A few nuggets from Kirby’s earnings call yesterday since they are one of the only public companies. Interesting that inland is banking money while coastal is eeking out small margins.
In the fourth quarter of 2022, marine transportation revenues were $423 million and operating income was $47 million with an operating margin of 11.1%, compared to the fourth quarter of 2021, marine revenues increased $72 million or 21% and operating income increased $21 million or 82%.
The Inland business contributed approximately 80% of segment revenue. Average barge utilization was in the 90% range for the quarter, which is similar to the utilization seen in the third quarter of 2022, and compares to the mid to high-80% range in the fourth quarter of 2021…
Improved market conditions contributed to spot market rates increasing… in the low to mid-20% range year-over-year. Term contracts that renewed during the fourth quarter increased on average in the 10% to 15% range, compared to the prior year.
During the quarter, coastal revenues increased 8% year-over-year with improved barge utilization, higher contract prices and higher field rebuilds. Overall, coastal had a positive operating margin in the low single-digits.
Raises coming ?