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 884 tank barges with 17.8 million barrels of capacity and 247 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 74 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: 3/27/2015 4:01pm EDT

Last: 73.15  
Opened at: 73.52
Day range: 72.60 - 73.99
Chng: -0.61
Vol: 325926
  

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

Highlights

    2014 Fourth Quarter Summary

  • Fourth Quarter Results:
    • Record net earnings of $68 million, or $1.19 per share, on revenues of $668 million compared with net earnings of $64 million, or $1.13 per share, on revenues of $568 million for the 2013 fourth 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
    • Modest inland term price increases during majority of quarter, with pricing flat during latter part of quarter
    • Inland spot rates during quarter narrowed toward term contract rates
    • Favorable coastal term and spot contract pricing
    • Operating margin of 24.3% for 2014 fourth quarter compared with 24.8% for 2013 fourth quarter
  • Diesel Engine Services:
    • Land-based market reflected improvement in demand for parts, service and the manufacturing and remanufacturing of pressure pumping units; however, the decline in oil prices resulted in some backlog cancellation and order delays late in the quarter
    • Marine and power generation markets stable and consistent with prior quarter
    • Operating margin of 5.4% for 2014 fourth quarter compared with 3.5% for 2013 fourth quarter

    2015 First Quarter and Year Guidance

  • Earnings Guidance:
    • 2015 first quarter guidance range of $1.05 to $1.15 per share compared with 2014 first quarter earnings of $1.09 per share
    • 2015 year guidance range of $4.50 to $4.70 per share compared with $4.93 for 2014
 
Earnings Per Share Q4 2014
Revenues Q4 2014
 
 
 
EBIDTA Q4 2014
 

* 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
Twelve Months
2014
2013
Increase/
(Decrease)
2014
2013
Increase/
(Decrease)

Marine Revenues

$429.4
$434.6
($5.2)
$1,770.7
$1,713.2
$57.5
Diesel Revenues
$238.9
$133.8
$105.1
$795.6
$529.0
$266.6
Total Revenues
$668.3
$568.4
$99.9
$2,566.3
$2,242.2
$324.1
Operating Income
$113.8
$108.7
$5.1
$475.8
$436.2
$39.6
Net Earnings
$68.1
$64.3
$3.8
$282.0
$253.1
$28.9
EPS - diluted
$1.19
$1.13
$0.06
$4.93
$4.44
$0.49


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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