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KIRBY CORPORATION

(KEX)
  Report
Delayed Nyse  -  04:00:01 2023-02-03 pm EST
73.97 USD   +1.09%
02/03Kirby Corp : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events (form 8-K)
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02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
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02/03Kirby Corporation Appoints Rocky B. Dewbre to Board of Directors
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Kirby : 3Q 2022 Earnings Presentation

10/24/2022 | 09:00am EST

3Q 2022

Earnings Conference Call

October 24, 2022

Disclosures

Forward Looking Statements

Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic and the related response of governments on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2021.

Non-GAAP Financial Measures

This conference call may refer to certain non-GAAP or adjusted financial measures. Kirby uses certain non-GAAP financial measures to review performance including: Adjusted EBITDA; operating income (excluding one-time items); 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). 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 the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company's liquidity as a result of uncertainty surrounding the impact of 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. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release, and are also available on our website at www.kirbycorp.comin the Investor Relations section under Financials.

3Q 2022 Earnings

2

3Q 2022 Overview

Financial Summary

$ millions except earnings per share

3Q 2022

3Q 2021

Variance

%

2Q 2022

Variance

%

Revenues

$

745.8

$ 598.9

$ 146.9

25%

$ 698.0

$ 47.8

7%

Operating income

58.9

(316.9)

375.8

119%

46.5

12.4

27%

Net earnings attributable to Kirby

39.1

(264.7)

303.8

115%

28.5

10.6

37%

Earnings per share

0.65

(4.41)

5.06

115%

0.47

0.18

38%

Excluding one-time items:

Operating income1,2

58.9

23.8

35.1

147%

48.0

10.9

23%

Net earnings attributable to Kirby1,2

39.1

10.3

28.8

280%

29.8

9.3

31%

Earnings per share1,2

0.65

0.17

0.48

282%

0.49

0.16

33%

  • Results reflected strong market fundamentals in marine transportation and distribution and services
  • Marine transportation margins impacted by ongoing inflationary pressures
    • Higher costs expected to gradually be recovered as term contracts and escalators reset in the fourth quarter and into 2023
  • Supply chain constraints delayed sales in distribution and services
  • Cost inflation remained a headwind to margins for both marine transportation and distribution and services

Note: For more information, see the Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items on Kirby's website at www.kirbycorp.com in the Investor Relations section under Financials.

  1. Second quarter 2022 operating income, net earnings attributable to Kirby and earnings per share exclude one-timenon-recurring items related to severance expenses
  2. Third quarter 2021 operating income, net earnings attributable to Kirby, and earnings per share exclude third quarter impairments of long-lived assets and goodwill related to coastal marine transportation totaling $340.7 million before-tax, $275.0 million after-tax, or $4.58 per share.

3Q 2022 Earnings

3

Marine Transportation - 3Q Overview

Market fundamentals improving, but rising fuel costs and inflation impacted margins

Inland

  • Strong market conditions
    • Spot market rates increased sequentially and year-over-year
    • Term contracts renewed higher
  • Tight market conditions with barge utilization in the low 90% range
  • 3Q operating margins improved to low double digits

Coastal

  • Market conditions were modestly improved
  • Barge utilization in the low to mid-90% range
  • Improved coal shipments in the dry cargo business
  • 3Q operating margins improved to low-to-mid single digits

3Q 2022 Earnings

4

Distribution & Services - 3Q Overview

Strong markets drive sequential and year-on-year growth in revenue and operating margin; supply chain headwinds continued

Oil and Gas

  • Continued favorable commodity prices with increased rig count and completions activity
  • Strong demand for new transmissions and parts in distribution
  • Growing manufacturing backlog with new orders for environmentally friendly pressure pumping and power generation equipment
  • Supply chain issues delayed new equipment deliveries in manufacturing

Commercial and Industrial

  • Solid demand across the commercial and industrial market
  • Sequential and year-over-year growth in marine repair and on-highway
  • Supply chain delays remained a headwind to growth

3Q 2022 Earnings

5

Disclaimer

Kirby Corporation published this content on 24 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2022 12:59:01 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2022 2 769 M - -
Net income 2022 124 M - -
Net Debt 2022 1 015 M - -
P/E ratio 2022 36,0x
Yield 2022 -
Capitalization 4 430 M 4 430 M -
EV / Sales 2022 1,97x
EV / Sales 2023 1,69x
Nbr of Employees 5 125
Free-Float 90,5%
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Number of Analysts 5
Last Close Price 73,97 $
Average target price 84,00 $
Spread / Average Target 13,6%
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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
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