Kirby Stock Price, News & Analysis

Kirby Corporation (NYSE: KEX) reported first-quarter 2023 net earnings of $40.7 million or $0.68 per share, a significant increase compared to $17.4 million or $0.29 per share in the previous year. The total consolidated revenue reached $750.4 million, up from $610.8 million year-over-year. The results reflect one-time costs of $0.04 per share due to strategic reviews, balanced by $0.04 per share from delayed IRS refunds. Inland marine showed strong utilization rates in the low to mid-90% range despite navigation delays, while marine transportation faced a 31% year-over-year increase in delay days. The company anticipates continued earnings growth throughout 2023, driven by strong oil and gas demand.

Kirby Corporation (KEX) is set to release its 2023 first quarter results on April 27, 2023, at 6:00 a.m. CDT. Following the announcement, an earnings conference call will be held at 7:30 a.m. CDT. Interested participants can pre-register to join the Q&A session via telephone. Kirby, the largest domestic tank barge operator, transports bulk liquids across the U.S. and provides various industrial services, including equipment rental and aftermarket support. For further details, the financial information will be available in the press release and a Form 8-K prior to the call, accessible on Kirby's website.

Kirby Corporation (NYSE: KEX) has appointed Rocky B. Dewbre as an independent member of its Board of Directors, following a cooperation agreement with JCP Investment Management. This expansion increases the board to eleven directors, with nine being independent. Dewbre brings extensive leadership experience in the motor fuels and lubricants distribution sector. The board believes his expertise will contribute to Kirby's growth potential. JCP has expressed confidence in Kirby’s leadership and growth prospects, particularly highlighting ongoing share repurchase plans. The full cooperation agreement details will be filed with the SEC.

Kirby Corporation (KEX) reported a significant increase in net earnings for Q4 2022, reaching $37.3 million or $0.62 per share, compared to $11.0 million or $0.18 per share in Q4 2021. Excluding one-time items, earnings were $0.67 per share. Consolidated revenues rose to $730.2 million, up from $591.3 million year-over-year. The board authorized a $5 million increase in share repurchases, reflecting confidence in growth prospects for 2023, with anticipated cash flow from operations of $480-$580 million. Despite challenges like weather conditions and supply chain issues, the outlook for marine transportation and distribution remains optimistic.

Kirby Corporation (NYSE: KEX) announced the appointment of Susan W. Dio to its Board of Directors, effective January 24, 2023, expanding the board to ten members, nine of whom are independent. Dio brings over 25 years of experience in international refining and oil and gas, previously serving as Chairman and President of BP America. Her expertise in operational strategy and safety is expected to enhance Kirby's business focus on marine transportation and electrification in distribution and services. Dio emphasized her commitment to driving shareholder value as Kirby evolves its strategic priorities.