Kirby reports Q1 EPS $0.29, revenue $610.8M; expects meaningful quarterly earnings progression

KIRBY CORP

2022-Q1 EPS reported $0.29 revenue$610,782,000

Q1 net earnings $17.4M ($0.29/sh) vs loss of $3.4M (-$0.06/sh) in Q1 2021; revenue up 23% to $610.8M.
Marine transportation impacted by Omicron variant reducing earnings by ~$0.10/sh; barge utilization recovered to >90% since mid-March.
Inland spot rates up 15-20% YoY; term contracts renewing up high single digits; distribution & services oil & gas rev +71% YoY.
2022 outlook: inland rev +15-20% YoY; D&S rev +30-40% YoY; net cash from ops $420-480M; free cash flow $230-310M.
New Kirby Offshore Wind unit awarded 20-year framework agreement with Maersk for Empire Wind project in NY (late 2025/26).

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