KEX · Kirby Corporation Q2 FY2026 earnings call record财报电话会记录

“In marine transportation, customer demand remained healthy.”

“However, as previously communicated, rising fuel costs created a temporary margin headwind during the quarter.”

“In coastal marine, customer demand remained healthy during the quarter, with barge utilization in the high 90% range.”

“In the second quarter of 2026, marine transportation segment revenues were $537 million, and operating income was $88 million with an operating margin of 16.4%.”

“Compared to the second quarter of 2025, total marine transportation revenues increased $44 million or 9%, while operating income decreased $11 million or 11%.”

“Compared to the first quarter of 2026, total marine revenues increased 8%, while operating income decreased 2%.”

“As of quarter end, we had $39 million of cash on hand and total debt of $1.04 billion, with a debt to capitalization ratio of 23.1%.”

“As a result, we have reaffirmed our full year earnings per share growth guidance of 5%-15% and currently expect results to trend toward the upper end of that range.”

“Demand from refining and petrochemical customers remains healthy, supported by strong refinery utilization and steady petrochemical activity, while barge availability across the industry remains relatively tight and pricing momentum continues to build.”

“Overall, inland revenues are expected to grow in the mid- to high single-digit range with operating margin in the high teens to low 20% range for the full year.”

“Overall, revenues are expected to increase in the mid-single-digit range for the full year, with operating margin in the mid- to high teens range, reflecting the impact of lower margins in the second quarter due to elevated shipyard activity and the market specific pricing dynamics for the 80,000-100,000 barrel portion of our fleet.”

“Look, over the years, you've seen Kirby do a lot of acquisitions in the marine side, probably in the last, I think Christian and I have worked on 25 marine acquisitions in the last 10 to 15 years, and probably a dozen KDS acquisitions.”