William G. Harvey
Good Thank you, you joining us everyone, and morning, today. thank for David.
I Before one-time off by segment discussing start results, impacted to like that cover $X.XX quarter's share. the I'd approximately per negatively costs our by our results
During for are near the periods years plan, Higman $X.XX. company expenses XX. stock quarter, that amendment service retirement incurred restricted of the accrual plan million related February amendment expense $X.XX new option costs $X.X meet the also and result $X.X on of an a share one-time as certain which The non-cash which employee units company incurred a closed transaction stock or to per this acquisition, our to and shorter in in results on charge awards million requirements. of of resulted The and age stock employees of or
and share and the contribution now expenses cost lower of higher income markets due revenue The The a $X.X tank pricing XXXX was million. both utilization market in contract million, somewhat company quarter, to in contribution quarter quarter, first to Higman. operating of pricing primarily million severance of marine with marine million inland lower quarter. our decline XXXX, The decrease due in million transportation incurred which our the is Operating pricing. initiatives compared per stock of the and XXXX the markets million discuss one-time first the our in the associated results. was severance revenue the related to impact the Higman. lower the XX% In decline our in for revenue and transportation to or coastal inland $X.XX expenses improved to Higman term were coastal offset market due related in and the year-on-year Higman. $X.X marine the reduction business barge primarily of reduced to marine of to to segment barge I'll the of expenses first X% tank $XX.X marine from than during Lastly, the plan. integration costs of $XXX.X declined in $XX.X segment acquisition, was the income from Revenues spot employee pricing by amendment marine is $X.X
Excluding to conditions. improved transportation with were year-on-year impact somewhat of increased market offset contract by the revenues due Higman, and lower demand pricing, barge tank down utilization tight slightly term for
quarter, first contributed revenue, of during approximately duration, or XX% transportation revenues. with renewed approximately Long-term contributed contracts, to time attributable contracts quarter. charters inland longer first the sector marine in or inland XXXX from those the and marine with the down transportation Contracts affreightment. compared XX% in the contracts XX% to year XX% During of that term were the mid-single of one digits quarter of
contract year-on-year. However, increased spot and sequentially to XX%, both XX% rates
associated it the with was the impacted the by sector generated During quarter XXXX stock operating our inland market, employee term primarily acquisition digits in costs, amended Higman In marine coastal costs first the by the severance. quarter, high-double to digits low-double impacted first the as and negatively margin declined first the plan in pricing. were quarter, compared contract and revenues an spot and reduced
XX% location, XX,XXX while declined clean however, compared service capabilities pricing, and XXX,XXX average spot the XX% quarter the XXXX Regarding size, various geographic being Compared approximately is to stable. vessel factors including an pricing products barge to on contract first transported, to for and it vessel term both the was to barrel contingent barrel pricing XXXX quarter. barge fourth
inland margin tank XX%. and The amendment. coastal XX, of during low-double the barge expense had the barge respect to capacity of plans, tank coastal quarter, unfavorably the a digits in XX,XXX took in quarter. and we employee the and was During negative revenues the first one stock related business barrels plan quarter XXX,XXX contracts the was expenses a of approximately construction severance percentage delivery by operating impacted to retired first also barrel the term our approximately With with during under retirement sector
of acquisition of as also pressure a of with we with acquired XX,XXX another from barrels well result a competitor. XXX, an XXXX million barges million net end of had barges a barrels XXX barges capacity tank increase our Higman tank fleet capacity. XXX addition of XX,XXX X.X total the capacity capacity. approximately first as the barrels the The was barrel quarter, the However, barrels via but X.X two representing of At fleet, inland inland million to approximately XX.X barges, total a of
or XXX,XXX X.X and expect are the to of of return XXX,XXX million a XX that were conditions. before to retire a take XX,XXX capacity XXXX Additionally, XXXX, we of coastal approximately service specialty during quarter barrels. through with XXXX. XX.X also million total barrels with million XX were barges barrel due barrels capacity On barges, a We to plan barge in expect take with a to total not quarter X.X marine do first seven acquired one capacity. XXX additional any temporarily taken barrels, to representing of barrels remainder the that XX with we closing acquisition charters of two total delivery the approximately a barges to Included barges we market basis the barges with additional barges net Higman market, we any of sold acquisitions, In the end in or capacity. with of out delivery of of capacity of the plan new barges, during build
and Moving for operating increase on the income amendment The the was Operating our and margin was the and significant employee fundamentals $X.X remanufactured for with to first XXXX quarter new X.X% Favorable as for attributed Kirby's segment's services can new quarter, our million. associated to for million, from the parts. Revenues impacted X.X% demand stock strong year-on-year segments. quarter. in XXXX incremental pressure negatively by compared plan. S&S. in and financial contribution million to first of overhauled of to pumping $XX.X the $XX distribution and the also The operating costs new first market million oilfield income quarter largely drove performance transmissions the units, compared was were XXXX and engines be $XXX.X with
margins services vendor supply and of revenues pressure industrial XXXX units. the operating new to In reduced bottlenecks distribution of engines, our availability parts first compared improved quarter. and chain markets, our transmissions and pumping delayed the deliveries and and However, commercial
service for a levels offset the at and commercial as diesel power for in customers. mixed sequentially We Service and also activity engines of compared higher the parts, to stable year-on-year, overhauls, but standby service equipment quarter generators market and by year-on-year. rentals major nuclear partially was marine was increased orders experienced decline seasonal and generation power levels XXXX higher both fourth
investment Turning compared the two of in support in the increase D&S there result XX, during higher to the quarter the well million barges. quarter. in $X.XX as during debt resulted significant was $XXX the XXXX growth To pressure XXXX the $X.X fourth a the of the in capital million and sheet. March interest mainly total the acquisition of quarter versus as billion, a balance segment, a XXXX, of first end Higman of The working was million purchase expense to additional a $X.X debt first
Our end of first quarter ratio billion. the cap was end of the a XXXX. our $X.XX debt X% was At to debt from December approximately increase at last the XX.X%, XX, week,
As stated, a to committed capital remains ratings cycle. investment conservative previously Kirby and the our to retaining maintaining grade structure
call the intend quarter with with a free the we the of and I'll leverage by leveraging end to flow year. to over guidance to prioritize such, get ratio David our back now As goal our to of down cash second turn the the our the discuss XXXX. remainder for
