Kirby Corporation (NYSE:KEX) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET
Company Participants
Kurt Niemietz - VP, IR & Treasurer
David Grzebinski - President, CEO & Director
Raj Kumar - EVP & CFO
Conference Call Participants
Ben Nolan - Stifel
Jack Atkins - Stephens Inc.
John Daniel - Daniel Energy Partners
Greg Wasikowski - Webber Research & Advisory
Operator
Good morning, and welcome to the Kirby Corporation 2023 Third Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference call over to Mr. Kurt Niemietz, Kirby's VP of Investor Relations and Treasurer. 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. 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 our 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 third quarter revenues of $765 million and earnings per share of $1.05. This compares to 2022 third quarter revenue of $746 million and earnings of $0.65 per share. Both of our segments continued to perform well during the quarter despite facing some temporary challenges. In Marine Transportation, pricing on spot and term contracts continued to benefit from strong demand and limited availability of barges, but results were impacted by the Illinois River lock closure and several refinery outages during the quarter.
Distribution and Services delivered improved margins even as we continue to work through supply chain challenges during the quarter. Overall, our earnings increased sequentially and year-over-year, and we continued to repurchase stock during the quarter. In Inland Marine Transportation, our third quarter results reflected continued improvement in pricing, partially offset by the headwinds from the Illinois River closure that I mentioned, as well as the refinery outages in the quarter.