William M. Waterman, a director at Kirby Corp (NYSE:KEX), sold a significant portion of his holdings in the company. According to a recent SEC filing, Waterman sold 40,001 shares of Kirby Corp's common stock on November 25, 2024. The shares were sold at a weighted average price of $130.14, with transaction prices ranging from $128.87 to $131.14. This sale amounted to a total value of approximately $5.2 million. Following this transaction, Waterman holds 37,315 shares directly.
In other recent news, Kirby Corporation has reported a significant rise in its earnings and revenues for the third quarter of 2024. The company's earnings per share increased by 48% to $1.55 compared to the same quarter of the previous year, while total revenues rose by 9% to $831 million. This financial growth is attributed to robust market conditions and effective execution of business strategies. Kirby also made strides in financial stability, repaying $70 million in debt and allocating $56 million for stock repurchases.
Despite an 8% year-over-year decrease in operating income in the distribution and services segment, the company saw revenue increases in several areas. Inland marine revenues rose by 11%, coastal revenues surged by 23%, and oil and gas revenues grew by 19% year-over-year. However, power generation revenues saw a 6% year-over-year decline due to supply chain delays.
In terms of future expectations, Kirby projects to generate $600 million to $700 million in cash flow from operations for the full year 2024. Capital expenditures are expected to be between $325 million and $355 million, primarily focused on marine maintenance and growth initiatives. Despite potential challenges from Hurricane Milton and seasonal market variations, the company maintains optimism for solid financial performance in the upcoming quarter.
InvestingPro Insights
The recent insider sale by William M. Waterman comes at a time when Kirby Corp (NYSE:KEX) is trading near its 52-week high, with the stock price at 98.06% of its peak. This aligns with one of the InvestingPro Tips, which notes that KEX is "Trading near 52-week high." The company's strong market position is further reflected in its impressive year-to-date price total return of 66.26% and a one-year price total return of 68.69%.
Despite the significant insider sale, Kirby Corp's financial health appears robust. According to InvestingPro Data, the company boasts a market capitalization of $7.44 billion and a revenue of $3.26 billion for the last twelve months as of Q3 2024. The company's profitability is evident from its operating income margin of 13.72% and a gross profit margin of 32.0% over the same period.
InvestingPro Tips also highlight that Kirby Corp is "Trading at a low P/E ratio relative to near-term earnings growth," with a P/E ratio of 24.72. This suggests that the stock may still be undervalued despite its recent price appreciation. Additionally, the company "Operates with a moderate level of debt" and has "Liquid assets exceed short term obligations," indicating a solid financial foundation.
For investors seeking more comprehensive analysis, InvestingPro offers 5 additional tips for Kirby Corp, providing a deeper understanding of the company's financial position and market outlook.
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