Description

Kirby: Data Center Power Demand Is Surging—But Can Engine Shortages Slow the Growth Story?

Kirby Corporation reported first quarter 2026 earnings per share of $1.50, marking a 13% increase year-over-year from $1.33 in the prior year’s first quarter. The company’s performance benefited from improving market conditions in marine transportation and continued strength in power generation demand, despite some operational challenges. Weather-related disruptions and navigational delays impacted inland marine transportation, while supply constraints from original equipment manufacturers (OEMs) affected the Distribution and Services segment. Marine Transportation revenues rose 4% year-over-year to $497.2 million, with operating income increasing 4% to $89.7 million and operating margin at 18%. Inland marine barge utilization averaged in the low 90% range, improving sequentially despite impacts from seasonal weather and lock delays. Spot pricing edged higher sequentially, while term contracts were flat to slightly up year-over-year. Coastal marine revenues increased 23% year-over-year, supported by high vessel utilization and strong customer demand, resulting in high-teens operating margins.