Kirby Corporation announced net earnings attributable to Kirby for the first quarter ended March 31, 2025, of $76.0 million, or $1.33 per share. This represents a 12% increase in earnings per share compared to $1.19 per share in the first quarter of 2024. Consolidated revenues for the quarter were $785.7 million, a 3% decrease from $808.0 million reported in the prior year's first quarter.
The Marine Transportation segment's revenues remained flat year-over-year at $476.1 million, with operating income increasing 4% to $86.6 million, resulting in an improved operating margin of 18.2%. Despite a 15% year-over-year increase in delay days due to weather and lock issues, inland spot prices rose in the high single digits and term contracts saw mid-single digit increases. Coastal term contracts renewed with mid-20% range price increases, though revenues were impacted by planned shipyard maintenance.
In the Distribution and Services segment, revenues decreased 7% year-over-year to $309.5 million, primarily due to supply delays in power generation. However, operating income for the segment increased 3% to $22.6 million, driven by a 123% increase in oil and gas operating income from e-frac equipment deliveries and cost management. Kirby also acquired 14 inland tank barges and 4 towboats in March 2025 for $97.3 million and repurchased $101.5 million of its stock. The company reaffirmed its full-year 2025 EPS growth guidance of 15% to 25%.
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