Kirby Corporation (NYSE:KEX) Q4 2023 Earnings Conference Call February 1, 2024 8:30 AM ET
Company Participants
Kurt Niemietz - VP, IR and Treasurer
David Grzebinski - President and CEO
Raj Kumar - EVP and CFO
Conference Call Participants
Jack Atkins - Stephens
Ben Nolan - Stifel
Ken Hoexter - Bank of America
Jon Chappell - Evercore ISI
Greg Lewis - BTIG
Greg Wasikowski - Webber Research and Advisory
Operator
Good morning and welcome to the Kirby Corporation 2023 Fourth Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference 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 the Kirby Corporation 2023 fourth quarter earnings call.
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.
The 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 latest Form 10-K filing, and in our other filings made with the SEC from time to time.
With that I will now turn the call over to David.
David Grzebinski
Thank you, Kurt, and good morning, everyone.
Earlier today, we announced fourth-quarter revenue of $799 million and earnings per share of $1.04. This compares to 2022 fourth-quarter revenue of $730 million and earnings per share of $0.62. During the fourth quarter, continued strong fundamentals in both our businesses resulted in significant year-over-year growth in our revenue and earnings, and Marine Transportation pricing on spot and term contracts benefited from strong demand and limited availability of barges, while the onset of winter weather conditions proved to be a headwind to our efficiency in the quarter.