Start Time: 08:30 January 1, 0000 9:31 AM ET

Kirby Corporation (NYSE:KEX)

Q2 2022 Earnings Conference Call

July 28, 2022, 08:30 AM ET

Company Participants

David Grzebinski - President and CEO

Raj Kumar - EVP and CFO

Kurt Niemietz - VP, IR and Treasure

Conference Call Participants

Jack Atkins - Stephens

Ben Nolan - Stifel

Greg Wasikowski - Webber Research

Greg Lewis - BTIG

Operator

Good morning, and welcome to the Kirby Corporation 2022 Second Quarter Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. We ask that you limit your questions to one question and one follow up. [Operator Instructions]. Please note this is being recorded.

I would now like to turn the conference over to Mr. Kurt Niemietz, Kirby's VP of Investor Relations and Treasure. 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 Web site 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 Web site 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, including the impact of the COVID-19 pandemic on the company's business. A list of these risk factors can be found in Kirby's Form 10-K for the year ended December 31, 2021.

I will now turn the call over to David.

David Grzebinski

Thank you, Kurt, and good morning, everyone. Earlier today, we announced second quarter revenue of 698 million and earnings of $0.47 per share, or $0.49 per share excluding one-time nonrecurring items that occurred in the second quarter. This compares to 2021 second quarter revenue of 560 million and earnings of $0.17 per share.

Both of our segments continued to steadily improve during the quarter, delivering higher revenue and operating income sequentially and year-over-year. The quarter's results reflected improved market fundamentals in both marine transportation and distribution and services, and were partially offset by higher fuel cost and inflationary pressures as well as continued supply chain challenges that delayed sales in distribution and services.