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HOUSTON, Oct. 29, 2025 (GLOBE NEWSWIRE) — Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the third quarter ended September 30, 2025, of $92.5 million or $1.65 per share, compared with earnings of $90.0 million, or $1.55 per share for the 2024 third quarter. Consolidated revenues for the 2025 third quarter were $871.2 million compared with $831.1 million reported for the 2024 third quarter.
David Grzebinski, Kirby’s Chief Executive Officer, commented, “Kirby’s third quarter performance reflects our ability to adapt and deliver results, with continued strength in coastal marine and power generation, and focused execution in the face of softer inland market conditions.”
“In inland marine, market conditions experienced near-term softness during the third quarter, primarily due to seasonally favorable weather, improved navigational conditions, a lighter feedstock mix for our refinery and chemical customers, and fewer barges undergoing maintenance across the industry. At the same time, general petrochemical customer activity remained muted with ongoing softness in the chemical industry. These factors contributed to our barge utilization averaging in the mid-80% range. On the pricing front, we observed temporary weakness in the spot market. Spot market rates declined in the low-to-mid single digits both sequentially and year-over-year while term contract renewals were flat when compared to the prior year. In the fourth quarter, we are already seeing market conditions improve and expect this trend to continue. We also continue to see constraints in long-term barge construction keeping new supply in check.”
“In coastal marine, market fundamentals remained strong during the third quarter. Barge utilization levels were in the mid to high-90% range, supported by consistent customer demand and tight industry supply. Pricing continued to meaningfully improve, with term contract renewals up in the mid-teens range year-over-year. The combination of strong demand and limited vessel availability contributed to operating margins reaching around 20% for the quarter.”
“In distribution and services, our teams performed well and delivered year-over-year growth in both revenue and operating income, with solid contributions across most of our end markets. In power generation, revenues increased 56% year-over-year as demand from data centers and prime power customers continued to show strength. As inbound orders accelerated, our backlog grew, and we secured more opportunities in backup and behind-the-meter power applications. In the commercial and industrial market, revenues increased 4% year-over-year, supported by consistent marine repair activity and continued improvement in on-highway service. In oil and gas, while revenues declined year-over-year due to softness in conventional activity, we achieved a 5% increase in operating income driven by strong execution, strategic cost management, and sustained execution in e-frac equipment. Overall, the segment continued to perform well, reflecting strength in power generation and our agility in responding to changing demand patterns, with total segment operating income advancing 40% year-over-year.”
| Contact: | Kurt Niemietz |
| 713-435-1077 |