Kirby Corporation Announces 2022 Fourth Quarter and Full Year Results – Press Release

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  • Fourth quarter 2022 earnings per share of $0.62, or earnings per share of $0.67 excluding one-time items
  • Inland marine results include sequential operating margin improvement, with operating margin improving to the low teens
  • Distribution and services revenue up 28% year-over-year despite supply chain delays
  • Continued growth expected in 2023 in both inland marine and distribution and services
  • 2023 projected cash flow from operations of $480 million to $580 million
  • Board increases share repurchase authorization by five million shares

HOUSTON, Jan. 31, 2023 (GLOBE NEWSWIRE) — Kirby Corporation (“Kirby”) KEX today announced net earnings attributable to Kirby for the fourth quarter ended December 31, 2022 of $37.3 million or $0.62 per share, compared with earnings of $11.0 million, or $0.18 per share for the 2021 fourth quarter. Excluding one-time items in both quarters, net earnings attributable to Kirby were $40.3 million or $0.67 per share, compared with earnings of $16.7 million, or $0.27 per share, in the year ago period. Consolidated revenues for the 2022 fourth quarter were $730.2 million compared with $591.3 million in the 2021 fourth quarter.

For the 2022 full year, Kirby reported net earnings attributable to Kirby of $122.3 million or $2.03 per share, compared with a net loss of ($247.0) million or ($4.11) per share for 2021. Excluding one-time items in both years, 2022 net earnings attributable to Kirby were $126.6 million or $2.10 per share, compared with $33.7 million or $0.56 per share for 2021. Consolidated revenues for 2022 were $2.78 billion compared with $2.25 billion for 2021.

Kirby’s 2022 fourth quarter results included one-time pre-tax charges of $4.2 million or $0.05 per share including severance and early retirement expense associated with restructuring and strategic review.

David Grzebinski, Kirby’s President and Chief Executive Officer, commented, “Kirby’s fourth quarter earnings showed significant growth year-over-year driven by improved…

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