On this page of StockholderLetter.com we present the latest annual shareholder letter from KIRBY CORP — ticker symbol KEX. Reading current and past KEX letters to shareholders can bring important insights into the investment thesis.

 •  3/7/2025 Letter Continued (Full PDF)
 •  3/10/2023 KEX Stockholder Letter
 •  3/8/2024 KEX Stockholder Letter
 •  More "Shipping" Category Stockholder Letters
 •  KEX Benford's Law Stock Score = 80

KEX Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Financial Highlights
In thousands, except per share amounts
2024
2023
2022
2021
2020
$ 1,913,050
$ 1,721,937
$ 1,616,967
$ 1,322,918
$ 1,404,265
1,352,826
1,369,703
1,617,787
923,742
767,143
$ 3,265,876
$ 3,091,640
$ 2,784,754
$ 2,246,660
$ 2,171,408
Net earnings (loss) attributable to Kirby



$ ( 246,954 )
$ (272,546)
Net earnings attributable to Kirby,
excluding one-time items*
$ 318,751 1
$ 223,116 2
$ 126,652 3

33,770 4

109,971 5
Net earnings (loss) per share attributable
to Kirby (diluted)

4.91

3.72

2.03

( 4.11)

(4.55)
Net earnings per share attributable to Kirby,
excluding one-time items* (diluted)

5.46 1

3.72 2

2.103

0.56 4

1.84 5

286,707

222,935

122,291
$ (246,954 )
$ (272,546)
As of or for the year ending December 31,
Revenues
Marine transportation
Distribution and services
286,707
222,935
122,291
Adjusted EBITDA**
Net earnings (loss) attributable to Kirby
Interest expense
49,129
52,008
44,588
42,469
48,739
Provision (benefit) for taxes on income
75,867
71,220
42,214
(43,830 )
(189,759)
Impairments
56,303


340,713
553,274
240,322
Depreciation and amortization
Adjusted EBITDA**

708,328
211,156

557,319
201,443

410,536
213,718

306,116
219,921

359,629
Property and equipment, net
$ 4,022,966
$ 3,861,105
$ 3,633,462
$ 3,678,515
$ 3,917,070
Total assets
$ 5,851,952
$ 5,722,197
$ 5,554,924
$ 5,399,063
$ 5,924,174
Long-term debt, including current portion

874,948
$ 1,016,595
$ 1,079,618
$ 1,163,367
$ 1,468,586
Total equity
$ 3,353,248
$ 3,186,677
$ 3,045,168
$ 2,888,782
$ 3,087,553

Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financial
measures which exclude certain one-time items as defined in footnotes 1, 2, 3, 4 and 5. Management believes that the exclusion of certain one-time items from these
financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent
periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby   s normal operating results.
** Adjusted EBITDA, defined as net earnings (loss) attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairments is a
non-GAAP financial measure used by Kirby because of its wide acceptance as a measure of operating profitability before nonoperating expenses (interest and taxes) and
noncash charges (impairments and depreciation and amortization).
1
The 2024 year included the following one-time items (after tax): $43.0 million, or $0.74 per share, non-cash charge associated with inventory impairment in the
distribution and services segment; and $10.9 million, or $0.19 per share, deferred tax benefit related to a change in Louisiana tax law.
2
The 2023 year included the following one-time items (after tax): $2.4 million, or $0.04 per share, strategic review and stockholder engagement expense; and $2.2 million,
or $0.04 per share, of income associated with the interest on a refund from the Internal Revenue Service.
3
The 2022 year included the following one-time items (after tax): $3.7 million, or $0.06 per share, severance and early retirement expense; and $0.6 million, or $0.01 per
share, of professional fees related to the Company   s strategic alternatives review.
4
The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastal
marine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provision
related to a change in Louisiana tax law.
5
The 2020 year included the following one-time items (after tax): $433.3 million, or $7.24 per share, non-cash charges related to inventory write-downs, impairment of
long-lived assets, including intangible assets and property and equipment, and impairment of goodwill in the distribution and services segment; and $50.8 million, or
$0.85 per share income tax benefit related to 2018 and 2019 net operating loss carrybacks under the U.S. Coronavirus Aid, Relief, and Economic Security Act.
2024 Annual Report
| Kirby Corporation

To Our Stockholders
2024 in Review
Revenues
In Millions
$3,092
$3,266
$2,785
$2,247
2021
2022
2023
2024
Adjusted Earnings Per Share1
$5.46
$3.72
$2.10
2024 was a record year for Kirby. Strong execution and steady demand across
both of our business segments resulted in record high revenue, earnings and
cash flow. We used our cash flow to reinvest in our businesses and returned
$175 million to stockholders via share repurchases. We remained focused
on our strategy of being the premier marine transportation company known
for its dependability and safety performance and also continued to adapt to
the changing and exciting industry dynamics in the Distribution and Services
(   KDS   ) segment with a strong and growing product portfolio in power
generation. A simple example and a testament to this shift was seen in one
of our product areas, natural gas power generation systems, with deliveries
approaching a Company record one gigawatt of power.
$0.56
2021
2022
2023
Adjusted EBITDA
2024
2
In Millions
$708
$557
$411
That said, no year is ever perfect, and the Company did experience challenges along the
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deliveries. However, strong market conditions in marine transportation and our strategic pivot
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$306
2021
2022
2023
2024
Total Debt
In Millions
$1,163
$1,080
$1,017
$875
2021
2022
Achieving this record year started with the foundation of our core values of Safety, People,
Community, Integrity and Excellence. Our commitment to these values and to    No Harm   
performance continued to be at the forefront of what we do. As you would expect, strong
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was no exception. We achieved record safety performance with our lowest Total Recordable
Incident Rate ever.
2023
2024
1
See Financial Highlights for Adjusted Earnings
Per Share reconciliation.
2
See Financial Highlights for Adjusted EBITDA
reconciliation.
Strong Financial Performance
2024 revenues increased 6% to $3.3 billion, and adjusted earnings per share increased
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expenditures, pay down debt, buy back shares, and fund acquisitions. We generated
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capitalization ratio to 20.7%, and returned capital to stockholders by buying back $175 million
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will build on this strong performance.
Kirby Corporation
| 2024 Annual Report
1

To Our Stockholders continued
Marine Transportation Group
Kirby Marine Transportation (   KMT   ) had a remarkable year with revenues increasing
11% to a record $1.9 billion in 2024. The strong growth was primarily due to a 10% increase in
inland marine revenues driven by increased term and spot contract pricing, steady demand,
and strong barge utilization. Early in 2024, the inland marine business was impacted by normal
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drove an increase in delay days and impacted our operations. However, weather conditions
improved in the second quarter, and strong customer demand and high barge utilization drove
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strong market conditions continued with higher spot market prices and higher term contract
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execution and kept utilization steady. Even with the decrease in activity, inland marine was
able to conclude the year with operating margins right at 20%.
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consistent customer demand helped maintain barge utilization in the mid to high 90% range.
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pricing momentum persisted driven by continued strong customer demand and the limited
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Distribution & Services
The KDS segment has proactively responded to industry changes and executed well on the
transition to power generation. Despite revenues decreasing 1% year over year in 2024, we
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generation business saw robust growth throughout the year securing several major projects
in data centers, backup power and other industrial applications. Our power generation
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embrace new opportunities. We plan to continue growing this business in the years to come.
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due to the ongoing trucking recession. Throughout the year, despite challenging industry and
market dynamics, strength in marine repair and solid execution delivered higher operating
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2
2024 Annual Report
| Kirby Corporation
6%
0UJYLHZL PU
Revenues to

3.3
)PSSPVU
20.7%
+LI[ [V *HWP[HSPaH[PVU 
Ratio, Repaid
144

Million in Debt
*HZO -SV^ MYVT
Operations Totaling

756
Million
47%
0UJYLHZL PU 
Adjusted Earning
per Share to

5.46

Looking Forward
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segment. We expect continued positive market conditions in our KMT segment, and we
expect our KDS segment to again capitalize on strong trends in power generation.
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construction prices higher resulting in limited new supply to the market. As a result, we expect
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factors will help drive pricing momentum that will provide for improvement in our term contract
renewals and margins. Having said that, the industry continues to experience an acute mariner
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persist. Nonetheless, we will stay focused on execution with safety at the forefront ensuring
that our reputation as a superior marine transportation company stays intact. We anticipate
that all these factors will lead to another year of strong performance for inland marine. In
coastal marine, we expect another strong year as well, as market conditions remain favorable,
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Throughout 2024, we
continued to remain
focused on safety
and our commitment
to    No Harm    and we
are proud of what our
teams accomplished
as safety directly
impacts our employees
and our customers.
Overall, in KDS we anticipate mixed results for the business segment due to very strong
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volatility from supply issues, customers deferring maintenance and lower levels of activity
in oil and gas.
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we believe will continue into 2025. We anticipate 2025 will be another year of strong free cash
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focus on generating strong returns. We will continue to act upon the best ways to further
invest in our business segments and return capital to stockholders.
Thank you
In conclusion, to our employees, we extend our thanks for your focus, dedication, and hard
work this past year. Challenges in many forms came our way and you continued to face them
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To our Board, thank you for your guidance and counsel as we navigate Kirby   s exciting
future ahead. And to our stockholders, we thank you for your trust and ongoing support
of our Company.
Respectfully submitted,
Richard J. Alario
David W. Grzebinski
Chairman of the Board
*OPLM ,_LJ\[P]L 6  JLY
Kirby Corporation
| 2024 Annual Report
3



 3/7/2025 Letter Continued (Full PDF)