AI Earnings Predictions for Kirby Corporation (KEX)

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EX-99.1

4 kex-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

KIRBY CORPORATION

Contact: Matt Kerin

713-435-1077

FOR IMMEDIATE RELEASE

KIRBY CORPORATION ANNOUNCES FIRST QUARTER 2026 RESULTS

• First quarter 2026 earnings per share of $1.50, representing a 13% increase year-over-year

• Increased the full-year 2026 earnings per share growth guidance range to 5% - 15%, up from the prior guidance of 0% - 12%

• Acquired 23 barges—including five specialty barges and three high horsepower boats—from an undisclosed seller for $95.8 million

• Returned $52.7 million of capital to shareholders through share repurchases during the first quarter of 2026 at an average share price of $123.18

HOUSTON, April 30, 2026 – Kirby Corporation (“Kirby” or “the Company”) (NYSE: KEX) today announced net earnings attributable to Kirby for the first quarter ended March 31, 2026, of $81.2 million, or $1.50 per share, compared with earnings of $76.0 million, or $1.33 per share, for the 2025 first quarter. Total revenues for the 2026 first quarter were $844.1 million compared with $785.7 million reported for the 2025 first quarter.

David Grzebinski, Kirby’s Chief Executive Officer, commented, “Our first quarter results reflected improving market conditions in marine transportation where utilization and pricing strengthened as the quarter progressed, resulting in positive momentum entering the second quarter. In distribution and services, year-over-year revenue growth remained strong driven by continued strength in power generation orders. While results were impacted early in the quarter by normal seasonal challenges in marine transportation and project timing dynamics in distribution and services, overall performance improved as the quarter progressed, resulting in strong year-over-year growth in earnings per share.”

“In inland marine, market fundamentals improved during the quarter as customer demand strengthened and barge availability remained limited. While operations were impacted early in the quarter by seasonal weather-related disruptions and navigational delays, conditions improved as the quarter progressed, supporting better utilization and pricing. Barge utilization averaged in the low-90% range for the quarter, spot pricing increased in the low-single-digit range sequentially, and term contract renewals were flat to slightly up when compared to the year prior. The combination of improved pricing and disciplined execution helped drive operating margins to the high-teens range.”

“In coastal marine, market fundamentals remained strong with our barge utilization levels running in the mid-to high-90% range. During the quarter, we saw continued strength in customer demand and limited availability of large capacity vessels, which resulted in term contract renewal rates rising in the 20% range year-over-year. Overall, first quarter coastal revenues increased 23% year-over-year and operating margins were in the high-teens range.”

“In distribution and services, results reflected mixed conditions across end markets. First quarter revenues increased 12% year‑over‑year, driven by continued strength in power generation and strong marine repair activity. However, sequentially revenues and operating income declined due to OEM engine availability and continued softness in conventional oil and gas activity. Power generation demand remained strong, with revenues increasing 45% year-over-year and backlog continuing to grow, supported primarily by behind-the-meter prime power solutions. Disciplined execution in commercial and industrial continued to support segment margins, while oil and gas results continued to be pressured by lower conventional activity. Overall, the segment demonstrated resilience across a diversified portfolio,” Mr. Grzebinski concluded.

1

Segment Results – Marine Transportation

Marine transportation revenues for the 2026 first quarter were $497.2 million compared with $476.1 million for the 2025 first quarter. Operating income for the 2026 first quarter was $89.7 million compared with $86.6 million for the 2025 first quarter. Segment operating margin for the 2026 first quarter was 18.0% compared with 18.2% for the 2025 first quarter.

In inland marine, 2026 first quarter average barge utilization was up sequentially and in the low-90% range. Revenues were flat year-over-year, and operating margins were in the high-teens range. Throughout the quarter, operating conditions on the inland waterways were affected by winter weather conditions, including wind and fog along the Gulf Coast and ice conditions on the Illinois River and Upper Ohio River, and lock delays on the Mississippi River, all of which contributed to a 25% sequential increase in delay days. During the quarter, average spot market rates increased in the low-single-digits sequentially, and term contracts that renewed in the first quarter were flat to slightly up on average compared to a year ago. Inland marine represented approximately 79% of segment reven

8-K

false000005604700000560472026-01-292026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2026

KIRBY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

1-7615

74-1884980

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

55 Waugh Drive, Suite 1000

Houston, Texas

77007

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: 713-435-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

KEX

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition. On January 29, 2026, Kirby Corporation (“Kirby” or the "Company") issued a press release announcing results for the fourth quarter ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this report. Adjusted EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines Adjusted EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, and impairment of assets. Kirby has historically evaluated its operating performance using numerous measures, one of which is Adjusted EBITDA. Adjusted EBITDA is presented because of its wide acceptance as a financial indicator. Adjusted EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. Adjusted EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. A quantitative reconciliation of Adjusted EBITDA to net earnings attributable to Kirby for the 2025 and 2024 fourth quarters and years is included in the press release. Adjusted EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information. The press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in the press release. 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. The press release additionally includes free cash flow, a non-GAAP financial measure, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in the press release. Kirby uses free cash flow to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in