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Kirby (KEX) investor relations material
Kirby Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third quarter EPS was $1.65, up 6% year-over-year, driven by strong power generation demand and disciplined execution, with net earnings of $92.5 million and consolidated revenues of $871.2 million, a 4.8% increase from the prior year.
Power generation revenue surged 56% year-over-year, with operating income up 96%, fueled by data center and prime power demand.
Coastal marine and power generation segments showed strong performance, offsetting softness in inland marine due to lower barge utilization and muted petrochemical activity.
Distribution and services segment delivered significant year-over-year growth, especially in power generation.
Generated $160 million in free cash flow and repurchased $120 million in stock during the quarter, with an additional $36–$40 million in Q4.
Financial highlights
Revenues reached $871.2M, up 5% year-over-year; operating income was $129.2M, up 2% year-over-year.
Marine Transportation Q3 revenues: $485M; operating income: $89M; margin: 18.3%.
Distribution and Services Q3 revenues: $386.2M, up 12% year-over-year; operating income: $42.7M, up 40% year-over-year; margin: 11%.
Net cash flow from operations: $227M in Q3; free cash flow: $160M.
Debt to cap ratio improved to 23.8%; net debt to EBITDA at 1.3x; available liquidity at quarter-end: ~$380M.
Outlook and guidance
Expecting record earnings for 2025, with stable to improving market conditions in Q4.
Inland barge utilization expected at 85–90% in Q4, with modest improvement in revenues and margins.
Coastal barge utilization to remain mid to high-90% range, with stable revenues and margins.
Distribution and services segment projected to see full-year revenue growth in the mid-single digits and high single-digit operating margins.
2025 cash flow from operations guidance: $620M–$720M; capital expenditures: $260M–$290M.
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