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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/30/20 Kirby Corp 8-K:2,9 1/30/20 11:682K Broadridge Fin’l So… Inc |
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KIRBY CORPORATION
|
Contact: Eric Holcomb
|
713-435-1545
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•
|
2019 fourth quarter GAAP earnings per share of $0.05, or earnings per share of $0.58 excluding one-time charges of $0.53 per share
|
•
|
One-time pre-tax charges of $40.3 million or $0.53 per share primarily relates to severance and oil and gas related inventory write-downs
|
•
|
Kirby has signed an agreement to acquire the inland tank barge fleet of Savage Inland Marine for approximately $278 million
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited, $ in thousands, except per share amounts)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Marine transportation
|
$
|
402,010
|
$
|
382,537
|
$
|
1,587,082
|
$
|
1,483,143
|
||||||||
Distribution and services
|
253,917
|
338,956
|
1,251,317
|
1,487,554
|
||||||||||||
Total revenues
|
655,927
|
721,493
|
2,838,399
|
2,970,697
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Costs of sales and operating expenses
|
471,382
|
520,580
|
2,030,046
|
2,160,946
|
||||||||||||
Selling, general and administrative
|
106,311
|
64,981
|
312,913
|
304,397
|
||||||||||||
Taxes, other than on income
|
10,447
|
9,641
|
41,933
|
39,251
|
||||||||||||
Depreciation and amortization
|
54,861
|
57,332
|
219,632
|
224,972
|
||||||||||||
Impairment of long-lived assets
|
—
|
82,705
|
—
|
82,705
|
||||||||||||
Impairment of goodwill
|
—
|
2,702
|
—
|
2,702
|
||||||||||||
Lease cancellation costs
|
—
|
2,403
|
—
|
2,403
|
||||||||||||
(Gain) loss on disposition of assets
|
(3,251
|
)
|
390
|
(8,152
|
)
|
(1,968
|
)
|
|||||||||
Total costs and expenses
|
639,750
|
740,734
|
2,596,372
|
2,815,408
|
||||||||||||
Operating income (loss)
|
16,177
|
(19,241
|
)
|
242,027
|
155,289
|
|||||||||||
Other income
|
1,110
|
1,140
|
3,787
|
5,726
|
||||||||||||
Interest expense
|
(12,968
|
)
|
(12,191
|
)
|
(55,994
|
)
|
(46,856
|
)
|
||||||||
Earnings (loss) before taxes on income
|
4,319
|
(30,292
|
)
|
189,820
|
114,159
|
|||||||||||
(Provision) benefit for taxes on income
|
(1,347
|
)
|
5,961
|
(46,801
|
)
|
(35,081
|
)
|
|||||||||
Net earnings (loss)
|
2,972
|
(24,331
|
)
|
143,019
|
79,078
|
|||||||||||
Less: Net earnings attributable to noncontrolling interests
|
(195
|
)
|
(106
|
)
|
(672
|
)
|
(626
|
)
|
||||||||
Net earnings (loss) attributable to Kirby
|
$
|
2,777
|
$
|
(24,437
|
)
|
$
|
142,347
|
$
|
78,452
|
|||||||
Net earnings (loss) per share attributable to Kirby common stockholders:
|
||||||||||||||||
Basic
|
$
|
0.05
|
$
|
(0.41
|
)
|
$
|
2.38
|
$
|
1.31
|
|||||||
Diluted
|
$
|
0.05
|
$
|
(0.41
|
)
|
$
|
2.37
|
$
|
1.31
|
|||||||
Common stock outstanding (in thousands):
|
||||||||||||||||
Basic
|
59,799
|
59,645
|
59,750
|
59,557
|
||||||||||||
Diluted
|
59,998
|
59,645
|
59,909
|
59,689
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
EBITDA: (1)
|
||||||||||||||||
Net earnings (loss) attributable to Kirby
|
$
|
2,777
|
$
|
(24,437
|
)
|
$
|
142,347
|
$
|
78,452
|
|||||||
Interest expense
|
12,968
|
12,191
|
55,994
|
46,856
|
||||||||||||
Provision (benefit) for taxes on income
|
1,347
|
(5,961
|
)
|
46,801
|
35,081
|
|||||||||||
Impairment of long-lived assets
|
—
|
82,705
|
—
|
82,705
|
||||||||||||
Impairment of goodwill
|
—
|
2,702
|
—
|
2,702
|
||||||||||||
Depreciation and amortization
|
54,861
|
57,332
|
219,632
|
224,972
|
||||||||||||
$
|
71,953
|
$
|
124,532
|
$
|
464,774
|
$
|
470,768
|
|||||||||
Capital expenditures
|
$
|
64,096
|
$
|
70,109
|
$
|
248,164
|
$
|
301,861
|
||||||||
Acquisitions of businesses and marine equipment
|
$
|
4,951
|
$
|
34,670
|
$
|
262,491
|
$
|
533,897
|
2018
|
||||||||
(unaudited, $ in thousands)
|
||||||||
Long-term debt, including current portion
|
$
|
1,369,767
|
$
|
1,410,188
|
||||
Total equity
|
$
|
3,371,592
|
$
|
3,216,301
|
||||
Debt to capitalization ratio
|
28.9
|
%
|
30.5
|
%
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Marine transportation revenues
|
$
|
402,010
|
$
|
382,537
|
$
|
1,587,082
|
$
|
1,483,143
|
||||||||
Costs and expenses:
|
||||||||||||||||
Costs of sales and operating expenses
|
263,162
|
253,825
|
1,034,758
|
997,979
|
||||||||||||
Selling, general and administrative
|
31,306
|
27,965
|
122,202
|
122,421
|
||||||||||||
Taxes, other than on income
|
8,183
|
9,215
|
34,538
|
33,020
|
||||||||||||
Depreciation and amortization
|
44,881
|
47,041
|
179,742
|
182,307
|
||||||||||||
Total costs and expenses
|
347,532
|
338,046
|
1,371,240
|
1,335,727
|
||||||||||||
Operating income
|
$
|
54,478
|
$
|
44,491
|
$
|
215,842
|
$
|
147,416
|
||||||||
Operating margin
|
13.6
|
%
|
11.6
|
%
|
13.6
|
%
|
9.9
|
%
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
Distribution and services revenues
|
$
|
253,917
|
$
|
338,956
|
$
|
1,251,317
|
$
|
1,487,554
|
||||||||
Costs and expenses:
|
||||||||||||||||
Costs of sales and operating expenses
|
208,220
|
266,755
|
995,288
|
1,162,967
|
||||||||||||
Selling, general and administrative
|
37,279
|
34,074
|
145,473
|
149,756
|
||||||||||||
Taxes, other than on income
|
2,255
|
415
|
7,357
|
6,177
|
||||||||||||
Depreciation and amortization
|
8,831
|
9,476
|
35,998
|
39,349
|
||||||||||||
Total costs and expenses
|
256,585
|
310,720
|
1,184,116
|
1,358,249
|
||||||||||||
Operating income (loss)
|
$
|
(2,668
|
)
|
$
|
28,236
|
$
|
67,201
|
$
|
129,305
|
|||||||
Operating margin
|
(1.1
|
)%
|
8.3
|
%
|
5.4
|
%
|
8.7
|
%
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited, $ in thousands)
|
||||||||||||||||
General corporate expenses
|
$
|
3,359
|
$
|
3,768
|
$
|
13,643
|
$
|
35,590
|
||||||||
Impairment of long-lived assets
|
—
|
82,705
|
—
|
82,705
|
||||||||||||
Impairment of goodwill
|
—
|
2,702
|
—
|
2,702
|
||||||||||||
Lease cancellation costs
|
—
|
2,403
|
—
|
2,403
|
||||||||||||
Inventory write-downs
|
35,525
|
—
|
35,525
|
—
|
||||||||||||
(Gain) loss on disposition of assets
|
$
|
(3,251
|
)
|
$
|
390
|
$
|
(8,152
|
)
|
$
|
(1,968
|
)
|
Fourth Quarter 2019
|
Fourth Quarter 2018
|
|||||||||||||||||||||||
Pre-
Tax
|
After-
Tax
|
Per
Share
|
Pre-
Tax
|
After-
Tax
|
Per
Share
|
|||||||||||||||||||
(unaudited, $ in millions except per share amounts)
|
||||||||||||||||||||||||
GAAP earnings
|
$
|
4.3
|
$
|
2.8
|
$
|
0.05
|
$
|
(30.3
|
)
|
$
|
(24.4
|
)
|
$
|
(0.41
|
)
|
|||||||||
Inventory write-down
|
35.5
|
28.0
|
0.47
|
—
|
—
|
—
|
||||||||||||||||||
Severance and early retirement expense
|
4.8
|
3.7
|
0.06
|
—
|
—
|
—
|
||||||||||||||||||
Impairment of long-lived assets
|
—
|
—
|
—
|
85.1
|
67.2
|
1.12
|
||||||||||||||||||
Impairment of goodwill
|
—
|
—
|
—
|
2.7
|
2.1
|
0.04
|
||||||||||||||||||
Earnings, excluding one-time items(2)
|
$
|
44.6
|
$
|
34.5
|
$
|
0.58
|
$
|
57.5
|
$
|
44.9
|
$
|
0.75
|
Full Year 2019
|
Full Year 2018
|
|||||||||||||||||||||||
Pre-
Tax
|
After-
Tax
|
Per
Share |
Pre-
Tax
|
After-
Tax
|
Per
Share
|
|||||||||||||||||||
(unaudited, $ in millions except per share amounts)
|
||||||||||||||||||||||||
GAAP earnings
|
$
|
189.8
|
$
|
142.3
|
$
|
2.37
|
$
|
114.2
|
$
|
78.5
|
$
|
1.31
|
||||||||||||
Inventory write-down
|
35.5
|
28.0
|
0.47
|
—
|
—
|
—
|
||||||||||||||||||
Severance and early retirement expense
|
4.8
|
3.7
|
0.06
|
—
|
—
|
—
|
||||||||||||||||||
Impairment of long-lived assets
|
—
|
—
|
—
|
85.1
|
67.2
|
1.12
|
||||||||||||||||||
Impairment of goodwill
|
—
|
—
|
—
|
2.7
|
2.1
|
0.04
|
||||||||||||||||||
Executive Chairman retirement
|
—
|
—
|
—
|
18.1
|
18.1
|
0.30
|
||||||||||||||||||
Higman transaction fees & expenses
|
—
|
—
|
—
|
3.3
|
2.5
|
0.04
|
||||||||||||||||||
Amendment to employee stock plan
|
—
|
—
|
—
|
3.9
|
3.0
|
0.05
|
||||||||||||||||||
Earnings, excluding one-time items(2)
|
$
|
230.1
|
$
|
174.0
|
$
|
2.90
|
$
|
227.3
|
$
|
171.4
|
$
|
2.86
|
Fourth Quarter
|
Year
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Inland Performance Measurements:
|
||||||||||||||||
Ton Miles (in millions) (3)
|
3,800
|
3,677
|
14,611
|
14,501
|
||||||||||||
Revenue/Ton Mile (cents/tm) (4)
|
8.2
|
7.9
|
8.4
|
7.7
|
||||||||||||
Towboats operated (average) (5)
|
299
|
285
|
299
|
278
|
||||||||||||
Delay Days (6)
|
3,031
|
3,249
|
13,259
|
10,046
|
||||||||||||
Average cost per gallon of fuel consumed
|
$
|
2.05
|
$
|
2.42
|
$
|
2.06
|
$
|
2.20
|
||||||||
Barges (active):
|
||||||||||||||||
Inland tank barges
|
1,053
|
1,003
|
||||||||||||||
Coastal tank barges
|
49
|
53
|
||||||||||||||
Offshore dry-cargo barges
|
4
|
4
|
||||||||||||||
Barrel capacities (in millions):
|
||||||||||||||||
Inland tank barges
|
23.4
|
21.8
|
||||||||||||||
Coastal tank barges
|
4.7
|
5.1
|
(1) |
Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA, a non-GAAP financial measure. Kirby defines EBITDA as net earnings
attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill. EBITDA is presented because of its wide acceptance as a financial indicator.
EBITDA is one of the performance measures used in Kirby’s incentive bonus 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. 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.
|
(2) |
Kirby uses certain non-GAAP financial measures to review performance excluding 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. 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 or forecasting performance for future periods, primarily because management
views the excluded items to be outside of the company’s normal operating results. These non-GAAP financial measures are not calculations 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.
|
(5)
|
Towboats operated are the average number of owned and chartered towboats operated during the period.
|
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 1/30/20 | |||
12/31/19 | 10-K, 11-K, SD | |||
12/31/18 | 10-K, 11-K, SD | |||
List all Filings |