KIRBY CORPORATION

Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items

(unaudited, $ in millions except per share amounts)

NetOperating Income (Loss)

Earnings EarningsDiluted Earnings

(Loss) (Loss) Attr. (Loss) perBefore Tax KirbyShare

GAAP earnings (loss)

$ (258.1) $ (290.6) $ (247.0) $ (4.11)

One-time items:

- Impairments and other charges

340.7

- Louisiana tax law change

-

Earnings, excluding one-time items(1)

$

82.6

NetOperating Income (Loss)

Earnings EarningsDiluted EarningsNet Earnings

(Loss) (Loss) Attr. (Loss) perBefore Tax KirbyShareOperating IncomeEarnings Before Tax

Attr. Kirby

Diluted Earnings per Share

Net Earnings

Operating IncomeEarnings Before Tax

Attr. Kirby

Diluted Earnings per Share

Net Earnings

Operating IncomeEarnings Before Tax

Attr. Kirby

Diluted Earnings per Share

GAAP earnings (loss)

$ (420.8) $ (461.4) $ (272.5) $ (4.55)

$ 242.0

$ 189.8

$ 142.3

$

2.37

$ 155.3

$ 114.2

$

78.5

$

1.31

$

93.6

$

73.0 $ 313.2 $ 5.62

One-time items:

- Income tax benefit on 2018 and 2019 net operating loss carrybacks

• - Impairments and other charges

  - 561.3

  - 561.3

  (50.8) 433.3

• - Severance and early retirement expense

• - Executive Chairman retirement

• - Higman transaction fees & expenses

• - Amendment to employee stock plan

• - US tax reform and deferred tax liability remeasurement

- - - - -

- - - - -

- - - - -

(0.85) 7.24 - - - - -

- 35.5 4.8

- 35.5 4.8

- 28.0 3.7

- - - -

- - - -

- - - -

- 0.47 0.06 - - - -

-

-

-

-

87.8 -

87.8 -

69.3 -

1.16 -

- 105.7

- 105.7

- 67.0

18.1

18.1

18.1

0.30

3.3

3.3

2.5

0.04

3.9

3.9

3.0

-

-

-

0.05 -

- - - - -

- - - - -

- - - -

- 1.20 - - - -

(269.4)

(4.83)

Earnings, excluding one-time items(1)

$ 140.5

$

99.9

$ 110.0 $

1.84

$ 282.3

$ 230.1

$ 174.0

$

2.90

$ 268.4

$ 227.3

$ 171.4

$

2.86

$ 199.3 $ 178.7 $ 110.8 $ 1.99

Note: There were no identified one-time items in the 2022 first quarter.

(1) Kirby uses certain non-GAAP financial measures to review performance excluding certain one-time items including: 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. 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.

Prepared on: April 28, 2022