Kirby Q2 EPS $0.95 vs $0.47 YoY; revenue $777M; inland margins high-teens

KIRBY CORP

2023-Q2 EPS reported $1.63 revenue$1,527,692,000

GAAP EPS of $0.95, net earnings $57.4M, up from $0.47 and $28.5M YoY.
Marine Transportation revenue $427M (+5% YoY); operating margin 15.0% vs 7.6%.
Inland barge utilization low 90%; spot rates up mid-to-high 20% YoY; term renewals up low double digits.
Distribution & Services revenue $350.3M (+20% YoY); operating margin 8.5% vs 5.7%. Demand strong for e-frac equipment.
Operating cash flow $211M; free cash flow $113M; repurchased 474,775 shares for $34.4M at avg $72.49.

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