Kirby Clocks 25% Revenue Growth In Q3 Backed By Marine Transportation, Distribution & Services Segments

Kirby Corp KEX reported third-quarter FY22 revenue growth of 25% year-on-year to $745.84 million, beating the consensus of $725.88 million.
Marine transportation revenues were $433.0 million, up from $338.5 million a year ago. Marine transportation operating margin expanded 460 bps to 9.6%.
Distribution and services revenues were $312.8 million, up from $260.4 million a year earlier. The segment's corresponding operating margin grew 290 bps to 7.1%.
EPS of $0.65 beat the consensus of $0.59.
Adjusted EBITDA was $112.98 million versus $79.5 million a year ago.
Kirby held $37.0 million in cash and equivalents and generated $65.6 million in operating cash flow.
Outlook: Overall, 2022 inland revenues will likely grow by 20% - 25% on a full-year basis as market conditions remain tight and term contracts renew higher.
For the full year, with the impact of the company's exit from the Hawaiian market, coastal revenues will likely be flat to up in the low single digits compared to 2021.
Strong markets will likely yield full-year revenue growth in the low double-digit percentage range in commercial and industrial markets.
Overall, the company expects segment revenues to grow 25% - 30% on a full-year basis, with operating margins in the mid to high-single digits.
Price Action: KEX shares closed higher by 1.75% at $69.30 on Friday.

Momentum46.77

Growth81.04

Quality58.73

Value70.53

Short

Medium

Long

Earnings Calendar