Kirby Reports 27% Year-Over-Year Earnings Growth and $1.5 Billion Power Generation Backlog
Kirby (KEX) reported third-quarter 2026 earnings per share of $2.09, representing a 27% increase compared to the previous year. The company is benefiting from high barge utilization rates in the low-90% range and tight vessel supply, which provides significant pricing leverage as long-term shipping contracts undergo annual resets in the fourth quarter. Beyond marine transport, Kirby's power generation segment is seeing massive growth driven by data center demand for behind-the-meter natural gas systems. The company reported a backlog exceeding $1.5 billion with a book-to-bill ratio well above 1. Additionally, Kirby announced a $115 million acquisition of inland marine assets and a fleeting operation in Rockport, Texas, to strengthen its South Texas infrastructure.
Tickers: $KEX
Topics: asset acquisition backlog growth data center power demand earnings per share inland waterway logistics