Kirby Corporation (NYSE:KEX) Q1 2023 Results Conference Call April 27, 2023 8:30 AM ET

Company Participants

Kurt Niemietz - Vice President, Investor Relations & Treasurer

David Grzebinski - President and Chief Executive Officer

Raj Kumar - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jon Chappell - Evercore ISI

Ben Nolan - Stifel

Ken Hoexter - BOA

Greg Lewis - BTIG

Greg Wasikowski - Webber Research & Advisory

Jack Atkins - Stephens Inc.

Operator

Good day, and thank you for standing by. Welcome to the Kirby Corporation 2023 First Quarter Earnings Conference Call. [Operator Instructions]

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Kurt Niemietz. Please go ahead.

Kurt Niemietz

Good morning, and thank you for joining us. With me today are David Grzebinski, Kirby's President and Chief Executive Officer; and Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer. A slide presentation for today's conference call as well as the earnings release, which was issued earlier today can be found on our website at www.kirbycorp.com.

During this conference call, we may refer to certain non-GAAP or adjusted financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release and are also available on our website in the Investor Relations section under Financials.

As a reminder, 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, and our actual results could differ materially from those anticipated as a result of various factors. A list of these risk factors can be found in Kirby's Form 10-K for the year ended December 31, 2022, and in other filings made with the SEC from time to time.

I will now turn the call over to David.

David Grzebinski

Thank you, Kurt, and good morning, everyone.

Earlier today, we announced first quarter revenue of $750 million and earnings per share of $0.68. Included in the results are 2 offsetting onetime events, onetime costs related to strategic review and shareholder engagement activities of $0.04 per share which were offset by interest on our delayed IRS refund of $0.04 per share. The net $0.68 compares to 2022 first quarter earnings per share of $0.29.

Both of our segments performed well during the quarter, delivering significantly higher revenue and operating income year-over-year. The first quarter results reflected steady market fundamentals in both Marine Transportation and Distribution & Services, partially offset by significant weather and navigation challenges for Marine and continued supply chain constraints in Distribution & Services.