secwatch.observer — SEC 8-K summary
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Issuer:     KIRBY CORP (KEX)
CIK:        0000056047
Form:       8-K
Filed at:   2022-04-28T23:59:59+00:00
Accession:  0000950170-22-006445
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/56047/000095017022006445/0000950170-22-006445-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/56047/000095017022006445/kex-20220426.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-006445

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