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Mar 31, 2024
Kirby Q1 2024 Earnings Report
Kirby Corporation announced first quarter 2024 results with improved revenue and operating income.
Key Takeaways
Kirby Corporation reported a solid start to 2024, with both segments performing well and delivering improved revenue and operating income. The company saw favorable fundamentals and expects steady quarterly earnings progression for the remainder of the year. First quarter 2024 earnings per share was $1.19, compared to $0.68 for the 2023 first quarter. Consolidated revenues for the 2024 first quarter were $808.0 million compared with $750.4 million reported for the 2023 first quarter.
First quarter 2024 earnings per share of $1.19.
Inland marine experienced strong market conditions with a sequential increase in spot market prices and high-teens operating margins despite a sequential increase in delay days.
Coastal operating margins improved to high single to low double-digit range.
Power generation at KDS constituted 41% of KDS revenues.
Kirby
Kirby
Kirby Revenue by Segment
Revenue by Segment
Marine Transportation Revenue
CapyFin.comDistribution and Services Revenue
CapyFin.com Forward Guidance
Kirby is off to a solid start in 2024 and has a favorable outlook for the remainder of the year. They expect improving financial results as they move through this year.
Positive Outlook
- Positive market dynamics with steady customer demand and limited new barge construction in the industry for inland marine.
- Barge utilization rates to be in the low to mid-90% range throughout the year for inland marine.
- Revenues for coastal marine are expected to increase in the high single to low double digits range compared to 2023.
- Strong demand outlook in marine repair for commercial and industrial.
- Continued strong growth in power generation as data center demand and the need for backup power is very strong.
Challenges Ahead
- A potential recession with a drop in demand could impact expected growth for inland marine.
- Uncertainty from volatile commodity prices in the distribution and services segment.
- On highway is somewhat weak with the exception of refrigeration products and services in commercial and industrial.
- Activity levels are lower but seem to be bottoming in oil and gas.
- Extended lead times for certain OEM products to continue contributing to a volatile delivery schedule of new products in 2024 and into 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income