Kirby Corporation reported a strong financial performance for the first quarter of 2026, with total revenues reaching $844.1 million, a 7.4% increase from $785.7 million in the same period of 2025. The marine transportation segment generated $497.2 million, up 4.4% from $476.1 million, while the distribution and services segment saw a 12.1% rise in revenues to $346.9 million from $309.5 million. Net earnings attributable to Kirby increased to $81.2 million, or $1.50 per diluted share, compared to $76.0 million, or $1.33 per diluted share, in the prior year.
The company's operating income for the quarter was $107.7 million, slightly up from $105.5 million in the previous year. Total costs and expenses rose to $736.4 million from $680.1 million, primarily driven by increased costs of sales and operating expenses, which were impacted by inflationary pressures. The company reported a net gain on the disposition of assets of $1.5 million, contributing positively to other income, which increased by 36.5% to $7.3 million.
Strategically, Kirby Corporation made significant acquisitions during the quarter, including the purchase of 23 inland tank barges and three high horsepower towboats for $95.8 million. This acquisition is expected to enhance the company's capacity to transport petrochemicals and refined products on key waterways. The company also reported a slight increase in its employee headcount, reflecting its ongoing operational needs and expansion efforts.
Operationally, Kirby's marine transportation segment accounted for 59% of total revenues, with inland tank barge utilization levels averaging in the low-90% range. The distribution and services segment contributed 41% of revenues, with notable growth in the power generation market. The company anticipates continued stability in barge utilization and customer demand, particularly in the marine transportation sector, while also expecting growth in the power generation market to offset challenges in the oil and gas sector.
Looking ahead, Kirby Corporation projects capital expenditures for 2026 to be in the range of $220 million to $260 million, focusing on marine maintenance and growth capital spending. The company remains cautious about potential economic headwinds, including high interest rates and geopolitical tensions, but is optimistic about its ability to navigate these challenges and deliver improved financial results throughout the year.
About KIRBY CORP
Kirby Corporation is a leading provider of marine transportation and industrial distribution services. It operates the largest U.S. inland tank barge fleet transporting petrochemicals, oils, and chemicals, and a coastal fleet serving refineries and terminals. The company also supplies aftermarket parts, equipment rentals, and manufacturing for oilfield, power generation, and industrial markets, serving customers across the U.S. and internationally with a focus on safety, reliability, and environmental compliance.
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