Kirby Corporation announced fourth-quarter 2024 GAAP earnings per share of $0.74, with adjusted earnings per share of $1.29, compared to $1.04 GAAP EPS in the fourth quarter of 2023. Consolidated revenues for the quarter were $802.3 million, remaining flat year-over-year. For the full year 2024, GAAP EPS was $4.91 and adjusted EPS was $5.46, representing a 47% increase in adjusted EPS compared to $3.72 in 2023.
The company's Marine Transportation segment reported Q4 revenues of $466.8 million, a 3% increase year-over-year, with operating income rising 26% to $86.0 million. Inland term contracts repriced 6-9% higher year-over-year, and coastal term contracts saw increases of 24-27%. The Distribution & Services segment experienced a 3% revenue decrease to $335.5 million, with operating income down 7% to $26.8 million, primarily due to mixed demand and supply issues.
Kirby generated $414 million in free cash flow for the full year 2024 and reduced debt balances by $105 million in the fourth quarter, bringing total debt to $875 million. The company also repurchased 286,697 shares of its common stock for $33.3 million at an average price of $116.16. Management provided a positive outlook for 2025, projecting earnings per share growth of 15% to 25% year-over-year.
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