Kirby Corporation reported significant financial growth in its third quarter and year-to-date results for 2024, driven primarily by its marine transportation segment. For the three months ended September 30, 2024, total revenues reached $831.1 million, a 9% increase from $764.8 million in the same period of 2023. Marine transportation revenues specifically rose to $486.1 million, up 13% from $429.9 million year-over-year. For the nine months ended September 30, 2024, total revenues were $2.46 billion, compared to $2.29 billion in 2023.
Operating income for the third quarter surged to $126.9 million, a 36% increase from $93.5 million in the prior year. Net earnings for the quarter also saw a substantial rise, reaching $90.0 million, compared to $63.0 million in Q3 2023. This translated to diluted earnings per share of $1.55, up from $1.05 in the same quarter last year. For the nine-month period, net earnings totaled $243.9 million, compared to $160.9 million in 2023.
The marine transportation segment's performance was bolstered by higher term and spot pricing in both inland and coastal markets. The inland tank barge fleet contributed 82% of KMT revenues in Q3 2024, with utilization levels averaging in the low to mid-90% range. The company also expanded its fleet, purchasing 13 inland tank barges for $65.2 million in May 2024.
In contrast, the distribution and services segment experienced a slight decline in revenues, with Q3 2024 revenues at $345.1 million, a 3% increase from $334.9 million in Q3 2023, but a 1% decrease for the nine-month period. Operating income for this segment decreased by 8% in Q3 and 5% year-to-date, attributed to increased costs and variability in equipment deliveries.
Kirby Corporation's total assets increased to $5.87 billion as of September 30, 2024, up from $5.72 billion at the end of 2023. Total equity rose to $3.30 billion, primarily due to net earnings and treasury stock purchases totaling $141.3 million. The company’s long-term debt decreased to $978.6 million, reflecting a reduction in borrowings.
The company anticipates continued strong demand in its marine transportation segment, with expected barge utilization rates around 90% for the remainder of 2024, despite potential economic challenges.
About KIRBY CORP
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