Q3 2024 Kirby Corp Earnings Call Transcript
Key Points
- Kirby Corp (KEX) reported a strong financial performance with a 9% increase in total revenues and a 48% increase in earnings per share year-over-year.
- The company generated over $130 million in free cash flow during the quarter, which was used to pay down $70 million in debt and repurchase $56 million in stock.
- Inland marine transportation saw an 11% increase in revenues year-over-year, with barge utilization rates in the 90% range and improved pricing.
- Coastal market fundamentals remained strong, with barge utilization levels in the mid to high 90% range and a 23% increase in total revenues year-over-year.
- The Distribution and Services segment experienced a 19% increase in oil and gas revenues year-over-year, driven by growth in the e-frac business.
- Kirby Corp (KEX) faced modest weather and navigational challenges in marine transportation, impacting operations.
- The company continues to experience supply chain constraints, particularly in the power generation space, affecting working capital management.
- The conventional oil and gas business remains very soft, with no deliveries of conventional frac systems expected this year.
- The coastal business is expected to see a temporary decline in operating margins in the fourth quarter due to planned shipyard activities.
- The inland marine transportation segment is facing inflationary pressures and an acute labor shortage, driving up costs.
Good morning and welcome to the Kirby Corporation 2020 for third quarter earnings conference call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions.
We ask that you limit your question s to one question and one follow-up. Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Kurt Niemietz, Kirby's VP of Investor Relations and Treasurer.
Good morning and thank you for joining the Kirby Corporation 2024 for third quarter earnings call with me today are David Grzebinski, Kirby's Chief Executive Officer, Chris O'Neal, Kirby's President and Chief Operating Officer, and Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer.
A slide presentation for today's conference call as well as our earnings release which was issued earlier today, can be found on our website. During this conference call, we may refer to certain non-GAAP or adjusted
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