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Kirby Corporation (KEX-2.51%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $831.1 million from $764.8 million in the same quarter the previous year. The increase is attributed to higher term and spot pricing in the inland and coastal markets.
Marine transportation revenues for the quarter were $486.1 million, up from $429.9 million in the previous year, driven by increased rates and utilization.
Distribution and services revenues increased to $345.1 million from $334.9 million, with the commercial and industrial market contributing 47% of revenues.
Operating income for the marine transportation segment increased to $99.5 million from $63.5 million, with an operating margin of 20.5%, up from 14.8% in the previous year.
Operating income for the distribution and services segment decreased to $30.4 million from $33.2 million, with an operating margin of 8.8%, down from 9.9% in the previous year.
Net earnings attributable to Kirby were $90.0 million, up from $63.0 million in the previous year. Net earnings per share were $1.55, compared to $1.05 in the previous year.
Cash provided by operating activities was $509.1 million, while cash used in investing and financing activities was $297.4 million and $177.2 million, respectively.
Kirby had a working capital of $1,164.3 million as of September 30, 2024. The company projects capital expenditures for 2024 to be in the range of $325 million to $355 million.
The filing also details acquisitions, including the purchase of 13 inland tank barges and two high horsepower towboats for $65.2 million.
The company remains focused on maintaining strong barge utilization rates and improving contract pricing in its marine transportation segment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kirby Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.