卡比海运 2024年度报告

Financial Highlights Property and equipment, net$ 4,022,966$ 3,861,105$ 3,633,462$ 3,678,515$3,917,070Total assets$ 5,851,952$ 5,722,197$ 5,554,924$ 5,399,063$5,924,174Long-term debt, including current portion$874,948$ 1,016,595$ 1,079,618$ 1,163,367$1,468,586Total equity$ 3,353,248$ 3,186,677$ 3,045,168$ 2,888,782$3,087,553 *Net earnings (loss) attributable to Kirby, excluding one-time items and net earnings per share attributable to Kirby, excluding one-time items are non-GAAP financialmeasures which exclude certain one-time items as defined in footnotes 1, 2, 3, 4 and 5. Management believes that the exclusion of certain one-time items from thesefinancial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequentperiods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results. 4The 2021 year included the following one-time items (after tax): $275.0 million, or $4.58 per share, non-cash charges related to impairment of long-lived assets in coastalmarine transportation equipment and impairment of goodwill in the marine transportation segment; and $5.7 million, or $0.09 per share, one-time deferred tax provisionrelated to a change in Louisiana tax law. 5The 2020 year included the following one-time items (after tax): $433.3 million, or $7.24 per share, non-cash charges related to inventory write-downs, impairment oflong-lived assets, including intangible assets and property and equipment, and impairment of goodwill in the distribution and services segment; and $50.8 million, or$0.85 per share income tax benefit related to 2018 and 2019 net operating loss carrybacks under the U.S. Coronavirus Aid, Relief, and Economic Security Act. To Our Stockholders 2024 in Review 2024 was a record year for Kirby. Strong execution and steady demand acrossboth of our business segments resulted in record high revenue, earnings andcash flow. We used our cash flow to reinvest in our businesses and returned$175 million to stockholders via share repurchases. We remained focusedon our strategy of being the premier marine transportation company knownfor its dependability and safety performance and also continued to adapt tothe changing and exciting industry dynamics in the Distribution and Services(“KDS”) segment with a strong and growing product portfolio in powergeneration. A simple example and a testament to this shift was seen in oneof our product areas, natural gas power generation systems, with deliveriesapproaching a Company record one gigawatt of power. Achieving this record year started with the foundation of our core values of Safety, People,Community, Integrity and Excellence. Our commitment to these values and to “No Harm”performance continued to be at the forefront of what we do. As you would expect, strongZHML[`WLYMVYTHUJLPZOPNOS`JVYYLSH[LK^P[OZ[YVUNÄUHUJPHSWLYMVYTHUJLHUK[OPZ`LHYwas no exception. We achieved record safety performance with our lowest Total RecordableIncident Rate ever. That said, no year is ever perfect, and the Company did experience challenges along the^H`^P[OZL]LYHSO\YYPJHULZJVU[PU\LKOPNOSL]LSZVMPUÅH[PVUHUK]VSH[PSP[`PUZ\WWS`JOHPUdeliveries. However, strong market conditions in marine transportation and our strategic pivotPU[VWV^LYNLULYH[PVUMVY2+:KLSP]LYLKZ[YVUNVWLYH[PUNYLZ\S[ZHUKÄUHUJPHSWLYMVYTHUJL Strong Financial Performance 2024 revenues increased 6% to $3.3 billion, and adjusted earnings per share increased[V WLYZOHYL+\YPUN[OL`LHY^LYLTHPULKMVJ\ZLKVUKYP]PUNZ[YVUNJHZOÅV^HUKWYVK\JLK TPSSPVUVMJHZOÅV^MYVTVWLYH[PVUZ^OPJO^HZ\ZLK[VM\UKJHWP[HSexpenditures, pay down debt, buy back shares, and fund acquisitions. We generatedTPSSPVUVMMYLLJHZOÅV^^OPJOTHYRLKV\Y[OPY[`[OPYKJVUZLJ\[P]L`LHYVMWVZP[P]LMYLLJHZOÅV^NLULYH[PVU6]LYHSS^LYLWHPK TPSSPVUPUKLI[PTWYV]LKV\YKLI[[Vcapitalization ratio to 20.7%, and returned capital to stockholders by buying back $175 million^VY[OVMZOHYLZ6\YJHZOÅV^WYVÄSLJVTIPULK^P[OHZ[YVUNIHSHUJLZOLL[WYV]PKLZZPNUPÄJHU[ÄUHUJPHSÅL_PIPSP[`HZ^LJVU[PU\L[VL_LJ\[LVUV\YJHWP[HSHSSVJH[PVUWYPVYP[PLZWVZP[PVULK2PYI`[VKLSP]LYZPNUPÄJHU[]HS\LMVYV\YZ[VJROVSKLYZHUK^LILSPL]Lwill build on this strong performance. To Our Stockholderscontinued Marine Transportation Group 6%0UJYLHZLPURevenues to$3.3)PSSPVU Kirby Marine Transportation (“KMT”) had a remarkable year with revenues increasing11% to a record $1.9 billion in 2024. The strong growth was primarily due to a 10% increase ininland marine revenues driven by increased term and spot contract pricing, steady demand,and strong barge utilization. Early in 2024, the inland marine business was impacted by normal^PU[LY^LH[OLYJVUKP[PVUZPUJS\KPUNZPNUPÄJHU[^PUKHUKOLH]`MVNHSVUN[OL.\SM*VHZ[[OH