Kirby Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kirby Corporation filed its Q1 2024 10-Q, detailing financial performance and segment information.</b>

AI Summary

KIRBY CORP (KEX) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Kirby Corporation filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024. Key financial statement items and segment data are included. The report covers periods including Q1 2024 and Q1 2023. Information on various debt instruments and credit facilities is presented.

Why It Matters

For investors and stakeholders tracking KIRBY CORP, this filing contains several important signals. This filing provides investors with the latest financial results and operational updates for Kirby Corp., crucial for assessing the company's current health and future prospects. Understanding the segment performance (Marine Transportation, Distribution & Services) and financial position (debt, credit facilities) is key to evaluating the company's strategic direction and risk exposure.

Risk Assessment

Risk Level: medium — KIRBY CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but doesn't contain forward-looking statements that would indicate immediate high risk. However, the nature of the industry and the company's debt levels present inherent medium risks.

Analyst Insight

Review the detailed segment performance and debt structure to understand Kirby Corp.'s operational efficiency and financial leverage.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 2023-03-31 — Prior Year Period End (Comparison Period)
• 2023-12-31 — Prior Quarter End (Comparison Period)

Key Players & Entities

• KIRBY CORP (company) — FILER
• Amy D. Husted (person) — Executive Name
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• NV (jurisdiction) — STATE OF INCORPORATION
• 7134351000 (phone) — BUSINESS PHONE

FAQ

Industry Context

Kirby Corporation operates in the marine transportation and distribution and services sectors, providing essential services to the energy and commercial markets.

Regulatory Implications

As a publicly traded company, Kirby Corporation is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the revenue and profitability trends for the Marine Transportation and Distribution & Services segments.
2. Examine the company's debt structure, including senior notes and revolving credit facilities, to assess financial risk.
3. Review any disclosed risk factors or management discussion and analysis for insights into operational challenges and opportunities.

Year-Over-Year Comparison

This filing represents the most recent quarterly update for Kirby Corp., providing current financial data compared to prior periods within the same fiscal year and the preceding year.

Key Financial Figures

• $0.10 — 58.3 million shares of the Registrant's $0.10 par value per share common stock were o

Filing Documents

• kex-20240331.htm (10-Q) — 1633KB
• kex-ex31_1.htm (EX-31.1) — 14KB
• kex-ex31_2.htm (EX-31.2) — 14KB
• kex-ex32.htm (EX-32) — 10KB
• 0000950170-24-053690.txt (&nbsp;) — 6714KB
• kex-20240331.xsd (EX-101.SCH) — 918KB
• kex-20240331_htm.xml (XML) — 1143KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES CONDENSED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ($ in thousands) ASSETS Current assets: Cash and cash equivalents $ 75,216 $ 32,577 Accounts receivable: Trade – less allowance for doubtful accounts 529,141 526,691 Other 55,949 52,025 Inventories – net 446,803 454,389 Prepaid expenses and other current assets 68,369 69,479 Total current assets 1,175,478 1,135,161 Property and equipment 5,880,403 5,824,038 Accumulated depreciation ( 1,997,082 ) ( 1,962,933 ) Property and equipment – net 3,883,321 3,861,105 Operating lease right-of-use assets 149,412 152,216 Goodwill 438,748 438,748 Other intangibles, net 40,797 42,927 Other assets 88,081 92,040 Total assets $ 5,775,837 $ 5,722,197 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank notes payable $ 8,643 $ 8,068 Income taxes payable 11,252 1,486 Accounts payable 249,644 269,378 Accrued liabilities 194,819 228,946 Current portion of operating lease liabilities 32,601 33,340 Deferred revenues 153,435 134,577 Total current liabilities 650,394 675,795 Long-term debt, net – less current portion 1,051,822 1,008,527 Deferred income taxes 705,834 696,557 Operating lease liabilities – less current portion 136,980 138,811 Other long-term liabilities 14,066 15,830 Total long-term liabilities 1,908,702 1,859,725 Contingencies and commitments — — Equity: Kirby stockholders' equity: Common stock, $ 0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares 6,547 6,547 Additional paid-in capital 859,150 863,963 Accumulated other comprehensive income – net 34,611 35,006 Retained earnings 2,761,733 2,691,665 Treasury stock – at cost, 7.2 million shares at March 31, 2024 and 6.8

View Full Filing

View this 10-Q filing on SEC EDGAR