the Mississippi River and its tributaries and the Gulf Intracoastal Waterway (see map above) 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.
|
