Kirby (NYSE:KEX) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Kirby reported record third-quarter EPS of $2.09, exceeding estimates by $0.09 and rising 27% year over year, while revenue increased 12.2%.
• Inland marine demand remains strong, with utilization in the low 90% range, improving spot rates, limited capacity additions, and favorable renewal prospects supporting future pricing and margins.
• Kirby narrowed its 2026 earnings-growth outlook to 10%–15% and expects results near the upper end, while its power-generation backlog surpassed $1.5 billion; inflation, engine shortages, and shipyard activity remain headwinds.

Kirby (NYSE:KEX - Get Free Report) posted its earnings results on Wednesday. The shipping company reported $2.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.09, Zacks reports. Kirby's revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share.

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

• Record third-quarter EPS of $2.09 rose 27% year over year, driven by strong utilization and pricing in marine transportation and demand for power-generation solutions.
• Inland marine conditions remain favorable, with utilization in the low 90% range, limited industry capacity additions, improving spot rates, and a strong fourth-quarter renewal period expected to support pricing and 2027 margins.
• Distribution & Services power-generation backlog exceeded $1.5 billion, with roughly two-thirds tied to higher-margin behind-the-meter applications; management maintained its 10%–20% longer-term power-generation revenue growth outlook and expects a significant aftermarket opportunity in three to four years.
• Fuel, skilled-labor, steel, and other inflationary costs remain headwinds, while constrained OEM engine availability is limiting the pace at which power-generation backlog converts to revenue and elevated coastal shipyard activity is expected to pressure fourth-quarter margins.
• Kirby narrowed its 2026 earnings-growth guidance to 10%–15% and expects results toward the upper end, while returning $112 million through share repurchases and acquiring inland marine assets for approximately $115 million to expand its South Texas network.

Kirby Price Performance

Shares of NYSE KEX traded up $1.12 during trading hours on Wednesday, hitting $138.18. 178,950 shares of the stock were exchanged, compared to its average volume of 634,499. The company's 50 day moving average is $137.02 and its 200 day moving average is $136.31. The firm has a market capitalization of $7.30 billion, a P/E ratio of 21.26 and a beta of 0.84. Kirby has a one year low of $93.00 and a one year high of $157.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on KEX. Citigroup dropped their price target on shares of Kirby from $170.00 to $169.00 and set a "buy" rating on the stock in a research note on Thursday, October 8th. JPMorgan Chase & Co. began coverage on shares of Kirby in a report on Wednesday, October 14th. They issued an "overweight" rating and a $200.00 price objective for the company. Weiss Ratings raised shares of Kirby from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, September 14th. Wall Street Zen downgraded shares of Kirby from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Bank of America raised their target price on Kirby from $169.00 to $182.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Kirby presently has an average rating of "Moderate Buy" and a consensus price target of $169.17.

Kirby Company Profile

Kirby Corporation is a Houston-based marine transportation and industrial services company. Through its marine transportation operations, the company is the largest tank barge operator in the United States, transporting bulk liquid products on the nation's inland and coastal waterways.

Kirby's marine transportation business carries petrochemicals, refined petroleum products, black oil, agricultural chemicals and other bulk liquids for industrial customers. Its operations primarily serve the U.S.

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