Kirby Corporation announced net earnings attributable to Kirby for the third quarter ended September 30, 2024, of $90.0 million, or $1.55 per share. This represents a 48% increase in earnings per share compared to $1.05 per share in the third quarter of 2023. Consolidated revenues for the quarter reached $831.1 million, an increase from $764.8 million reported in the prior year's third quarter.
The Marine Transportation segment was a primary driver of this performance, with revenues increasing 11% year-over-year in inland marine and 23% in coastal marine. Inland term contracts renewed with high-single digit increases, while coastal term contracts saw high 20% increases year-over-year, reflecting strong pricing power and high barge utilization rates. Operating income for the marine segment rose to $99.5 million from $63.5 million in Q3 2023, with an operating margin of 20.5%.
In the Distribution and Services segment, revenues increased 3% year-over-year to $345.1 million, despite a 6% decline in power generation revenues due to supply delays. However, oil and gas revenues were up 19% year-over-year, with operating income increasing 166% driven by e-frac equipment deliveries. The company also reported net cash provided by operating activities of $206.5 million and repurchased $55.8 million of its common stock during the quarter, while reducing total debt to $978.6 million.
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