Kirby Corp. (KEX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Kirby Corp. has a market cap of $2.38 billion; its shares were traded at around $43.68 with a P/E ratio of 19.8 and P/S ratio of 2.1. Kirby Corp. had an annual average earning growth of 12% over the past 10 years. GuruFocus rated Kirby Corp. the business predictability rank of 4-star.KEX is in the portfolios of Chuck Royce of Royce& Associates, PRIMECAP Management, Steven Cohen of SAC Capital Advisors.
The Company continued to generate strong operating cash flow during the 2010 first nine months, with net cash provided by operating activities of $169,837,000 compared with net cash provided by operating activities for the 2009 first nine months of $237,101,000. The 2010 first nine months experienced a net decrease in cash flows from changes in operating assets and liabilities of $22,874,000, primarily due to a federal income tax receivable as of September 30, 2010 of $25,169,000, the result of the recently enacted Small Business Jobs Act of 2010 that included a one-year extension of bonus tax depreciation on qualified property. This extension was granted after the Companys estimated tax payment was made on September 15, 2010, based on the assumption that bonus tax depreciation would not be extended and, as a result, the Company overpaid its 2010 estimated federal income taxes. This compares with a net increase in the 2009 first nine months of $31,964,000, primarily due to a decrease in receivables in the 2009 first nine months resulting from decreased revenues due to weaker business activity levels. In addition, during the 2010 and 2009 first nine months, the Company generated cash of $3,824,000 and $2,056,000, respectively, from the exercise of stock options, and $7,501,000 and $3,619,000, respectively, from proceeds from the disposition of assets.
For the 2010 first nine months, cash generated was used for capital expenditures of $108,036,000, including $60,330,000 for new tank barge and towboat construction and $47,706,000 primarily for upgrading the existing marine transportation fleet, and $20,584,000 for the repurchase of the Companys
common stock. The Companys debt-to-capitalization ratio decreased to 15.1% at September 30, 2010 from 15.9% at December 31, 2009, primarily due to the increase in equity from net earnings attributable to Kirby for the 2010 first nine months of $84,629,000, exercise of stock options and the amortization of unearned equity compensation, partially offset by treasury stock purchases. As of September 30, 2010, the Company had no outstanding balance under its $250,000,000 revolving credit facility and had $149,204,000 of cash and cash equivalents.
The Company projects that capital expenditures for 2010 will be in the $135,000,000 to $145,000,000 range, including approximately $70,000,000 for new tank barge and towboat construction, taking advantage of current attractive tank barge construction prices, and prepayments on 2011 new tank barge construction. For 2010, new construction commitments consist of 58 tank barges, three 1800 horsepower towboats and prepayments on 2011 tank barge construction. New construction capital expenditures for 2011 are currently projected in the $50,000,000 to $60,000,000 range based on current commitments for 31 new tank barges, current steel prices and projected delivery schedules.
The Company reported 2010 third quarter net earnings attributable to Kirby of $30,687,000, or $.57 per share, on revenues of $281,317,000, compared with 2009 third quarter net earnings attributable to Kirby of $35,014,000, or $.65 per share, on revenues of $272,166,000. Net earnings attributable to Kirby for the 2010 first nine months were $84,629,000, or $1.56 per share, on revenues of $823,239,000, compared with $96,739,000, or $1.79 per share, on revenues of $822,570,000 for the 2009 first nine months.
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Kirby Corp. has a market cap of $2.38 billion; its shares were traded at around $43.68 with a P/E ratio of 19.8 and P/S ratio of 2.1. Kirby Corp. had an annual average earning growth of 12% over the past 10 years. GuruFocus rated Kirby Corp. the business predictability rank of 4-star.KEX is in the portfolios of Chuck Royce of Royce& Associates, PRIMECAP Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
For the 2010 third quarter, net earnings attributable to Kirby were $30,687,000, or $.57 per share, on revenues of $281,317,000, compared with 2009 third quarter net earnings attributable to Kirby of $35,014,000, or $.65 per share, on revenues of $272,166,000. For the 2010 first nine months, net earnings attributable to Kirby were $84,629,000, or $1.56 per share, on revenues of $823,239,000, compared with the 2009 first nine months net earnings attributable to Kirby of $96,739,000, or $1.79 per share, on revenues of $822,570,000.The Company continued to generate strong operating cash flow during the 2010 first nine months, with net cash provided by operating activities of $169,837,000 compared with net cash provided by operating activities for the 2009 first nine months of $237,101,000. The 2010 first nine months experienced a net decrease in cash flows from changes in operating assets and liabilities of $22,874,000, primarily due to a federal income tax receivable as of September 30, 2010 of $25,169,000, the result of the recently enacted Small Business Jobs Act of 2010 that included a one-year extension of bonus tax depreciation on qualified property. This extension was granted after the Companys estimated tax payment was made on September 15, 2010, based on the assumption that bonus tax depreciation would not be extended and, as a result, the Company overpaid its 2010 estimated federal income taxes. This compares with a net increase in the 2009 first nine months of $31,964,000, primarily due to a decrease in receivables in the 2009 first nine months resulting from decreased revenues due to weaker business activity levels. In addition, during the 2010 and 2009 first nine months, the Company generated cash of $3,824,000 and $2,056,000, respectively, from the exercise of stock options, and $7,501,000 and $3,619,000, respectively, from proceeds from the disposition of assets.
For the 2010 first nine months, cash generated was used for capital expenditures of $108,036,000, including $60,330,000 for new tank barge and towboat construction and $47,706,000 primarily for upgrading the existing marine transportation fleet, and $20,584,000 for the repurchase of the Companys
common stock. The Companys debt-to-capitalization ratio decreased to 15.1% at September 30, 2010 from 15.9% at December 31, 2009, primarily due to the increase in equity from net earnings attributable to Kirby for the 2010 first nine months of $84,629,000, exercise of stock options and the amortization of unearned equity compensation, partially offset by treasury stock purchases. As of September 30, 2010, the Company had no outstanding balance under its $250,000,000 revolving credit facility and had $149,204,000 of cash and cash equivalents.
The Company projects that capital expenditures for 2010 will be in the $135,000,000 to $145,000,000 range, including approximately $70,000,000 for new tank barge and towboat construction, taking advantage of current attractive tank barge construction prices, and prepayments on 2011 new tank barge construction. For 2010, new construction commitments consist of 58 tank barges, three 1800 horsepower towboats and prepayments on 2011 tank barge construction. New construction capital expenditures for 2011 are currently projected in the $50,000,000 to $60,000,000 range based on current commitments for 31 new tank barges, current steel prices and projected delivery schedules.
The Company reported 2010 third quarter net earnings attributable to Kirby of $30,687,000, or $.57 per share, on revenues of $281,317,000, compared with 2009 third quarter net earnings attributable to Kirby of $35,014,000, or $.65 per share, on revenues of $272,166,000. Net earnings attributable to Kirby for the 2010 first nine months were $84,629,000, or $1.56 per share, on revenues of $823,239,000, compared with $96,739,000, or $1.79 per share, on revenues of $822,570,000 for the 2009 first nine months.
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