Kirby CEO expects business to deliver ‘improved financial results’ in 2024

Commenting on the 2023 fourth quarter outlook, David Grzebinski, Kirby’s President and Chief Executive Officer, said, “We had a good quarter with both businesses performing well despite some temporary headwinds. Refinery activity remains at high levels, our barge utilization is strong in both inland and coastal, and rates are steadily increasing. While we expect some near-term issues in the fourth quarter related to low water conditions on the Mississippi River, increasing delay days due to normal seasonal weather conditions, and high levels of shipyard activity in coastal, our outlook in the marine market remains strong. In distribution and services, despite ongoing supply chain constraints and delays, demand for our products and services is good, and we continue to receive new orders in manufacturing. Overall, we expect our businesses to deliver improved financial results in 2024. While all of this is encouraging, we are mindful of challenges related to a slowing global economy and additional economic weakness due to higher interest rates. Even with these uncertainties, we remain very positive and expect to drive strong cash flow from operations going forward.”