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Red 7 Green 47 Blue 103 Red 184 Green 204 Blue 228 Red 255 Green 255 Blue 153 Red 251 Green 213 Blue 181 Red 219 Green 229 Blue 241 Red 215 Green 227 Blue 188 Red 216 Green 216 Blue 216 Red 0 Green 74 Blue 42 2Q 2018 Earnings Conference Call July 26, 2018
Earnings Conference Call
Forward -Looking Statements
2 Statements contained in this conference call with respect to the future are forward -looking
statements. These statements reflect management’s reasonable judgment with respect to
future events. Forward -looking statements involve risks and uncertainties. Actual results could
differ materially from those anticipated as a result of various factors, including cyclical or other
downturns in demand, significant pricing competition, unanticipated additions to industry
capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest
rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby.
Forward -looking statements are based on currently available information and Kirby assumes no
obligation to update any such statements. A list of additional risk factors can be found in Kirby’s
annual report on Form 10 -K for the year ended December 31, 2017 and in Kirby’s subsequent
filing on Form 10 -Q for the quarter ended March 31, 2018.
2Q 2018 Earnings Red 7
2Q 2018 Earnings 3 Financial Summary
($ millions except earnings per share) 2Q 201812Q 2017 Variance % 1Q 20182Variance %
Revenues 802.7 $ 473.3$ 329.4$ 70% 741.7$ 61.0 $ 8%
Operating income 55.9 47.3 8.6 18% 50.7 5.2 10%
Net earnings attributable to Kirby 28.6 25.8 2.8 11% 32.5 (3.9) -12%
Earnings per share (GAAP) 0.48 0.48 - 0% 0.54 (0.06) -11%
Guidance range (GAAP) $0.30 - $0.50
One-time charges1,20.30 - 0.30 0.13 0.17
(excluding charges) 0.78 0.48 0.30 63% 0.67 0.11 16%
Guidance range (excl. charges) $0.60 - $0.80
2 1Q 2018 earnings per share include $10.1 million of before-tax charges or $0.13 per share as follows:
- Higman Marine acquisition fees and expenses of $3.3 million before-tax, or $0.04 per share
- Expenses related to an amendment to the employee stock plan of $3.9 million before-tax, or $0.05 per share
- Severance expenses of $2.9 million before-tax, or $0.04 per share1 2Q 2018 earnings per share include $18.1 million of non-tax deductible charges or $0.30 per share related to the retirement of Kirby's Executive ChairmanRed 7
2Q Overview – Marine Transportation
–Strong sequential and year -on-year improvement in revenue and operating income
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