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KIRBY CORPORATION

(KEX)
  Report
Delayed Nyse  -  04:00 2022-09-29 pm EDT
60.25 USD   -2.11%
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KIRBY CORP : Results of Operations and Financial Condition (form 8-K)

07/28/2022 | 08:14am EDT

Item 2.02. Results of Operations and Financial Condition.

On July 28, 2022, Kirby Corporation ("Kirby" or the "Company") issued a press release announcing results for the second quarter ended June 30, 2022. A copy of the press release is attached as Exhibit 99.1 to this report.

Adjusted EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines Adjusted EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets and impairment of goodwill. Kirby has historically evaluated its operating performance using numerous measures, one of which is Adjusted EBITDA. Adjusted EBITDA is presented because of its wide acceptance as a financial indicator. Adjusted EBITDA is one of the performance measures used in Kirby's incentive bonus plan. Adjusted 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. A quantitative reconciliation of Adjusted EBITDA to net earnings attributable to Kirby for the 2022 and 2021 second quarters and first six months is included in the press release. Adjusted 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.

The press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in the press release. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby's normal operating results. The press release also includes free cash flow, a non-GAAP financial measure, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in the press release. Kirby uses free cash flow to assess and forecast cash flow and to provide additional disclosures on the Company's liquidity as a result of uncertainty surrounding the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations 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.

© Edgar Online, source Glimpses

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Analyst Recommendations on KIRBY CORPORATION
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Financials (USD)
Sales 2022 2 773 M - -
Net income 2022 124 M - -
Net Debt 2022 1 026 M - -
P/E ratio 2022 30,0x
Yield 2022 -
Capitalization 3 609 M 3 609 M -
EV / Sales 2022 1,67x
EV / Sales 2023 1,45x
Nbr of Employees 5 125
Free-Float 91,0%
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Last Close Price 60,25 $
Average target price 82,00 $
Spread / Average Target 36,1%
EPS Revisions
Managers and Directors
David W. Grzebinski President, Chief Executive Officer & Director
Raj Kumar Chief Financial Officer & Executive Vice President
Joseph H. Pyne President
Scott P. Miller Chief Information Officer & Vice President
Richard Ross Stewart Independent Director
Sector and Competitors