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KIRBY KIRBY CORPORATION FOR IMMEDIATE RELEASE • • • Contact : Eric Holcomb 713-435-1545 KIRBY CORPORATION ANNOUNCES 2021 SECOND QUARTER RESULTS Second quarter 2021 earnings per share of $ 0.17 Inland marine results include a 13 % sequential revenue increase , operating margin improvement , average barge utilization in the low to mid - 80 % range , and improved spot market pricing Distribution and services delivers significantly improved revenue and operating income Kirby expects continued improvement in marine transportation and distribution and services in the second half of 2021 • Free cash flow estimate of $ 250 to $ 310 million for 2021 Houston , Texas ( July 29 , 2021 ) - Kirby Corporation ( " Kirby ” or the “ Company ” ) ( NYSE : KEX ) today announced net earnings attributable to Kirby for the second quarter ended June 30 , 2021 of $ 10.2 million , or $ 0.17 per share , compared with earnings of $ 25.0 million or $ 0.42 per share for the 2020 second quarter . Consolidated revenues for the 2021 second quarter were $ 559.6 million compared with $ 541.2 million reported for the 2020 second quarter . David Grzebinski , Kirby's President and Chief Executive Officer , commented , " Kirby's second quarter results reflected improved market dynamics and increased demand across most of the Company's end markets . With the U.S. economy continuing to recover , our refining and petrochemical customers ramped up production and inland barge availability tightened meaningfully . In distribution and services , economic growth and favorable oilfield market conditions contributed to increased activity and improved profitability . Overall , these positive developments contributed to healthy sequential improvements in revenue and earnings for the Company . " In marine transportation , our inland business experienced a strong improvement in demand which resulted in second quarter average barge utilization increasing into the low to mid - 80 % range . This increase was primarily driven by improved economic conditions , higher refinery and chemical plant utilization , and increased demand for refined products and black oil . The Colonial Pipeline outage also provided significant temporary increases in barge demand during the second half of May . These favorable market dynamics helped to sequentially improve spot market pricing for the first time in over a year . Overall , inland revenues increased 13 % sequentially and operating margins improved into the high single digits for the second quarter . " In distribution and services , activity levels significantly improved during the second quarter resulting in strong sequential and year - on - year increases in revenue and operating income . In oil and gas , improved market fundamentals and increased rig and well completions activity resulted in higher demand for new transmissions , parts , and service . New orders in our manufacturing business resulted in increased deliveries of new environmentally friendly pressure pumping and frac related power generation equipment . In commercial and industrial , economic growth across the U.S. resulted in increased service volumes in our on - highway businesses . Sales of Thermo King refrigeration equipment also increased during the 1