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Dec 31, 2024
Kirby Q4 2024 Earnings Report
Kirby reported strong year-over-year financial performance despite seasonal softness, with adjusted earnings per share up 24% and prepared for strong growth in 2025.
Key Takeaways
Kirby Corporation announced Q4 2024 net earnings of $42.8 million, or $0.74 per share, compared to $61.9 million, or $1.04 per share in Q4 2023. Excluding one-time items, net earnings were $74.9 million, or $1.29 per share. Consolidated revenues were $802.3 million compared to $799.2 million in the prior year. The company anticipates strong growth in 2025.
GAAP earnings per share was $0.74, and adjusted earnings per share was $1.29.
Inland marine term contracts repriced higher in the 6-9% range year-over-year.
Kirby repurchased 286,697 shares at an average price of $116.16 for $33.3 million and reduced debt balances by $105 million.
2025 expected earnings growth of 15% to 25% year-over-year.
Kirby
Kirby
Kirby Revenue by Segment
Revenue by Segment
Marine Transportation Revenue
CapyFin.comDistribution and Services Revenue
CapyFin.com Forward Guidance
Kirby expects a strong year of financial growth in 2025, with 15-25% year-over-year growth in earnings per share. Inland marine anticipates positive market dynamics, and coastal marine expects steady customer demand. Distribution and services see mixed results with near-term volatility offset by power generation orders.
Positive Outlook
- Refinery activity is starting to increase.
- Barge utilization is improving in inland.
- Spot rates are beginning to pick back up.
- Demand for power generation is very strong.
- Marine repair demand remains steady.
Challenges Ahead
- Typical seasonal weather conditions are expected to pose some near-term headwinds in the first quarter.
- High levels of shipyard activity are expected to linger near term in coastal.
- Supply issues are causing near-term volatility in distribution and services.
- Customers are deferring maintenance.
- Oil and gas activity is lower overall.
Revenue & Expenses
Visualization of income flow from segment revenue to net income