Kirby Corporation · NYSE:KEX
Kirby — Q4 2021 Earnings Presentation
13 slides from Kirby's earnings presentation, Jan 27, 2022
Slide 1: 4Q 2021 Earnings Conference Call
4Q 2021 Earnings Conference Call January 27, 2022
Slide 2: Disclosures
Disclosures Forward Looking Statements Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual r
Slide 3: 4Q 2021 Overview
4Q 2021 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2021 4Q 2020 Variance % 3Q 2021 Variance % Revenues $ 591.3 $ 489.8 $ 101.5 21% $ 598.9 $ (7.6) -1% Operating income (loss) 31.6 24.8 6.8 27% (316.9) 348.5 110% Net earnings (loss) attributable to Kirby 11.0 22.2 (11.2
Slide 4: FY 2021 Overview
FY 2021 Overview Financial Summary ($ millions except earnings per share) 2021 2020 Variance % Revenues $ 2,246.7 $ 2,171.4 $ 75.3 3% Operating loss (258.1) (420.8) 162.7 39% Net earnings (loss) attributable to Kirby (247.0) (272.5) 25.5 9% Earnings (loss) per share (4.11) (4.55) 0.44 10% Excluding
Slide 5: Marine Transportation – 4Q Overview
Marine Transportation – 4Q Overview Inland Improved market conditions and volumes – Barge utilization in the mid-to high 80% range with rates near 90% for much of December – Spot market rates increased sequentially and year-on-year – Term contract rates renewed higher for the first time since the
Slide 6: Distribution & Services – 4Q Overview
Distribution & Services – 4Q Overview Oil and Gas Favorable oil and gas market with increased rig counts Strong demand for new transmissions Manufacturing backlog continued to increase with new orders for environmentally friendly pressure pumping and power generation equipment for e-frac Sup
Slide 7: Marine Transportation
Marine Transportation 4Q 2021 Financial Summary $ millions 4Q 2021 4Q 2020 Variance % 3Q 2021 Variance % Revenue $ 350.6 $ 299.4 $ 51.2 17% $ 338.5 $ 12.1 4% Operating income 25.7 29.2 (3.5) -12% 16.9 8.8 52% Operating margin 7.3% 9.7% -2.4% 5.0% 2.3% Inland – Contributed 77% of marine transportat
Slide 8: Barge Construction and Retirements
Barge Construction and Retirements 4Q 2021 Update and FY 2022 Outlook Inland 4Q 2021 FY 2021 FY 2022 (estimated) (barrels in millions) Barges Barrels Barges Barrels Barges Barrels Beginning of period 1,036 23.2 1,066 24.1 1,025 22.9 Additions: Reactivations - - - - 3 0.1 Reductions: Retirements (10)
Slide 9: Distribution & Services
Distribution & Services 4Q 2021 Financial Summary $ millions 4Q 2021 4Q 2020 Variance % 3Q 2021 Variance % Revenue $ 240.7 $ 190.4 $ 50.3 26% $ 260.4 $ (19.7) -8% Operating income 7.5 (2.9) 10.4 359% 11.0 (3.5) -32% Operating margin 3.1% -1.5% 4.6% 4.2% -1.1% Commercial and industrial – Revenues u
Slide 10: Balance Sheet, Capital Expenditures, and Liquidity
Balance Sheet, Capital Expenditures, and Liquidity Strong Liquidity and Free Cash Flow Position As of December 31, 2021 Total Cash and Available Debt Cash Equivalents Liquidity $1.16B $35M $888M 4Q / FY 2021 results: – Net cash provided by operating activities: 4Q – $41 million / FY 2021 – $322 mi
Slide 11: Marine Transportation – FY 2022 Outlook
Marine Transportation – FY 2022 Outlook A strong inland barge market is expected to significantly improve financial results COVID-19 Omicron Variant – Inland and coastal have experienced heightened crewing challenges, lost revenue, and costs in 1Q 2022 – Expect Omicron could impact 1Q 2022 results
Slide 12: Distribution & Services – FY 2022 Outlook
Distribution & Services – FY 2022 Outlook Anticipate strong markets will lead to material growth in revenue and operating income Commercial and industrial – Expect strong markets will drive revenue growth for on-highway, power generation, and marine repair – Full year revenue growth in the low dou
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