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Jun 30, 2023
Kirby Q2 2023 Earnings Report
Kirby's Q2 2023 performance was marked by strong market conditions in inland marine, boosted distribution and services results, and robust cash flow generation.
Key Takeaways
Kirby Corporation announced net earnings attributable to Kirby for the second quarter ended June 30, 2023, of $57.4 million, or $0.95 per share. Consolidated revenues for the quarter were $777.2 million. The company experienced strong market conditions in inland marine, steady oil and gas demand boosted distribution and services results, and generated strong cash flow from operations.
Second quarter 2023 earnings per share were $0.95.
Inland marine experienced strong market conditions with utilization in the low 90% range.
Steady oil and gas demand boosted distribution and services results.
Strong cash flow from operations reached $211 million, with free cash flow of $113 million.
Kirby
Kirby
Kirby Revenue by Segment
Revenue by Segment
Marine Transportation Revenue
CapyFin.comDistribution and Services Revenue
CapyFin.com Forward Guidance
Kirby expects improved financial results in the coming quarters, driven by continued strength in the marine market and growing demand for products and services in distribution and services. Despite challenges related to a slowing global economy, higher interest rates, labor constraints, and inflationary pressures, the company remains positive and expects to drive strong cash flow from operations.
Positive Outlook
- Continued gradual upward movement in pricing and margins in inland marine.
- Further pricing improvements in the spot market.
- Term contracts are expected to continue to reset higher.
- Favorable oilfield fundamentals and steady demand in commercial and industrial are expected to continue.
- Strong demand for manufacturing, OEM products, parts, and services.
Challenges Ahead
- Slowing global economy.
- Additional economic headwinds due to higher interest rates.
- Labor constraints.
- Inflationary pressures contributing to rising costs.
- Supply chain issues and long lead times are expected to persist in the near-term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income