Kirby Corp., Houston, reported second-quarter net earnings of $94.3 million, or $1.67 per share, for the period ended June 30, 2025. This compares with $83.9 million, or $1.43 per share, in the same quarter of 2024. Consolidated revenues rose to $855.5 million, up from $824.4 million in the prior year period.
“Kirby delivered another solid quarter, with strong performance across both marine transportation and distribution and services,” David Grzebinski, Kirby’s CEO, said in a statement. “Our teams executed well in a dynamic environment, and we continued to benefit from healthy customer demand, disciplined pricing, and operational focus.”
Marine transportation revenue totaled $492.6 million, a 1.6% increase from $484.8 million a year ago, the company reported. Operating income for the segment was $99.1 million, up from $94.9 million. The segment's operating margin rose to 20.1% from 19.6%.
In the inland market, average barge utilization remained in the low to mid-90% range. Spot market pricing rose sequentially in the low-single digits and increased year-over-year in the mid-single digits. Term contracts renewed in the second quarter were up in the low to mid-single digits. Inland operations accounted for 81% of segment revenues, with operating margins in the low 20% range.
In the coastal market, barge utilization averaged in the mid- to high-90% range. Term contract renewals increased in the mid-20% range year-over-year. Coastal revenues rose 3%, with strong pricing partially offset by elevated planned shipyard activity. Coastal operations represented 19% of segment revenues, with operating margins in the high teens.
Kirby reported EBITDA of $202.2 million for the quarter, up from $182.9 million a year ago. Net cash provided by operating activities was $94 million. Capital expenditures totaled $71.5 million, while asset sales generated $11.6 million. The company repurchased $31.2 million of its shares during the quarter at an average price of $94.01.
As of June 30, Kirby reported $68.4 million in cash and cash equivalents and $331.5 million in available liquidity. Total debt stood at $1.12 billion with a debt-to-capitalization ratio of 24.8%.
Kirby reaffirmed its expectation of 15% to 25% full-year earnings growth in 2025 but noted that macroeconomic and trade policy developments could impact results.
“Recent shifts in trade policy have introduced new complexities to near-term planning for us and our customers and have contributed to some softness in areas. These complexities are impacting trade flows and demand including chemicals as well as sourcing for our power generation supply chain," said Grzebinski.
"If the current softness persists, we will likely be closer to the lower end of our prior full year EPS growth guidance, with movement closer to the higher end dependent on stronger economic conditions. While the environment has become less certain, we remain confident in our ability to adapt and execute.”
In marine transportation, inland barge utilization is expected to soften to the low 90% range in Q3, Kirby said. Coastal fundamentals are expected to remain strong. Operating margins are forecasted to remain in the 20% range for inland and mid to high teens for coastal.
Kirby said it expects full-year net cash provided by operating activities to range between $620 million and $720 million. Capital spending is projected at $260 million to $290 million, including $80 million for growth capital across business segments.
