Kirby Q4 Revenue at $851.8M, Below Consensus
Reports Q4 revenue $851.8M, consensus $860.72M. David Grzebinski, Kirby's CEO commented, "2025 was a record year for Kirby capped off by a solid final quarter. During the fourth quarter, we navigated typical seasonal weather and year-end softness, with exceptional execution by both our Marine Transportation and Distribution & Services teams. Earnings per share and free cash flow grew meaningfully, and we closed the year with strong momentum. Looking ahead, we expect sustained growth and solid performance as we move into 2026. In inland marine, early-quarter market softness from muted demand and higher barge availability quickly gave way to improving conditions. Barge utilization strengthened during the quarter, averaging in the mid to high-80% range, and overall market activity became increasingly constructive. Pricing was mixed with early quarter softness giving way to firmer prices as utilization improved. Even with these market conditions, our teams executed exceptionally well-controlling costs, operating safely, and protecting margins. As a result, inland delivered solid low-20% operating margins for the quarter. In our coastal marine business, fundamentals remained solid and barge utilization averaged in the mid to high-90% range. Customer demand was steady throughout the quarter, supported by a continued shortage of large-capacity equipment. No term contracts were scheduled for renewal during the fourth quarter. Our teams demonstrated solid operational performance and prioritized cost optimization, resulting in an operating margin of approximately 20%. "In distribution and services, demand varied across our end markets, with strength in some areas tempered by softness in others. Power generation continued to deliver robust growth, with revenues up 10% sequentially and 47% year-over-year, driven by execution on existing backlog which was further supported by strong order flow and multiple large project wins as customers continue to prioritize reliable power solutions. In total, we exceeded our expectations as the segment grew operating income 20% for the full year."
