Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-time Items Q3 2021
October 28, 2021 at 07:23 am EDT
Share
GAAP loss One-timeitems:
- Impairments and other charges
Earnings, excluding one-timeitems(1)
KIRBY CORPORATION
Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items
(unaudited, $ in millions except per share amounts)
Third Quarter 2021
Net
Diluted
Operating
Earnings
Earnings
Earnings
Income
(Loss)
(Loss) Attr.
(Loss) per
(Loss)
Before Tax
Kirby
Share
Year-to-Date 2021 (Sept. 30)
Net
Diluted
Operating
Earnings
Earnings
Earnings
Income
(Loss)
(Loss)
(Loss) per
(Loss)
Before Tax
Attr. Kirby
Share
$ (316.9)
$ (325.6)
$
(264.7)
$
(4.41)
340.7
340.7
275.0
4.58
$ 23.8
$ 15.1
$
10.3
$
0.17
$ (289.7)
$ (313.8)
$ (257.9)
$
(4.30)
340.7
340.7
275.0
4.58
$ 51.0
$ 26.9
$ 17.1
$
0.28
Full Year 2020
Full Year 2019
Full Year 2018
Full Year 2017
Net
Diluted
Net
Net
Net
Operating
Earnings
Earnings
Earnings
Earnings
Diluted
Earnings
Diluted
Earnings
Diluted
Income
(Loss)
(Loss) Attr.
(Loss) per
Operating
Earnings
Attr.
Earnings
Operating
Earnings
Attr.
Earnings
Operating
Earnings
Attr.
Earnings
(Loss)
Before Tax
Kirby
Share
Income
Before Tax
Kirby
per Share
Income
Before Tax
Kirby
per Share
Income
Before Tax
Kirby
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
-
-
(50.8)
(0.85)
-
-
-
-
-
-
-
-
-
-
-
-
- Impairments and other charges
561.3
561.3
433.3
7.24
35.5
35.5
28.0
0.47
87.8
87.8
69.3
1.16
105.7
105.7
67.0
1.20
- Severance and early retirement expense
-
-
-
-
4.8
4.8
3.7
0.06
-
-
-
-
-
-
-
-
- Executive Chairman retirement
-
-
-
-
-
-
-
-
18.1
18.1
18.1
0.30
-
-
-
-
- Higman transaction fees & expenses
-
-
-
-
-
-
-
-
3.3
3.3
2.5
0.04
-
-
-
-
- Amendment to employee stock plan
-
-
-
-
-
-
-
-
3.9
3.9
3.0
0.05
-
-
-
-
- US tax reform and deferred tax liability
remeasurement
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(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 2021 first and second quarters.
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: October 28, 2021
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Kirby Corporation published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 11:22:01 UTC.
Kirby Corporation is a domestic tank barge operator. The Company transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (KMT), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. It also participates in the transportation of dry-bulk commodities in the United States coastwise trade. Through its distribution and services segment (KDS), it sells after-market service and genuine replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. It also rents a variety of power generation and industrial equipment, manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment for oilfield service customers.
KIRBY CORPORATION 
