Kirby Corp Reports Director Changes and Financial Filings
Ticker: KEX · Form: 8-K · Filed: Apr 25, 2024 · CIK: 56047
| Field | Detail |
|---|---|
| Company | Kirby CORP (KEX) |
| Form Type | 8-K |
| Filed Date | Apr 25, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.1 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, corporate-governance, financial-reporting
Related Tickers: KEX
TL;DR
Kirby Corp board shakeup: Grzebinski out, Smith in. Financials also dropped.
AI Summary
On April 25, 2024, Kirby Corporation filed an 8-K report detailing the departure of director David L. Grzebinski and the election of new director Michael J. S. Smith. The filing also includes financial statements and exhibits related to the company's operations.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, while financial filings provide insights into the company's performance.
Risk Assessment
Risk Level: low — This filing primarily concerns routine corporate governance and financial reporting, with no immediate indication of significant operational or financial distress.
Key Players & Entities
- Kirby Corporation (company) — Registrant
- David L. Grzebinski (person) — Departing Director
- Michael J. S. Smith (person) — Newly Elected Director
- April 25, 2024 (date) — Date of Report
FAQ
Who has departed from Kirby Corporation's board of directors?
David L. Grzebinski has departed from Kirby Corporation's board of directors.
Who has been elected as a new director to Kirby Corporation's board?
Michael J. S. Smith has been elected as a new director to Kirby Corporation's board.
What is the principal executive office address for Kirby Corporation?
The principal executive office address for Kirby Corporation is 55 Waugh Drive, Suite 1000, Houston, Texas 77007.
What is Kirby Corporation's telephone number?
Kirby Corporation's telephone number, including area code, is 713-435-1000.
What is the SIC code for Kirby Corporation?
The Standard Industrial Classification (SIC) code for Kirby Corporation is WATER TRANSPORTATION [4400].
Filing Stats: 1,075 words · 4 min read · ~4 pages · Grade level 13.3 · Accepted 2024-04-25 16:10:36
Key Financial Figures
- $0.1 million — y at Law. The Company paid the law firm $0.1 million in 2023 for legal services. Item 9.01
Filing Documents
- kex-20240425.htm (8-K) — 46KB
- kex-ex99_1.htm (EX-99.1) — 308KB
- img121045063_0.jpg (GRAPHIC) — 148KB
- 0000950170-24-048311.txt ( ) — 694KB
- kex-20240425.xsd (EX-101.SCH) — 26KB
- kex-20240425_htm.xml (XML) — 5KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On April 25, 2024, Kirby Corporation ("Kirby" or the "Company") issued a press release announcing results for the first quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this report. EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, and depreciation and amortization. Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in calculating performance compensation pursuant to the Company's annual incentive plan. EBITDA is also used by rating agencies in determining Kirby's credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. A quantitative reconciliation of EBITDA to net earnings attributable to Kirby for the 2024 and 2023 first quarters is included in the press release. EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby's GAAP financial information. The press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in the press release. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods o
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits EXHIBIT INDEX Exhibit Number Description of Exhibit 99.1 Press release dated April 25, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KIRBY CORPORATION Date: April 25, 2024 By: /s/ Raj Kumar Raj Kumar Executive Vice President and Chief Financial Officer