KEX · Kirby Corporation

Kirby Corporation delivered solid Q1 2026 results with net earnings of $81.2 million or $1.50 per share, a 13% year-over-year EPS increase, driven by revenue growth to $844.1 million. Marine transportation revenues rose to $497.2 million with operating income of $89.7 million at 18.0% margin, supported by inland barge utilization in the low-90% range amid limited supply and improving spot pricing, and coastal revenues up 23% with mid-to-high 90% utilization and 20% term contract renewal increases. Distribution and services revenues grew 12% to $346.9 million, with operating income up slightly to $23.3 million despite margin compression to 6.7%, bolstered by 45% power generation revenue growth offsetting oil and gas weakness. Management highlighted improving market momentum, seasonal weather impacts early in the quarter, and disciplined execution. The company raised full-year 2026 EPS growth guidance to 5%-15%, expecting low-to-mid single-digit inland revenue growth with high-teens to low-20% margins, mid-single-digit coastal growth, and flat-to-slightly higher distribution revenues. Capital allocation included $52.7 million in share repurchases, a $95.8 million barge acquisition enhancing fleet capacity, and strengthened liquidity via a new $750 million revolving credit facility maturing 2031. At quarter-end, debt stood at $983.4 million with a 22.3% debt-to-capitalization ratio. The annual meeting saw strong stockholder support for director elections, auditor ratification, say-on-pay, and key plan amendments extending the 2005 Plan to 2036 and doubling performance award cash limits to $10 million, signaling alignment on executive incentives amid growth strategy.