Kirby Corporation · NYSE:KEX

Kirby — Q4 2020 Earnings Presentation

14 slides from Kirby's earnings presentation, Jan 28, 2021

  1. Slide 1: 4Q 2020 Earnings Conference Call

    4Q 2020 Earnings Conference Call January 28, 2021

  2. 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

  3. Slide 3: 4Q 2020 Overview

    4Q 2020 Overview Financial Summary $ millions except earnings (loss) per share 4Q 2020 4Q 2019 Variance % 3Q 2020 Variance % Revenues $ 489.8 $ 655.9 $ (166.1) -25% $ 496.6 $ (6.8) -1% Operating income 24.8 16.2 8.6 53% 29.9 (5.1) -17% Net earnings attributable to Kirby 22.2 2.8 19.4 693% 27.4 (5.2)

  4. Slide 4: FY 2020 Overview

    FY 2020 Overview Financial Summary ($ millions except earnings per share) 2020 2019 Variance % Revenues $ 2,171.4 $ 2,838.4 $ (667.0) -23% Operating income (loss) (420.8) 242.0 (662.8) -274% Net earnings (loss) attributable to Kirby (272.5) 142.3 (414.8) -291% Earnings (loss) per share (4.55) 2.37 (

  5. Slide 5: Marine Transportation – 4Q Overview

    Marine Transportation – 4Q Overview Market Overview  Challenging markets continue in inland and coastal  Gulf Coast hurricanes impact operations  Slight sequential reduction in refinery utilization, averaging 77% compared to prior 5-year average of 90%  Average chemical plant utilization of 75%,

  6. Slide 6: Distribution & Services – 4Q Overview

    Distribution & Services – 4Q Overview Overall  Revenues increased 8% sequentially  Operating margins were slightly below breakeven Commercial and Industrial  Increased demand for parts and service in the on-highway and power generation businesses  Higher product sales in Thermo-King and increase

  7. Slide 7: Marine Transportation

    Marine Transportation 4Q 2020 Financial Summary $ millions 4Q 2020 4Q 2019 Variance % 3Q 2020 Variance % Revenue $ 299.4 $ 402.0 $ (102.6) -26% $ 320.6 $ (21.2) -7% Operating income 29.2 54.5 (25.3) -46% 32.4 (3.2) -10% Operating margin 9.7% 13.6% -3.9% 10.1% -0.4%  Inland – Contributed 75% of mari

  8. Slide 8: Barge Construction and Retirements

    Barge Construction and Retirements 4Q 2020 Update and FY 2021 Outlook Inland 4Q 2020 FY 2020 FY 2021 (Projected) (barrels in millions) Barges Barrels Barges Barrels Barges Barrels Beginning of period 1,084 24.5 1,053 23.4 1,066 24.1 Additions: Savage Inland Marine - - 92 2.5 - - Reactivations 2 - 12

  9. Slide 9: Distribution & Services

    Distribution & Services 4Q 2020 Financial Summary $ millions 4Q 2020 4Q 2019 Variance % 3Q 2020 Variance % Revenue $ 190.3 $ 253.9 $ (63.6) -25% $ 176.0 $ 14.3 8% Operating income (loss) (2.9) (2.7) (0.2) -7% 1.1 (4.0) -364% Operating margin -1.5% -1.1% -0.4% 0.6% -2.1%  Commercial and industrial –

  10. 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, 2020 Total Cash and Available Debt Cash Equivalents Liquidity $1.47B $80M $684M  Fourth quarter results: – $85.1 million of net cash provided by operating activities – $18.8 million of

  11. Slide 11: Marine Transportation – FY 2021 Outlook

    Marine Transportation – FY 2021 Outlook Challenging markets near-term, but material improvement is expected in H2-2021  Inland – Market weakness expected to continue through the first quarter, with gradual improvement in the second quarter, and a more meaningful recovery in the second half of 2021

  12. Slide 12: Distribution & Services – FY 2021 Outlook

    Distribution & Services – FY 2021 Outlook Meaningful year-on-year improvement in revenue and operating income  Commercial and industrial – On-highway and power generation to benefit from improving economy and reduced lockdowns – Expected to represent ~70% of segment revenue in FY 2021  Oil and gas

  13. Slide 13: Final Thoughts

    Final Thoughts The long-term outlook for Kirby remains very positive  Near-term uncertainty remains, and the first quarter is expected to be challenging  Kirby is in a strong position to recover once COVID-19 moderates and a material economic recovery occurs  Marine transportation markets were ve

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