HOUSTON—Stewart Richard Ross, a director at Kirby Corp (NYSE:KEX), recently sold 8,000 shares of the company's common stock. The shares were sold at a price of $128.21 each, totaling approximately $1.02 million. Following this transaction, Ross retains ownership of 15,488 shares in the water transportation company. The sale was executed on November 20, 2024, as reported in a recent SEC filing.
In other recent news, Kirby Corporation has revealed a significant rise in its earnings and revenues for the third quarter of 2024. The company's earnings per share (EPS) escalated by an impressive 48%, reaching $1.55, and total revenues also saw a growth of 9% to $831 million. These developments reflect a strong market condition and an effective execution of business strategies.
Kirby Corporation demonstrated financial stability by repaying $70 million in debt and allocating $56 million for stock repurchases. In addition, the company anticipates a solid financial performance in the upcoming quarter, despite the challenges from Hurricane Milton and seasonal market variations.
Kirby Corporation expects to generate between $600 million and $700 million in cash flow from operations for the full year 2024. Capital expenditures are projected to be between $325 million and $355 million, focusing on marine maintenance and growth initiatives. However, the company faces challenges from Hurricane Milton, which may affect Q4 performance.
Despite these challenges, Kirby Corporation remains optimistic about surpassing previous peak margins in the coming years. The company's electrification business is also experiencing growth with a significant backlog expected to yield deliveries starting in late Q1 2025.
InvestingPro Insights
While Director Stewart Richard Ross's recent sale of Kirby Corp (NYSE:KEX) shares might raise eyebrows, a closer look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Kirby Corp has demonstrated strong financial health and market performance over the past year.
The company's stock has shown impressive gains, with a one-year price total return of 66.77% as of the latest data. This robust performance is reflected in Kirby's current stock price, which stands at 96.76% of its 52-week high. These figures align with an InvestingPro Tip highlighting Kirby's high return over the last year.
From a valuation perspective, Kirby Corp is trading at a P/E ratio of 24.33, which InvestingPro suggests is low relative to the company's near-term earnings growth. This could indicate potential undervaluation, especially considering the company's solid financial position. An InvestingPro Tip notes that Kirby's liquid assets exceed its short-term obligations, suggesting strong financial stability.
Kirby Corp's revenue growth remains positive, with a 7.94% increase over the last twelve months, reaching $3.26 billion. The company's profitability is also noteworthy, with an EBITDA of $680.37 million and a substantial EBITDA growth of 33.83% over the same period.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 7 more tips available for Kirby Corp, providing a deeper understanding of the company's financial health and market position.
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