Kirby (NYSE:KEX) Issues Earnings Results

Kirby (NYSE:KEX) released its quarterly earnings results on Wednesday. The shipping company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.04, Zacks reports. Kirby had a return on equity of 10.62% and a net margin of 10.51%.During the same period in the previous year, the company posted $1.67 EPS. The company’s revenue was up 7.8% on a year-over-year basis. Kirby updated its FY 2026 guidance to 7.280-7.280 EPS.

Here are the key takeaways from Kirby’s conference call:

• Full-year EPS growth guidance of 5%–15% was reaffirmed, with results expected toward the upper end. Management cited inland pricing momentum, strong marine utilization, fuel-cost recovery, and improving power-generation backlog conversion as key supports.
• Inland marine fundamentals continued to improve, with utilization in the low 90% range, spot rates rising low- to mid-single digits sequentially, and term renewals increasing year over year. Limited industry capacity additions and strong refining and petrochemical demand could support a prolonged pricing upcycle.
• Distribution and Services benefited from robust power-generation demand and marine repair activity: segment revenue increased 6% year over year, while operating margin improved more than 300 basis points sequentially. Power-generation backlog reached approximately $1 billion–$1.5 billion, driven largely by behind-the-meter data-center and industrial applications.
• Management expects working-capital needs to normalize in the second half, supporting improved free cash flow while maintaining full-year operating cash-flow guidance of $575 million–$675 million. Kirby repurchased $59.7 million of stock in the quarter and an additional $29 million quarter to date, signaling confidence in the shares.
• Marine transportation operating income declined 11% year over year, pressured by higher fuel costs ahead of contractual recovery and elevated coastal shipyard activity. Coastal term renewals fell low single digits because of weakness in the 80,000–100,000-barrel ATB market, while OEM engine availability continues to delay power-generation revenue conversion.

Kirby Trading Down 8.8%

KEX stock traded down $12.76 during midday trading on Wednesday, hitting $132.63. The company had a trading volume of 502,539 shares, compared to its average volume of 700,633. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.27 and a beta of 0.83. Kirby has a 52 week low of $79.51 and a 52 week high of $157.69. The company has a current ratio of 1.59, a quick ratio of 1.01 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $141.47 and its 200 day moving average price is $136.20.

Insider Activity

In other Kirby news, VP William Matthew Woodruff sold 678 shares of the firm’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $147.37, for a total value of $99,916.86. Following the sale, the vice president owned 9 shares of the company’s stock, valued at $1,326.33. This trade represents a 98.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Amy D. Husted sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $145.43, for a total value of $581,720.00. Following the transaction, the vice president directly owned 10,814 shares of the company’s stock, valued at $1,572,680.02. The trade was a 27.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 17,691 shares of company stock valued at $2,579,036. 0.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. First Trust Advisors LP boosted its holdings in shares of Kirby by 109.4% during the 4th quarter. First Trust Advisors LP now owns 2,256,667 shares of the shipping company’s stock valued at $248,640,000 after acquiring an additional 1,178,963 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Kirby by 72.5% during the second quarter. Alliancebernstein L.P. now owns 2,282,865 shares of the shipping company’s stock valued at $258,900,000 after purchasing an additional 959,209 shares during the last quarter. Appian Way Asset Management LP raised its holdings in shares of Kirby by 335.8% during the third quarter. Appian Way Asset Management LP now owns 675,546 shares of the shipping company’s stock valued at $56,374,000 after purchasing an additional 520,535 shares during the last quarter. Millennium Management LLC lifted its position in Kirby by 108.4% during the third quarter. Millennium Management LLC now owns 839,662 shares of the shipping company’s stock valued at $70,070,000 after purchasing an additional 436,735 shares during the period. Finally, Deutsche Bank AG lifted its position in Kirby by 4,872.6% during the fourth quarter. Deutsche Bank AG now owns 344,250 shares of the shipping company’s stock valued at $37,929,000 after purchasing an additional 337,327 shares during the period. 96.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KEX. Bank of America upped their price objective on shares of Kirby from $169.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Wall Street Zen raised Kirby from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. BTIG Research reiterated a “buy” rating and set a $170.00 price objective on shares of Kirby in a research report on Wednesday. Evercore reaffirmed an “outperform” rating and issued a $158.00 target price on shares of Kirby in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Kirby currently has a consensus rating of “Moderate Buy” and an average target price of $162.20.

About Kirby

Kirby Corporation is a leading domestic maritime transporter of bulk liquid products in the United States. Through its Marine Transportation segment, the company operates one of North America’s largest fleets of inland tank barges and towing vessels. Kirby’s fleet moves petrochemicals, black oil, refined petroleum products and agricultural chemicals along coastal and inland waterways, providing critical logistical support to energy, chemical and agricultural producers.

In addition to its marine operations, Kirby’s Distribution and Services segment offers diesel engine and power generation services, along with aftermarket parts sales.