Kirby Corporation (NYSE:KEX) Files An 8-K Results of Operations and Financial Condition
On May 2, 2019, Kirby Corporation (Kirby) issued a press release announcing earnings for the first quarter ended March 31, 2019. A copy of the press release is attached as Exhibit 99.1 to this report.
EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets and impairment of goodwill. Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in Kirbys incentive bonus plan. EBITDA is also used by rating agencies in determining Kirbys credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. A quantitative reconciliation of EBITDA to net earnings attributable to Kirby for the 2019 and 2018 first quarters is included in the press release.
The press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in the press release. Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirbys normal operating results.
Kirby held its Annual Meeting of Stockholders on April 30, 2019, at which the stockholders voted on the following matters:
1. Anne-Marie N. Ainsworth, C. Sean Day and William M. Waterman were elected Class III directors of Kirby to serve until the 2022 Annual Meeting of Stockholders by the following vote:
2. The Audit Committees selection of KPMG LLP as Kirbys independent registered public accounting firm for 2019 was ratified by the following vote:
3. Advisory vote on the approval of the compensation of Kirbys named executive officers:
KIRBY CORP Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 KIRBY CORPORATION Contact: Eric Holcomb 713-435-1545 FOR IMMEDIATE RELEASE KIRBY CORPORATION ANNOUNCES 2019 FIRST QUARTER RESULTS • 2019 first quarter earnings per share of $0.74 • 2019 first quarter earnings negatively impacted by inland marine results with poor weather conditions and waterway closures resulting in record delay days • Inland barge market very active with high utilization rates • 2019 full year earnings per share guidance unchanged at $3.25 to $3.75 Houston,…
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About Kirby Corporation (NYSE:KEX)
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all the three United States coasts and in Alaska and Hawaii. Its engine services segment, sells replacement parts, provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, pumps and compression products, maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines.
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