Kirby Q1 revenue beats estimates on improved demand, limited barge availability

Overview

• U.S. tank barge operator's Q1 revenue rose slightly, beating analyst expectations

• Q1 EPS increased 13% yr/yr to $1.50

• Company acquired 23 barges and three boats for $95.8 mln

Outlook

• Kirby raises 2026 full-year EPS growth guidance to 5%-15%, up from 0%-12%

• Company expects 2026 net cash from operating activities of $575 mln to $675 mln

• Capital spending for 2026 expected between $220 mln and $260 mln

Result Drivers

• INLAND MARINE DEMAND - Co said improved customer demand and limited barge availability drove higher utilization and spot pricing in inland marine, despite weather-related disruptions early in the qtr

• COASTAL MARINE STRENGTH - Strong customer demand and limited vessel supply led to higher utilization and a 23% yr/yr increase in coastal marine revenues

• POWER GENERATION ORDERS - Continued strength in power generation orders supported distribution and services revenue growth, offsetting softness in oil and gas activity

Company press release: ID:nGNX6KGH1Z

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the marine freight & logistics peer group is "buy."

• Wall Street's median 12-month price target for Kirby Corp is $155.50, about 1.9% above its April 29 closing price of $152.59

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 16 three months ago

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