Kirby Corp (KEX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Kirby Corporation 2025 second quarter earnings call. (Operator Instructions) Please be advised that today's conference call is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Kirby Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，今天的電話會議正在錄音。（操作員指示）

I would now like to hand the conference over to your first speaker today, Kurt Niemietz, Vice President of Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁兼財務主管 Kurt Niemietz。請繼續。

Good morning and thank you for joining the Kirby Corporation 2025 second quarter earnings call. With me today are David Grzebinski, Kirby's Chief Executive Officer; Raj Kumar, Kirby's Executive Vice President and Chief Financial Officer; and Christian O'Neil, Kirby's President and Chief Operating Officer.

早安，感謝您參加 Kirby Corporation 2025 年第二季財報電話會議。今天與我一起出席的還有 Kirby 執行長 David Grzebinski、Kirby 執行副總裁兼財務長 Raj Kumar 以及 Kirby 總裁兼營運長 Christian O'Neil。

A slide presentation for today's conference call as well as the earnings release, which was issued earlier today can be found on our website. During this call, we may refer to certain non-GAAP or adjusted financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release and are also available on our website in the Investor Relations section.

今天的電話會議的幻燈片演示以及今天早些時候發布的收益報告可以在我們的網站上找到。在本次電話會議中，我們可能會參考某些非公認會計準則或調整後的財務指標。非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳包含在我們的收益新聞稿中，也可在我們網站的「投資者關係」部分找到。

As a reminder, statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties, and our actual results could differ materially from those anticipated as a result of various factors. A list of these risk factors can be found in Kirby's latest Form 10-K filing and in our other filings made with the SEC from time to time.

提醒一下，本次電話會議有關未來的陳述均為前瞻性陳述。這些聲明反映了管理階層對未來事件的合理判斷。前瞻性陳述涉及風險和不確定性，由於各種因素，我們的實際結果可能與預期結果有重大差異。這些風險因素的清單可以在 Kirby 最新的 10-K 表格文件以及我們不時向美國證券交易委員會提交的其他文件中找到。

I will now turn the call over to David.

現在我將把電話轉給大衛。

Thank you, Kurt, and good morning, everyone. Earlier today, we announced second quarter earnings per share of $1.67, a 17% increase year-over-year from $1.43 in the second quarter of 2024. Our second quarter performance reflected solid execution across both of our business segments and continued strength in our core markets, supported by healthy customer demand, disciplined pricing and solid operational performance.

謝謝你，庫爾特，大家早安。今天早些時候，我們宣布第二季每股收益為 1.67 美元，較 2024 年第二季的 1.43 美元年增 17%。我們第二季的業績反映了我們兩個業務部門的穩健執行以及核心市場的持續強勁表現，這得益於健康的客戶需求、嚴格的定價和穩健的營運績效。

Our teams continued to adapt and deliver strong results despite some navigational challenges in Marine and supply delays in distribution and services. Overall, our combined businesses did deliver another solid quarter.

儘管在航海方面存在一些航行挑戰，並且在分銷和服務方面存在供應延遲，但我們的團隊仍不斷適應並取得了強勁的成果。整體而言，我們的合併業務確實又取得了穩健的季度。

In Inland Marine Transportation, market conditions remained favorable during the second quarter. Customer activity was steady with barge utilization rates consistently in the low to mid-90% range, reflecting healthy demand across our core markets. Compared to the first quarter, weather conditions improved, but navigational and lock delays posed a modest headwind that challenged operational efficiency. Despite these headwinds, our teams executed well.

在內陸海運方面，第二季市場狀況依然良好。客戶活動穩定，駁船利用率始終維持在 90% 左右，反映出我們核心市場需求旺盛。與第一季相比，天氣條件有所改善，但航行和船閘延誤帶來了一定程度的阻力，對營運效率構成了挑戰。儘管面臨這些不利因素，我們的團隊仍然表現良好。

On the pricing front, we saw continued gains in pricing. Spot market rates increased in the low single digits sequentially and in the mid-single digits year-over-year, supported by limited barge availability and firm customer demand. Term contract renewals also trended higher with low to mid-single-digit increases compared to prior year.

在定價方面，我們看到價格持續上漲。受駁船供應有限和客戶需求堅挺的推動，現貨市場價格環比上漲低個位數，較去年同期上漲中個位數。與前一年相比，定期合約續約也呈現上升趨勢，增幅達到低至中個位數。

The combination of improved pricing, disciplined execution and resilient demand helped drive operating margins into the low 20% range despite the operational challenges. This performance underscores the strength of our inland marine business and our ability to deliver solid results in a dynamic environment.

儘管面臨營運挑戰，但定價的改善、嚴格的執行和強勁的需求相結合，有助於將營業利潤率推高至 20% 以下。這項業績凸顯了我們內陸海運業務的實力以及我們在動態環境中取得穩健業績的能力。

In Coastal Marine Transportation, market fundamentals remained strong throughout the second quarter. Barge utilization was consistently in the mid to high 90% range and was supported by a steady customer demand and limited supply of large capacity vessels. This supply-demand dynamic continue to drive meaningful pricing gains with term contract renewals increasing in the mid-20% range year-over-year, which is a clear indication of the market strength and our leading position in the market.

在沿海海運方面，整個第二季市場基本面依然強勁。駁船利用率一直維持在 90% 左右，這得益於穩定的客戶需求和大容量船舶有限的供應。這種供需動態繼續推動價格大幅上漲，定期合約續約量同比增長 20% 左右，這清楚地表明了市場實力和我們在市場上的領先地位。

Operationally, the quarter benefited from a reduction in planned shipyard maintenance which had been a headwind in the prior periods. While some maintenance activity continued, its impact was less pronounced, allowing for improved asset availability and improved revenue generation. The combination of strong pricing, high utilization and fewer planned shipyards contributed to solid performance with operating margins reaching the high teens.

從營運角度來看，本季受益於船廠計畫維護的減少，而這在前幾個時期一直是個阻力。雖然一些維護活動仍在繼續，但其影響不太明顯，從而提高了資產可用性並增加了收入。強勁的定價、較高的利用率以及較少的計劃造船廠相結合，促成了穩健的業績，營業利潤率達到了百分之十幾。

Turning to distribution and services. Our teams delivered a strong second quarter, achieving year-over-year growth in both revenue and operating income with solid contributions across most of our end markets. In Power Generation, revenues were up 31% year-over-year, driven by robust demand from data centers and industrial customers. The pace of inbound orders remains strong further building our backlog and positioning us well for the second half of this year.

轉向分銷和服務。我們的團隊在第二季度表現強勁，收入和營業收入均實現了同比增長，為大多數終端市場做出了堅實的貢獻。在發電方面，受資料中心和工業客戶強勁需求的推動，營收年增 31%。訂單到貨速度依然強勁，進一步增加了我們的訂單積壓，為我們今年下半年的業績做好了準備。

We also secured additional project wins for backup and critical power applications reinforcing our leadership in this space. In commercial and industrial markets, revenues rose 5% year-over-year, supported by steady marine repair activity and a modest recovery in on-highway services. These gains reflected both the resilience of our customer base and the effectiveness of our service network.

我們還贏得了備用和關鍵電源應用的更多項目，鞏固了我們在該領域的領導地位。在商業和工業市場，得益於穩定的船舶維修活動和公路服務的溫和復甦，營收年增 5%。這些成長反映了我們客戶群的彈性和服務網絡的有效性。

Operating income increased 24% year-over-year, driven by favorable product mix and ongoing cost control initiatives. In oil and gas, we delivered 180%-plus year-over-year increase in operating income even while revenues declined due to continued softness in conventional activity. This performance was driven by strong execution, disciplined cost management and continued growth in e-frac equipment, which remains the lone bright spot in this challenged market.

受有利的產品組合和持續的成本控制措施的推動，營業收入年增 24%。在石油和天然氣領域，儘管由於常規活動持續疲軟導致收入下降，但我們的營業收入仍比去年同期增加了 180% 以上。這項業績是由強大的執行力、嚴格的成本管理和電子壓裂設備的持續成長所推動的，電子壓裂設備仍然是這個充滿挑戰的市場中唯一的亮點。

Overall, the segment performed well and demonstrated our ability to adapt to shifting demand dynamics and to capitalize on growth opportunities. We did deliver approximately 10% operating margins in the quarter.

總體而言，該部門表現良好，展現了我們適應不斷變化的需求動態和利用成長機會的能力。本季我們確實實現了約 10% 的營業利潤率。

In summary, our second quarter results reflected continued strength in market fundamentals across both segments despite some navigational challenges and some supply delays. In inland marine, favorable market conditions supported higher rates and steady barge utilization. In coastal, industry-wide supply and demand dynamics remain constructive, enabling us to maintain high utilization and the ability to secure meaningful rate increases on term contract renewals.

綜上所述，儘管存在一些航行挑戰和供應延遲，但我們第二季的業績反映出兩個領域的市場基本面持續強勁。在內陸航運方面，有利的市場條件支持了更高的運費和穩定的駁船利用率。在沿海地區，整個行業的供需動態仍然保持良好，使我們能夠保持高利用率，並有能力確保定期合約續約時費率大幅上漲。

In distribution and services, robust demand for power generation, particularly from data centers and industrial customers, largely offset softness in oil and gas, allowing the segment to deliver solid financial performance in a mixed demand environment. We expect positive trends to remain as we move through the back half of this year.

在配電和服務領域，發電需求強勁，特別是來自資料中心和工業客戶的需求，在很大程度上抵消了石油和天然氣的疲軟，使該部門在混合需求環境中實現了穩健的財務業績。我們預計今年下半年積極的趨勢仍將持續。

I'll talk more about our outlook later, but first, I'll turn the call over to Raj to discuss the second quarter segment results and balance sheet in more detail.

我稍後會詳細談論我們的展望，但首先，我會將電話轉給 Raj，更詳細地討論第二季的分部業績和資產負債表。

Thank you, David, and good morning, everyone. In the second quarter of 2025, Marine Transportation segment revenues were $493 million and operating income was $99 million with an operating margin of 20.1%. Total marine revenues, inland and coastal together, increased $7.8 million or 2% compared to the second quarter of 2024, and operating income increased $4.2 million or 4%.

謝謝你，大衛，大家早安。2025 年第二季度，海運部門營收為 4.93 億美元，營業收入為 9,900 萬美元，營業利潤率為 20.1%。與 2024 年第二季相比，內陸和沿海地區的海運總收入增加了 780 萬美元，即 2%，營業收入增加了 420 萬美元，即 4%。

Sequentially, compared to the first quarter of 2025, Total Marine revenues increased 3% and operating income increased 14%. As David mentioned, some navigational and lock delays impacted operations and efficiency in inland. This was offset by solid underlying customer demand, improved pricing and most importantly, execution.

與 2025 年第一季相比，海事總收入成長 3%，營業收入成長 14%。正如大衛所提到的，一些航行和船閘延誤影響了內陸的運作和效率。但這被強勁的潛在客戶需求、改進的定價以及最重要的執行力所抵消。

Looking at the inland business in more detail. The inland business contributed approximately 81% of segment revenue. Average barge utilization was in the low to mid-90% range for the quarter, which was in line with the utilization seen in the first quarter of 2025.

更詳細地了解內陸業務。內陸業務貢獻了分部收入的約81%。本季駁船平均利用率在 90% 左右，與 2025 年第一季的使用率一致。

Long-term inland marine transportation contracts or those contracts with a term of one year or longer, contributed approximately 70% of revenue with 60% from time charters and 40% from contracts of affreightment. Improved market conditions contributed to spot market rates increasing sequentially in the low single digits and in the mid-single-digit range year-over-year.

長期內河運輸合約或期限為一年或一年以上的合約貢獻了約 70% 的收入，其中 60% 來自定期租船合同，40% 來自包運合約。市場狀況改善導致現貨市場運價較上月上漲低個位數，較去年同期上漲中個位數。

Term contracts that renewed during the second quarter were up on average in the low to mid-single digits compared to the prior year. Compared to the second quarter of 2024, inland revenues increased 1%, primarily due to pricing, offsetting the negative impacts of navigational challenges. Sequentially, inland revenues increased 1% compared to the first quarter of 2025 due to better weather conditions. Inland operating margins were in the low 20% range.

與去年同期相比，第二季續約的定期合約數量平均上漲了低至中等個位數。與 2024 年第二季相比，內陸收入成長了 1%，這主要歸功於定價，抵消了航行挑戰帶來的負面影響。由於天氣條件好轉，國內收入與 2025 年第一季相比增長了 1%。內陸地區的營業利益率約在 20% 左右。

Now, I'll move to the coastal business. Coastal revenues increased 3% year-over-year and increased 14% sequentially due to the combined impact of pricing and fewer planned shipyards in the quarter. Overall, Coastal had an operating margins of high teens due to the improved pricing and continued cost leverage. The coastal business represented 19% of revenues for the Marine Transportation segment. Average coastal barge utilization was in the mid- to high 90% range, which is in line with the second quarter of 2024.

現在，我將轉向沿海業務。由於定價和本季計畫造船廠減少的綜合影響，沿海收入年增 3%，季增 14%。總體而言，由於定價的提高和持續的成本槓桿作用，Coastal 的營業利潤率達到了十幾歲的高水準。沿海業務佔海上運輸部門收入的19%。沿海駁船平均利用率在 90% 左右，與 2024 年第二季持平。

During the quarter, the percentage of coastal revenue under term contracts was approximately 100% of which approximately 100% were time charters. Renewals of term contracts were on average higher year-over-year in the mid-20% range.

本季度，定期合約項下的沿海收入比例約為 100%，其中約 100% 為定期租船。定期合約續約率較去年同期高出 20% 左右。

With respect to our tank barge fleet for both the inland and coastal businesses, we have provided a reconciliation of the changes in the second quarter as well as projections for 2025. This is included in our earnings call presentation posted on our website. At the end of the second quarter, the inland fleet had just over 1,100 barges, representing 24.5 million barrels of capacity. We expect to end 2025 with a total of 1,110 inland barges, representing 24.6 million barrels of capacity. Coastal Marine is expected to remain unchanged for the year.

對於我們用於內陸和沿海業務的油駁船隊，我們提供了第二季的變化調節以及 2025 年的預測。這包含在我們網站上發布的收益電話會議簡報中。截至第二季末，內陸船隊擁有 1,100 餘艘駁船，運力達 2,450 萬桶。我們預計到 2025 年底內陸駁船總數將達到 1,110 艘，運力總計 2,460 萬桶。預計今年 Coastal Marine 將維持不變。

Now, I'll review the performance of the Distribution & Services segment. Revenues for the second quarter of 2025 were $363 million, with operating income of $35 million and operating margin of 9.8%. Compared to the second quarter of 2024, the Distribution & Services segment saw revenue increase by $23 million or 7%, while operating income increased by $6 million or 20%. When compared to the first quarter of 2025, revenue increased by $53 million or 17% and operating income increased by $13 million or 57%.

現在，我將回顧一下分銷和服務部門的表現。2025 年第二季營收為 3.63 億美元，營業收入為 3,500 萬美元，營業利益率為 9.8%。與 2024 年第二季相比，分銷與服務部門的收入增加了 2,300 萬美元，即 7%，而營業收入增加了 600 萬美元，即 20%。與 2025 年第一季相比，收入增加了 5,300 萬美元，即 17%，營業收入增加了 1,300 萬美元，即 57%。

In power generation, revenue increased 31% year-over-year, driven by robust sales. Our orders from data centers and other industrial customers for power generation and backup power installation continues to grow. This contributed to a very healthy backlog of power generation projects. Compared to the first quarter of 2025, power generation revenues increased by 35% and operating income increased by 88%. Operating margins for power generation were in the mid to high single digits. Power generation represented 39% of total segment revenues.

在發電方面，受強勁銷售的推動，營收年增 31%。我們來自資料中心和其他工業客戶的發電和備用電源安裝訂單持續成長。這導致發電項目積壓量非常大。與2025年第一季相比，發電收入成長35%，營業收入成長88%。發電業務的營業利潤率處於中高個位數。發電業務佔該部門總收入的39%。

On the commercial and industrial side, activity levels in marine repair remained strong, while there was a modest recovery in our on-highway business. As a result, Commercial and Industrial revenues were up 5% year-over-year and operating income increased 24% year-over-year, driven by favorable product mix and ongoing cost savings initiatives.

在商業和工業方面，船舶維修活動水準依然強勁，而公路業務則略有復甦。因此，在有利的產品組合和持續的成本節約措施的推動下，商業和工業收入較去年同期成長 5%，營業收入較去年同期成長 24%。

Commercial and industrial made up 48% of segment revenues, with operating margins in the low double digits. Compared to the first quarter of 2025, Commercial and industrial revenues increased by 8% on increased activity in marine repair and our on-highway businesses. Operating income was up 46% over the same period, driven by favorable product mix.

商業和工業佔該部門收入的 48%，營業利潤率處於低兩位數。與 2025 年第一季相比，由於船舶維修和公路業務活動的增加，商業和工業收入增加了 8%。受有利的產品組合推動，營業收入同期成長了 46%。

In the oil and gas market, we continue to experience softness in conventional frac-related equipment as lower rig counts temper demand for new engines, transmissions and parts throughout the quarter. This decline in conventional activity was partially offset by ongoing deliveries of e-frac equipment which remains a bright spot in the segment. As a result of this mixed demand environment, revenues declined 27% year-over-year, though they were up 8% sequentially.

在石油和天然氣市場，我們繼續經歷傳統壓裂相關設備的疲軟，因為鑽機數量的減少抑制了整個季度對新引擎、變速箱和零件的需求。常規活動的下降被電子壓裂設備的持續交付部分抵消，電子壓裂設備仍然是該領域的亮點。由於這種混合需求環境，收入同比下降了 27%，但環比增長了 8%。

Importantly, despite the revenue decline, we achieved strong profitability gains with operating income increasing 43% sequentially and 182% year-over-year. These results were driven by continued growth in our e-frac business and the benefit of disciplined cost management initiatives. During the quarter, oil and gas represented 13% of total segment revenue and the business delivered operating margins in the low double digits.

重要的是，儘管收入下降，但我們實現了強勁的獲利成長，營業收入較上季成長 43%，較去年同期成長 182%。這些結果是由我們的電子壓裂業務的持續成長和嚴格的成本管理措施所帶來的好處所推動的。本季度，石油和天然氣業務佔該部門總收入的 13%，且該業務的營業利潤率達到低兩位數。

Now, moving to the balance sheet. As of June 30, 2025, we had $68 million of cash and total debt of around $1.12 billion and our debt-to-cap ratio remained at 24.8% with our net debt-to-EBITDA being just under 1.4 times. During the quarter, we had net cash from operating activities of $94 million, second quarter cash flow from operations was impacted by a working capital build of approximately $83 million, driven by underlying growth in the business in advance of projects, especially in the power generation space.

現在，轉到資產負債表。截至 2025 年 6 月 30 日，我們擁有 6,800 萬美元現金，總負債約 11.2 億美元，我們的負債與資本比率維持在 24.8%，而我們的淨負債與 EBITDA 比率略低於 1.4 倍。本季度，我們的營運活動淨現金為 9,400 萬美元，第二季經營活動現金流受到約 8,300 萬美元營運資本累積的影響，這受到專案前業務潛在成長的推動，尤其是在發電領域。

We expect to unwind some of this working capital as the year progresses. We used cash flow and cash on hand to fund $71 million of capital expenditures or CapEx primarily related to maintenance of equipment. During the second quarter, we also used $31.2 million to repurchase stock at an average price of $94.

我們預計隨著時間的推移，我們將釋放部分營運資金。我們利用現金流量和現金來資助 7,100 萬美元的資本支出或主要與設備維護相關的 CapEx。第二季度，我們還使用了 3,120 萬美元以平均 94 美元的價格回購股票。

As of June 30, 2025, we have total available liquidity of approximately $331.5 million. We remain on track to generate cash flow from operations of $620 million to $720 million on higher revenues and EBITDA for 2025. We still see some supply constraints posing some headwinds to managing working capital in the near term. Having said that, we expect to unwind this working capital as orders shipped in 2025 and beyond.

截至 2025 年 6 月 30 日，我們可用的流動資金總額約為 3.315 億美元。我們仍有望在 2025 年收入和 EBITDA 增加的情況下產生 6.2 億至 7.2 億美元的營運現金流。我們仍然看到一些供應限制在短期內對營運資金管理造成一些阻力。話雖如此，我們預計在 2025 年及以後的訂單發貨時將釋放這筆營運資金。

With respect to CapEx, we now expect capital spending to range between $260 million and $290 million for the year, approximately $180 million to $210 million of CapEx is associated with marine maintenance and capital improvements to existing inland and coastal marine equipment and facility improvements. Approximately $80 million is associated with growth capital spending in both of our businesses. This is a slight decrease from previous expectations as the timing of certain growth initiatives has shifted a bit allowing us to defer some CapEx into 2026.

關於資本支出，我們現在預計今年的資本支出將在 2.6 億美元至 2.9 億美元之間，其中約 1.8 億美元至 2.1 億美元的資本支出用於船舶維護以及對現有內陸和沿海船舶設備和設施的資本改進。我們兩項業務的成長資本支出約為 8,000 萬美元。這比先前的預期略有下降，因為某些成長計畫的時間略有變化，使我們能夠將部分資本支出推遲到 2026 年。

As always, we are committed to a balanced capital allocation approach. We will use this cash flow to opportunistically return capital to shareholders and continue to pursue long-term value-creating investment and acquisition opportunities.

像往常一樣，我們致力於平衡的資本配置方法。我們將利用這筆現金流適時向股東返還資本，並持續尋求長期創造價值的投資和收購機會。

I will now turn the call back over to David to discuss the remainder of our outlook for 2025.

現在我將把電話轉回給大衛，討論我們對 2025 年剩餘前景的展望。

Thanks, Raj. We had a good first half of 2025. That said, the macro environment has become more complex. Recent shifts in trade policy have introduced additional uncertainty, influenced customer purchasing behavior and contributed to softness in select end markets. These dynamics are beginning to affect trade flows in areas like chemicals and are also creating sourcing challenges in our power generation supply chain. We are closely monitoring the evolving macroeconomic and geopolitical landscape and their potential to impact our volumes.

謝謝，拉傑。2025 年上半年我們表現良好。儘管如此，宏觀環境已經變得更加複雜。近期貿易政策的變化帶來了額外的不確定性，影響了客戶的購買行為，並導致部分終端市場疲軟。這些動態開始影響化學品等領域的貿易流動，也為我們的發電供應鏈帶來了採購挑戰。我們正在密切關注不斷變化的宏觀經濟和地緣政治格局及其對我們的銷售的潛在影響。

With that said, we still expect 15% to 25% year-over-year growth in earnings for all of 2025. However, if these trends persist, we could finish the year closer to the lower end of our guidance range with any movement towards the higher end of that range, dependent on improvement in macroeconomic conditions in the second half of this year. While we are taking a prudent view given the current environment, our core businesses remain strong, and we are well positioned to outperform if demand continues.

話雖如此，我們仍然預計 2025 年全年收益將年增 15% 至 25%。然而，如果這些趨勢持續下去，我們今年的業績可能會接近指導範圍的低端，而任何向該範圍高端發展的舉動都取決於今年下半年宏觀經濟狀況的改善。儘管我們在當前環境下持謹慎態度，但我們的核心業務依然強勁，如果需求持續，我們將處於有利地位，能夠表現出色。

Our structural advantages in marine and a growing backlog in power generation provide meaningful upside potential over time. Although the external environment has become less predictable, we remain confident in our ability to adapt, execute and deliver results. We also commit to maintaining capital discipline. With a strong balance sheet and solid free cash flow generation, we are well positioned to invest strategically, whether through selective capital projects, acquisitions or returning capital to our shareholders. This financial strength gives us the flexibility to navigate near-term uncertainty while staying focused on long-term value creation.

我們在海洋領域的結構優勢以及發電領域不斷增長的積壓訂單將隨著時間的推移提供巨大的上升潛力。儘管外在環境變得越來越難以預測，但我們仍然對自己的適應、執行和取得成果的能力充滿信心。我們也致力於維持資本紀律。憑藉強大的資產負債表和穩健的自由現金流，我們有能力進行策略性投資，無論是透過選擇性資本項目、收購或向股東返還資本。這種財務實力使我們能夠靈活地應對短期不確定性，同時專注於長期價值創造。

Diving into the segments a bit. In inland marine, we anticipate constructive market dynamics due to limited new barge construction in the industry, but we are seeing some signs of price moderation at least for now. Term contract rates are expected to continue improving over the long term, driven by the slow pace of new build activity and tight vessel availability. However, spot marketing pricing may come under pressure in the near term if demand softness persists.

稍微深入一下各個部分。在內陸航運方面，由於行業內新駁船建造數量有限，我們預計市場動態將呈現積極態勢，但至少目前我們看到一些價格放緩的跡象。受新建船舶建造活動放緩和船舶供應緊張的影響，長期來看定期合約費率預計將持續改善。然而，如果需求持續疲軟，現貨市場定價可能在短期內面臨壓力。

Barge utilization while still healthy, has moderated slightly entering the third quarter and is now expected to be in the low 90% range for the third quarter. Inflation remains a factor particularly in labor and the industry-wide mariner shortage continues to constrain capacity growth. Overall, inland revenues are expected to grow in the low to mid-single-digit range on a full year basis and operating margins are expected to remain in the low 20% range, assuming no major disruptions from tariffs or order economic conditions.

駁船利用率雖然仍然健康，但進入第三季後略有放緩，預計第三季利用率將處於 90% 的低點。通貨膨脹仍然是一個因素，尤其是在勞動力方面，而整個行業的海員短缺繼續限制運力的成長。總體而言，假設關稅或秩序經濟狀況沒有造成重大干擾，預計全年國內收入將以低至中等個位數增長，營業利潤率預計將保持在 20% 以下。

In coastal, market conditions remain robust, underpinned by limited large capacity vessels available across the industry. This constrained supply side environment is driving pricing momentum and supporting higher term contract prices. Steady customer demand is expected to continue through the second half of the year with our barge utilization in the mid to 90% range. We are seeing improved operating leverage as shipyard activity winds down. With essentially 100% of the coastal fleet on term contracts, we expect a meaningful step-up in both revenues and margins for the remainder of the year.

在沿海地區，市場狀況依然強勁，原因是整個產業可用的大容量船舶有限。這種受限的供應側環境正在推動定價動能並支持更高的定期合約價格。預計下半年客戶需求將持續穩定，駁船利用率將達到 90% 左右。隨著造船廠活動的減少，我們看到經營槓桿有所提升。由於基本上 100% 的沿海船隊都簽訂了定期合同，我們預計今年剩餘時間內的收入和利潤率都將大幅增長。

That said, we remain mindful of ongoing inflationary pressures and labor constraints. For all of 2025, we expect revenues in coastal to increase in the high single to low double-digit range compared to 2024. We also expect coastal operating margins to improve to the mid to high teens range on a full year basis.

儘管如此，我們仍然關注持續的通膨壓力和勞動力限制。我們預計，到 2025 年全年，沿海地區的收入將比 2024 年成長高出個位數至低兩位數。我們也預期沿海地區的營業利潤率將全年提高至十五到十幾個百分點。

In the Distribution and Services segment, results remain mixed across end markets as power generation continues to be a bright spot, fueled by strong sales and orders from data centers and industrial customers, which is helping to offset weakness in other areas.

在分銷和服務領域，終端市場的業績仍然好壞參半，發電繼續成為亮點，這得益於資料中心和工業客戶的強勁銷售和訂單，有助於抵消其他領域的疲軟。

In Commercial And Industrial, the demand outlook in marine repair remains steady. The on-highway service and repair market will still soft is showing signs of bottling them out with modest recovery expected in the second half of this year. In oil and gas, we expect revenues to be down in the high single to low double-digit range as the shift away from conventional frac to e-frac continues to take place and customers continue to maintain considerable capital discipline.

在商業和工業領域，船舶維修的需求前景保持穩定。公路服務和維修市場仍將疲軟，並顯示出復甦的跡象，預計今年下半年將出現溫和復甦。在石油和天然氣領域，隨著從傳統壓裂到電子壓裂的轉變持續進行，以及客戶繼續保持嚴格的資本紀律，我們預計收入將下降個位數至兩位數的低點。

Despite the revenue decline, profitability has improved driven by disciplined cost management and an increase in e-frac deliveries. Overall, the company now expects total segment revenues to be flat to slightly up for the full year, with operating margins in the high single digits.

儘管收入下降，但在嚴格的成本管理和電子壓裂交付量增加的推動下，獲利能力有所提高。總體而言，該公司目前預計全年各部門總收入將持平或略有上升，營業利潤率將達到高個位數。

To conclude, we had a solid first half of 2025 and we have a favorable outlook for the remainder of the year. Our balance sheet is strong, and we expect to generate significant free cash flow this year. In the absence of any acquisitions, we would expect to use the majority of this free cash flow for share repurchases.

總而言之，我們在 2025 年上半年表現穩健，並且對今年剩餘時間的前景看好。我們的資產負債表強勁，我們預計今年將產生大量自由現金流。在沒有任何收購的情況下，我們預計將使用大部分自由現金流來回購股票。

With favorable market fundamentals continuing, we expect our businesses to deliver solid and improving financial results as we move forward through the remainder of this year. And as we look long term, we are confident in the strength of our core businesses and our long-term strategy. We intend to continue capitalizing on strong market fundamentals and driving shareholder value creation.

隨著市場基本面持續向好，我們預計我們的業務將在今年剩餘時間內實現穩健且不斷改善的財務表現。從長遠來看，我們對我們的核心業務和長期策略的實力充滿信心。我們打算繼續利用強勁的市場基本面並推動股東價值創造。

Operator, this concludes our prepared remarks, and we are now ready to take questions.

接線員，我們的準備好的發言到此結束，現在我們可以回答問題了。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

This is Reed Seay on for Daniel. I'd like to start on the inland side of the business. Obviously, capacity continues to be in a great spot. That's been a case for a little here. But now you're talking about softness in the spot market. I was just hoping you could delve a little bit more into the demand side of that business. Obviously, we know the macro headlines and everything, but just want to get more of your thoughts. And if you could update us on spot pricing in July as it compares to June.

我是 Reed Seay，代替 Daniel。我想從內陸業務開始。顯然，產能仍然處於良好狀態。這種情況已經持續了一段時間。但現在您談論的是現貨市場的疲軟。我只是希望您能夠更深入地了解該業務的需求方面。顯然，我們了解宏觀頭條新聞和一切，但只是想了解更多您的想法。您能否向我們介紹一下七月與六月相比的現貨價格？

Sure. Yeah. Well, thanks for the question, Reed. Look, the second quarter was good. It was strong. We were in the low to mid-90s in terms of utility, we saw margins on the inland side up sequentially. But as we entered July, this chemical malaise is finally starting to catch up with us. Our chemical customers have been fighting a negative tape for at least the last year or so, but their volumes had held up. But starting in July, we've started to see that volume pull back. I'm sure you can listen to the major public chemical companies. Their outlook and the results were pretty sanguine or almost dismal in some respects.

當然。是的。嗯，謝謝你的提問，里德。看，第二季表現不錯。它很強大。就效用而言，我們的利潤率處於 90 年代中期，我們看到內陸地區的利潤率連續上升。但隨著我們進入七月，這種化學不適感終於開始困擾我們。我們的化學品客戶至少在過去一年左右的時間裡一直在與負面記錄作鬥爭，但他們的銷售一直保持穩定。但從七月開始，我們開始看到交易量回落。我相信您可以聽聽各大上市化工公司的聲音。他們的前景和結果相當樂觀，或者在某些方面幾乎令人沮喪。

So we've seen a little bit of that. I would caution and just say it is just a little, our guidance for the third quarter is still 90% -- around 90% utility. So it's not a huge pullback, but it's enough that we had to be a little more cautious. Kirby, we're going to stay very disciplined on pricing. But with a little softness out there, we could see some pressure or moderation on spot pricing. That said, we did increase spot pricing in the second quarter and term pricing, both sequentially and year-over-year.

我們已經看到了一點這樣的情況。我要提醒的是，這只是一點點，我們對第三季的指導仍然是 90%——大約 90% 的效用。因此，雖然這不是一次巨大的回調，但足以讓我們更加謹慎。柯比，我們將對定價保持嚴格紀律。但由於市場略顯疲軟，我們可能會看到現貨價格面臨一些壓力或放緩。也就是說，我們確實在第二季提高了現貨定價和定期定價，無論是環比還是同比。

But to give you a little more color, I'm going to turn it over to Christian on some of the details on some of the commodity moves and he can give you a little more color.

但為了讓你更清楚地了解一些情況，我會把一些有關商品走勢的細節交給克里斯蒂安，他可以為你提供更多的資訊。

Yeah. Thank you, David. Let me try to unpack, I guess, a little bit of what we're seeing in the windshield in July. Keep in mind that as we get into July, typically, we see a little bit of a seasonal slowdown in utility. This is a direct result of usually improving weather conditions. It creates a little more availability. So there is a seasonal piece to July being a little bit softer. We've seen that for a very long time.

是的。謝謝你，大衛。我想，讓我試著解釋一下我們在七月的擋風玻璃上看到的情況。請記住，進入 7 月時，我們通常會看到效用出現季節性放緩。這是天氣狀況不斷改善的直接結果。它創造了更多的可用性。因此，七月的銷售略微疲軟，這是季節性因素造成的。我們已經看到這個現像很久了。

David talked about our chemical customers well, they're in a challenging market. They're trying to navigate the geopolitical and macro and tariffs and some of those uncertainties. And it's created a lot of complexity for them, but the thesis that their Gulf Coast assets, assets, the US assets are the strongest in their portfolio continues. You saw some closures in Europe, some pain for them. And they're just in a complex world right now in the macro chemical world and the exportation of some of the resin out of the Gulf.

大衛很好地談到了我們的化學品客戶，他們正處於一個充滿挑戰的市場。他們正試圖應對地緣政治、宏觀、關稅等一些不確定因素。這給他們帶來了許多複雜性，但他們的墨西哥灣沿岸資產、資產和美國資產是其投資組合中最強的資產這一論點仍然成立。你看到歐洲出現了一些關閉的情況，這給他們帶來了一些痛苦。他們現在正處於一個複雜的世界，宏觀化學世界和墨西哥灣地區的部分樹脂出口之中。

Keep in mind the chemical business hasn't been that great for a while now. They've been in a downturn for at least a year. And we've had good solid results despite that kind of global chemical market. And the way I look at it is they're challenged by the macro. Any improvement in GDP, the macro housing starts, auto, any of that stuff kind of stabilizes.

請記住，化學品業務已經有一段時間不太景氣了。他們的經濟低迷至少已經一年了。儘管全球化學品市場如此，我們仍然取得了良好且穩健的表現。我認為他們面臨著宏觀的挑戰。GDP、宏觀新屋開工、汽車等任何方面的改善都會使情況趨於穩定。

I think it represents probably an opportunity for us, I'll pivot out to the refining side. I'm pleased to see that refinery utilization was strong. Run rates are strong, particularly in Pad 3. However, once again, the sort of geopolitical environment, the tariff environment, has impacted other refiners in Pad 3, talking to our friends in the refining industry, they'll tell you that their crude slate has lightened up quite a bit in the last few quarters.

我認為這對我們來說可能是一個機會，我將轉向煉油方面。我很高興看到煉油廠的利用率很高。運行率很高，特別是在 Pad 3。然而，地緣政治環境、關稅環境再次影響了 3 號油田的其他煉油廠，與我們煉油廠的朋友交談後，他們會告訴你，過去幾個季度他們的原油庫存已經減少了不少。

That means some of that waterborne heavier crude oil, the my in Mexican barrel, the Venezuelan barrel, the Canadian heavy barrel, some of that has been displaced for abundant lighter, tighter US. Permian or domestic crude. Naturally, what we do in the barge business is we move a lot of the heavy and medium feedstocks intra refinery. We help balance and optimize the refining complex. That's a big part of our business. When the crude slates lighten up, it takes some of those barrels out of the barge and into the pipeline.

這意味著，部分水運重質原油，例如墨西哥原油、委內瑞拉原油和加拿大重質原油，已被更輕質、更緊密的美國原油取代。二疊紀或國內原油。當然，我們在駁船業務中所做的就是在煉油廠內運輸大量重質和中質原料。我們幫助平衡和優化煉油綜合體。這是我們業務的重要組成部分。當原油變輕時，一些原油就會從駁船上運出並送入管道。

PAD II-refineries typically like that heavy barrel and we'll watch that very closely, but I think you see some things like Chevron being able to hopefully import for Venezuela, again, some of the macro geopolitical stuff enabling the heavier Mexican barrel and some of the Canadian barrels to come back in. That will be a good thing for us in the barge business. But despite what you might call, a little bit of headwinds in July, I mean, you hit it, Reed, when you referenced it, the supply side picture is still very good, and David referenced that. The supply side picture is still very good, and we can go into more detail about that later on in the call.

PAD II 煉油廠通常喜歡那種重桶原油，我們會密切關注，但我認為你會看到像雪佛龍這樣的公司有望為委內瑞拉進口原油，同樣，一些宏觀地緣政治因素使得更重的墨西哥原油和一些加拿大原油能夠重新進口。這對我們的駁船業務來說是件好事。但是，儘管您可能會說 7 月出現了一些逆風，我的意思是，里德，當您提到這一點時，供應方面的狀況仍然非常好，大衛也提到了這一點。供應方面的狀況仍然很好，我們可以在稍後的電話會議中更詳細地討論這一點。

Got it. That's great color. And then I just wanted to touch on the power generation side. Obviously, a great quarter for that segment. You talked about stronger demand and business wins. When we look at the revenue for the second quarter, is that a lot of down payments or did you have some deliveries come through this quarter that helped out those results?

知道了。顏色真棒。然後我只想談談發電方面。顯然，對於該領域來說，這是一個出色的季度。您談到了更強勁的需求和商業勝利。當我們查看第二季的收入時，是否有大量的預付款，或者本季是否有一些交付有助於實現這些結果？

Yeah. No, it was deliveries. As you've heard, we've had delays in prior quarters of some of our supply chain, particularly some larger engines. And we've started to get that and we've started to move the pig through the pipeline, so to speak, and are starting to ship some of these big power gen orders. And that said, I think third quarter will be a strong quarter for shipments for us. But I would caution you, remember that power gen is going to be lumpy. These are big orders and they come in lumpy and the deliveries can be lumpy.

是的。不，是送貨。正如您所聽到的，我們的部分供應鏈在前幾個季度出現了延遲，特別是一些較大的引擎。我們已經開始得到這些，並且已經開始透過管道移動清管器，可以這麼說，我們已經開始發送一些大型發電訂單。話雖如此，我認為第三季將是我們的出貨量強勁的一個季度。但我要提醒你，記住發電量將是不穩定的。這些都是大訂單，訂單量很大，交貨也可能不定期。

That said, the growth we're seeing is tremendous. Even with a heavy shipment quarter here in the second quarter and one anticipated in the third quarter, our backlog has grown. Our backlog in the second quarter probably jumped 15% to 20%. We're still taking orders. This power gen thing is real.

話雖如此，我們看到的成長是巨大的。即使第二季出貨量很大，並且預計第三季也會出貨量很大，但我們的積壓訂單仍然有所增加。我們第二季的積壓訂單可能增加了 15% 至 20%。我們仍在接受訂單。這種發電裝置是真實存在的。

We're not an AI play for sure, but we are benefiting in our power gen side of our D&S business. And it's been nice. We've been working on our cost structure, too. You probably saw our margins are creeping up. Christian has really got the team laser-focused on cost and throughput performance. So that is starting to pay off. So we're pretty excited about where D&S is and where they're positioned right now.

我們肯定不是人工智慧公司，但我們在 D&S 業務的發電方面受益匪淺。這感覺很棒。我們也一直在努力改善我們的成本結構。您可能已經看到我們的利潤率逐漸上升。克里斯蒂安確實讓團隊專注於成本和吞吐量效能。所以這開始產生回報了。因此，我們對 D&S 的現狀和定位感到非常興奮。

Yeah, David, I might add one thing just to give a shout out. At the D&S team right now, you see a steady drumbeat and pattern of improvement. The team's embraced the hard work of changing and continuous improvement, lean manufacturing. We've got a hard-working team who are humble enough to know that we continue to do it better, and they had a great quarter in Q2, and I predict that truly the best is yet to come. Team's executing at a very high level right now. Very proud to be working with them.

是的，大衛，我可能會補充一點，只是為了大聲喊出來。現在，在 D&S 團隊中，你可以看到穩定的節奏和進步的模式。該團隊致力於變革和持續改進以及精益製造的艱苦工作。我們擁有一支勤奮的團隊，他們非常謙虛，知道我們會繼續做得更好，他們在第二季度表現出色，我預測最好的還在後頭。目前團隊的執行水準非常高。非常榮幸能與他們合作。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Sorry, a lot of calls going on at the same time, lot of earnings out. So I just want to understand kind of the messaging here. you moved to the lower end of the 15% to 25% growth target. Christian, I hear you on kind of the shifting demand on the last answer for spot price weakness that you saw maybe toward the June. But I guess I'm getting conflicting reports on what's going on here lately in the second half of July.

抱歉，同時有很多電話在進行，很多收益都流出。所以我只是想了解這裡的資訊。你已經移到 15% 到 25% 成長目標的下限了。克里斯蒂安，我聽說您對現貨價格疲軟的最後一種答案的需求發生了變化，您可能在六月就看到了這種變化。但我想我收到的關於七月下半月這裡發生的事情的報道是相互矛盾的。

And I know it's recency, but some customers are saying it continues to deteriorate. It's getting softer. Some are saying -- seeing some sort of a rebound, maybe you could just give kind of an update, a little bit more detail on that? And then thoughts on the margin impact, right? What's driving the move to the bottom end of the range? Is it just the inland because you got great cost-wise and and other.

我知道這是最近的事，但一些顧客說它繼續惡化。它變得越來越柔軟。有人說——看到了某種反彈，也許您可以提供一些最新消息，更詳細地介紹一下？然後考慮利潤率的影響，對嗎？是什麼原因導致價格跌至該範圍的底端？只是因為內陸地區具有很高的成本優勢和其他優勢嗎？

No, Ken, let me be very clear on the low end, and I'll let Christian talk more about the kind of what we're seeing in July. And you're right, there is some bright spots and some weak spots. But just on the guidance, if demand stays muted like it is in chemicals, we're probably closer to the end, the lower end. That said, it doesn't take much to get that demand back up a little more in housing starts, a little more auto and then our domestic chemical routes will increase. And we could also see this heavier feedstock slate come back into the refineries, which would tighten up demand a little.

不，肯，讓我非常清楚地談談低端情況，我會讓克里斯蒂安更多地談談我們在七月份看到的情況。你說得對，確實有亮點，也有不足之處。但僅根據指導，如果需求像化學品一樣保持低迷，我們可能更接近末端，即低端。也就是說，不需要花太多精力就能讓房屋開工量、汽車產量和國內化學品路線的需求再回升一點，然後就會增加。我們還可以看到這種較重的原料重新進入煉油廠，這將稍微收緊需求。

So it's not a foregone conclusion we're at the low end. It's just if demand stays kind of where it is right now, we're probably likely to be there. It not going to take much to get us back blowing and going again because the supply side is so tight.

因此，我們處於低端並不是一個定論。如果需求維持在目前的水平，我們很可能就會達到這個水平。由於供應面非常緊張，我們不需要花太多錢就能重新開始運作。

But let me give it back to Christian on some of the nuances around the products and whatnot.

但是，請容許我把有關產品和其他方面的一些細微差別交還給克里斯蒂安。

Yeah. Thanks, David. I would subscribe to your channel checks that are more optimistic in the latter half of July. So I think in early July, you usually see a lot of the traders and other folks are on vacation around the fourth of July, you typically see a slowdown just based around that and the trading activity, coupled with good summer conditions where we're making a lot of miles, you create a lot of barge availability. I will tell you, I feel better about where we are. I can't speak to the other barge lines in late July versus where we were in early July, if that answers your question.

是的。謝謝，大衛。我會訂閱您的頻道，對七月下半月的前景進行更樂觀的檢查。因此，我認為在七月初，你通常會看到很多貿易商和其他人在七月四日左右休假，你通常會看到基於此和貿易活動的放緩，再加上良好的夏季條件，我們可以航行很多英里，所以會有大量駁船可用。我會告訴你，我對我們現在的處境感覺更好。如果這回答了您的問題，我無法談論 7 月底其他駁船航線與 7 月初的狀況。

It does. Just -- yeah, I guess, conflicting reports on such an important part of the business for what's going on now. And then on cost-wise, you've kind of broken a real barrier, Dave, you kind of were talking for a while about the potential for margins to beat inland. And now with low 20s on inland and upper teens at coastwise, you're almost there. What if this weakness or I guess this status quo persists on the inland and it just holds this does that mean we're not going to see that second half ramp in margins that we expected? And is there a chance then that coastwise catches it and surpasses it?

確實如此。只是——是的，我想，對於現在正在發生的如此重要的業務部分，存在著相互矛盾的報道。然後從成本方面來說，你打破了一個真正的障礙，戴夫，你剛剛談到了利潤率超越內陸的潛力。現在內陸地區氣溫已降至 20 多度，沿海地區氣溫已升至 10 多度，您就快到達目的地了。如果這種弱點或我猜測的現狀在內陸地區持續存在，並且一直保持下去，這是否意味著我們不會看到下半年利潤率如我們預期的那樣上升？那麼 Coastwise 是否有機會趕上並超越它？

Yeah. Let me break it down a little bit. On the inland side, about 60% of what we move is petrochemicals, on the coastwise side, it's more like 10%. So coastwise has -- they're not feeling that chemical pinch and demand that we are on the inland side. But that said, we still think margins are going to be a slow march upward on the inland side. We're just not as bullish given the chemical demand that we're seeing right now. We are very bullish on coastal, and it's just so supply constrained, right. Even if somebody wanted to build new equipment on the coastal side, it's three years before you'd see anything.

是的。讓我稍微分析一下。在內陸地區，我們運輸的大約 60% 是石化產品，在沿海地區，這一比例約為 10%。因此，沿海地區沒有感受到內陸地區的化學壓力和需求。但話雖如此，我們仍然認為內陸地區的利潤率將會緩慢上升。考慮到我們目前看到的化學需求，我們並不那麼樂觀。我們對沿海地區非常看好，但供應卻非常有限，對吧。即使有人想在沿海地區建造新設備，也需要三年才能看到任何東西。

Now, that said, it's pretty constructive on the supply side for inland as well. Just to give you some numbers, the planned build this year was about 52 inland barges. We think 27 inland barges have been delivered so far this year, and our estimate is about 35 have been retired. So we actually have a net decline in inland barges.

話雖如此，這對於內陸地區的供應方面來說也相當有建設性。僅舉幾個數字，今年計劃建造約 52 艘內陸駁船。我們認為今年迄今已交付了 27 艘內河駁船，並且估計約有 35 艘已經退役。因此，我們的內陸駁船數量實際上出現了淨下降。

So we're very constructive on the supply side. It's just this little demand pullback that we're seeing. And again, it's little -- we're still talking about on average around 90% utility for the third quarter. Yeah, we're very disciplined on pricing, but we're also cognizant that the others may feel a little different than that.

因此，我們對供應方面非常有建設性。我們看到的只是輕微的需求回落。再說一次，它很小——我們仍然在談論第三季平均約 90% 的效用。是的，我們在定價方面非常嚴格，但我們也意識到其他人的感受可能會有所不同。

I don't know, I rambled a bit there. I hope that answered your question, Ken.

我不知道，我只是稍微說了一下而已。我希望這回答了你的問題，肯。

No, it does. I'm just trying to figure out if we're going to see that reality of coast-wise surpassing inland on the margin side, right? I get what's going on in the inland side, the scale and the bounce up on coastwise has been tremendous.

不，確實如此。我只是想知道我們是否會看到沿海地區邊緣地區超過內陸的現實，對嗎？我了解內陸地區正在發生的事情，其規模和沿海地區的反彈都是巨大的。

Yeah, we'd be happy to get coastal margins very high. But yeah, you know the big earnings power isn't on the inland side, as you know. It's just that much larger than the coastal side.

是的，我們很高興沿海地區的利潤率很高。但是，是的，你知道，巨大的獲利能力並不在內陸地區。它只是比沿海地區大得多。

And I'm sorry, just one last follow-up. Did I miss what did you say what inland revenues would grow year-over-year for going forward for the third quarter or was that just part of the earnings range?

很抱歉，我只想問最後一次問題。我是否錯過了您所說的第三季度國內收入將同比增長多少，或者這只是盈利範圍的一部分？

Go ahead, Kurt. What do we --

繼續吧，庫爾特。我們做什麼--

Yeah, Ken, we didn't give a specific for the third quarter, but we gave you the full year. So we'll be in the low to mid-single digits there for the full year.

是的，肯，我們沒有給出第三季的具體數據，但我們給了你全年的數據。因此，全年我們的收入將處於低到中等個位數。

Greg Lewis, BTIG LLC.

格雷格·劉易斯（Greg Lewis），BTIG LLC。

Raj, I guess my first question is I think I heard in the prepared remarks that you guys made some decisions to defer some CapEx. Could you talk a little bit about that decision and kind of what maybe what was driving that, that you're seeing in the market?

Raj，我想我的第一個問題是，我認為我在準備好的發言中聽到了，你們做出了一些推遲一些資本支出的決定。您能否簡單談談這個決定以及是什麼原因推動了這個決定，以及您在市場上看到了什麼？

No. So this is just related to some of our growth-related CapEx and some of these projects push out, right? So it's not -- some of it, why we brought down the CapEx numbers because some of it probably get deferred into 2026. And so we just wanted to highlight that.

不。所以這只是與我們的一些與成長相關的資本支出以及其中一些項目的推出有關，對嗎？所以，我們降低資本支出數字的原因並不是因為其中一部分可能會延到 2026 年。所以我們只是想強調這一點。

The important thing, Greg, is our free cash flow number is going up. And in terms of capital allocation, you should see us continue to pursue buying back our stock. We like where our stock is. Of course, it's a balancing act. As I've always said, we're always looking at acquisitions. So we'll have to manage through that. But absent any acquisitions, you should see us continue to buy back our stock.

格雷格，重要的是我們的自由現金流數字正在上升。在資本配置方面，您應該會看到我們繼續回購股票。我們喜歡我們的股票所在位置。當然，這是一種平衡行為。正如我一直說的，我們一直在尋找收購機會。所以我們必須設法解決這個問題。但如果沒有任何收購，你應該會看到我們繼續回購我們的股票。

Yeah, Greg, let me pile in here. Raj, took up free cash flow guidance by $50 million this quarter. Part of that is deferral, part of it is just -- we're just generating more cash as business improves and as the power gen stuff starts to deliver. We have a lot of working capital there.

是的，格雷格，讓我加入。Raj 本季獲得了 5000 萬美元的自由現金流指引。其中一部分是延期，一部分只是——隨著業務的改善和發電產品開始交付，我們正在產生更多的現金。我們在那裡有大量營運資金。

So look, you know what we prefer with our free cash flow. We love to buy other companies, particularly marine companies. But as you know, those are hard to predict, and then the absence of that, as Raj was saying, we like where our stock is, and you could see us use the majority of our free cash flow, absent an acquisition to buy back stock.

所以，您知道我們對自由現金流的偏好是什麼。我們喜歡收購其他公司，尤其是海洋公司。但正如你所知，這些很難預測，然後就像 Raj 所說的那樣，我們喜歡我們的股票所在位置，你可以看到我們使用了大部分自由現金流，沒有收購來回購股票。

Okay. Yeah. No, that's been pretty consistent messaging around that. And then my other question was, you mentioned that it looks like on the inland barge new build side, there's not a lot -- there's a mill, are very few barges under construction, but I felt like you said that maybe pricing was maybe coming down. And I realize steel is not coming down. So kind of curious what's maybe putting some of that downward pressure on new build barge pricing?

好的。是的。不，這是關於這一點相當一致的訊息。然後我的另一個問題是，您提到看起來內陸駁船新建方面沒有太多——有一個工廠，很少有駁船在建，但我覺得您說價格可能正在下降。我意識到鋼鐵價格不會下跌。所以有點好奇什麼可能會對新建駁船的價格造成下行壓力？

I don't know that we said that new barge build pricing was coming down, we're not hearing that. I'm still seeing clean barges, 4.5, heaters, 5, 7, 10-Ks 22 ballpark-ish, give or take, a couple of hundred depending on the bells and whistles that you put on them. But I would tell you that steel is still stubbornly high and really the labor component of shipyards has not changed. My conversations with the shipyards in recent times, I don't see any significant decrease in the price of the tank barge and nor on the offshore.

我不知道我們是否說過新駁船建造價格會下降，我們沒有聽到這個消息。我仍然看到乾淨的駁船，4.5，加熱器，5，7，10-Ks 22 左右，大約幾百個，取決於你放在上面的花哨東西。但我要告訴你，鋼鐵價格仍居高不下，造船廠的勞動成分其實並沒有改變。最近我與船廠的對話中發現，油駁船和近海油田的價格並沒有明顯下降。

Okay. And so realizing that Kirby is probably more disciplined than others. But as Kirby views it, I feel like on previous calls, you kind of pointed to 20% plus from new build economics, just looking around that, I imagine not much has changed in terms of that.

好的。因此我們意識到柯比可能比其他人更有紀律。但正如柯比所認為的那樣，我覺得在之前的電話會議中，您提到了新建經濟效益的 20% 以上，只是環顧四周，我想在這方面並沒有太大的變化。

Yeah, it's probably more like 35%, 40% to get to the -- to make sense to build something, a full new -- with a new towboat plus two new barges, a two-piece.

是的，可能更像是 35% 或 40% 才能達到 — — 建造一艘全新的 — — 包括一艘新拖船和兩艘新駁船，兩件套。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

So just looking back at Q2, and what was like a pretty strong environment, the inland contracts increased low to mid-single digits. It feels like we've been in that sort of low to mid-range last few quarters. Why don't you think in a stronger environment we've seen better than that? And how do you think about contract pricing in what now maybe is a little bit of a softer environment? And how does that change your views about where you think ultimately these inland margins can go? Like do you think the low 20% range is sort of where we're going to go this cycle or do you think that there's still some upside beyond that?

因此，回顧第二季度，在相當強勁的環境下，內陸合約的增幅達到低至個位數。感覺過去幾季我們一直處於這種低至中等水平。為什麼你不認為在更強大的環境下我們見過比這更好的情況呢？在目前可能稍微寬鬆的環境下，您如何看待合約定價？這如何改變您對這些內陸邊緣最終走向的看法？例如，您是否認為 20% 的低位是我們本輪週期的預期範圍，或者您認為在此範圍之外仍有上行空間？

I definitely think there's still plenty of upside. Let me just talk a little bit about pricing. We approach our customers with a reasoned approach on pricing. It's hard to go to some of these big chemical customers that are having really dire strait times and say, hey, look, you're going to pay this or else. We work with them. It's a partnership, it is supply and demand, and we outlined that. And we outlined our labor costs and inflation are going up but it's a reasoned slow approach.

我絕對認為還有很大上升空間。讓我簡單談談定價問題。我們以合理的定價方式對待客戶。很難找到那些正處於困境中的大型化學客戶並對他們說，嘿，看，你必須付錢，否則的話。我們與他們合作。這是一種合作關係，是供需關係，我們已經概述了這一點。我們概述了我們的勞動成本和通貨膨脹正在上升，但這是一種合理的緩慢方法。

These are big, sophisticated customers and you're not going to take advantage of these big guys, and we're not trying to. We -- these are partnerships. So slow and steady is what we like. I do think -- I still believe the inland cycle will get into the high 20s in terms of margin. This little pause we're having now, it's not really a pause so much. I mean, just last quarter, we raised prices. So we'll see what happens this quarter.

這些都是規模龐大、經驗豐富的客戶，你不會利用這些大客戶，我們也不會試著這麼做。我們──這些都是合作關係。所以我們喜歡慢慢來。我確實認為——我仍然相信內陸週期的利潤率將達到 20% 以上。我們現在所經歷的這個小停頓，其實並不是真正的停頓。我的意思是，就在上個季度，我們提高了價格。因此我們將看看本季會發生什麼。

It's going to be a slow, steady rise. We're comfortable with that. Look, rates are up 50% since 2022. So they needed to come up. And as we just said, they need another 40% or so, 35% to 40% before you get a return on new capital to build new barges. So it's slow and steady is what I'd say, Scott, we're happy with slow and steady.

這將是一個緩慢而穩定的上升過程。我們對此感到滿意。你看，自 2022 年以來利率已經上漲了 50%。所以他們需要上來。正如我們剛才所說，他們還需要大約 40%、35% 到 40% 的資金才能獲得建造新駁船的新資本回報。所以我想說的是，慢慢來，史考特，我們對慢慢來很滿意。

Okay. That's helpful. And then I know there was already a question on M&A, but when you think about balancing M&A and buyback, is there sort of -- how much capital, do you see potentially to deploy? And when you think about M&A, what feels more likely between something large or some smaller things.

好的。這很有幫助。然後我知道已經有一個關於併購的問題，但是當您考慮平衡併購和回購時，您認為有多少資本可以部署？當您考慮併購時，大型併購和小型併購哪一個更有可能發生？

Yeah, Boy, it's just so hard to predict on M&A. As you saw earlier this year, we bought some barges and boats for about $100 million, a little less. That used to think of that as a large acquisition. Now, that's a small acquisition.

是的，小伙子，預測併購真的太難了。正如您今年早些時候看到的，我們花費約 1 億美元（略少一點）購買了一些駁船和船隻。過去人們認為這是一場大型收購。現在，這是一次小規模的收購。

Yeah, look, we're in favor of any acquisition. Obviously, the larger the better for us, but they're just hard to predict. If you handicap where we're going to do an acquisition, I would say, it's most likely in the inland side. And frankly, that's where we want it to be. We have the most synergy potential and the most ability there to feather it in to serve customers better. So we prefer the inland side.

是的，看，我們贊成任何收購。顯然，對我們來說越大越好，但它們很難預測。如果您要限定我們在哪裡進行收購，我想說，最有可能的是內陸地區。坦白說，這正是我們想要的。我們擁有最大的協同潛力和最強的能力來更好地服務客戶。所以我們比較喜歡內陸地區。

And yeah, there's a gamut. It could be a small barge line all the way up to the larger ones. We're agnostic. We would prefer a larger one just because that would be better for us in the big picture. But again, it's hard to predict them. We look at a lot of them. And sometimes we get blacked out and we can't go after our stock because we're looking at something material and other times, the bid offer spread so far apart, it doesn't matter. So I'm rambling a bit, but it's as you know, it's very hard to predict acquisitions.

是的，有一個範圍。它可以是一條小型駁船線，也可以是一條大型駁船線。我們是不可知論者。我們更喜歡更大的，因為從總體上看，這對我們更有利。但同樣，預測它們很困難。我們看了很多。有時我們會陷入困境，無法追逐我們的股票，因為我們正在關註一些重要的事情，而其他時候，買賣報價相差甚遠，這並不重要。我有點離題了，但如你所知，預測收購是非常困難的。

(Operator Instructions) John Daniel, Daniel Energy Partners.

（操作員指示）約翰·丹尼爾，丹尼爾能源合作夥伴。

Just one question this morning. When you think about the frac market, there's lots of data which shows who still plays in the market, so guys like making make calls and get a pretty good sense as to which companies are building new ,who's actively refurbing and/or who might be building out electric, etc, etc.

今天早上只有一個問題。當你考慮壓裂市場時，有大量數據可以顯示誰仍在市場中發揮作用，因此人們喜歡打電話並很好地了解哪些公司正在建造新項目，哪些公司正在積極翻新和/或哪些公司可能正在建造電力設施等。

When it comes to power demand for things like data centers, this is a bit of a black box to dump OFS guys like myself. So my question is rather simple. When you look at the power side of the business, how many quotes are you giving today to potential customers versus maybe 6 to 12 months ago? How many of those people are outside of traditional oil and gas? And then how many of those quotes would be to what you would consider a legitimate buyer sort of long-winded? That's three questions.

當談到資料中心等設施的電力需求時，對於像我這樣的 OFS 人員來說，這有點像一個黑盒子。所以我的問題很簡單。當您查看業務的電力方面時，與 6 到 12 個月前相比，您今天向潛在客戶提供了多少報價？其中有多少人不屬於傳統石油和天然氣產業？那麼，對於您認為合法的買家來說，這些報價中有多少是冗長的？這是三個問題。

So we'll break it down a bit. Yeah. Most of the quotes, if not, I wouldn't say all because that would be an exaggeration, but most of them are data center or prime power outside of oilfield. Data center is the biggest area for power gen. And then -- but yeah, look, I mean last quarter, we took an order for the New York Stock Exchange for backup power. Everybody needs backup power and the data needs are driving that, to be honest, but it's very little is oilfield.

因此我們將稍微分解一下。是的。大多數報價，如果不是，我不會說全部，因為那太誇張了，但大多數都是油田外的資料中心或主要電源。資料中心是發電的最大區域。然後——但是是的，看，我的意思是上個季度，我們接到了紐約證券交易所的備用電源訂單。每個人都需要備用電源，老實說，數據需求正在推動這一點，但油田卻很少。

We did talk about our oil and gas segment being up nicely in terms of profit, but that's on a very low base, and we attributed to e-frac the profit we had. But those are more like electric backside equipment like blenders and stuff like that, that augment some of the electric fleets out there. But the bulk, I would say, probably 95% of our orders are outside -- 95% of our orders for Power Gen are outside of oil and gas.

我們確實談到我們的石油和天然氣部門在利潤方面取得了不錯的成長，但這是在非常低的基礎上實現的，我們將我們的利潤歸功於電子壓裂。但這些更像是電動後端設備，像是攪拌機之類的東西，可以增強現有的一些電動車隊。但我想說，我們 95% 的訂單都來自外部——我們 Power Gen 的 95% 的訂單都來自石油和天然氣行業之外。

Okay. And would you say the inquiries are accelerating still?

好的。您認為調查仍在加速進行嗎？

Yeah. We had a pretty good shipment quarter and our backlog jumped 15% to 20% just this quarter. The number of bids continue. You do worry about a bubble in this power gen stuff, but everything we keep hearing and talking to our customers, these data centers, whether it's hyperscalers or co-locators continue to build.

是的。本季我們的出貨量相當不錯，光是本季我們的積壓訂單就成長了 15% 至 20%。投標數量持續增加。你確實擔心發電領域會出現泡沫，但我們不斷聽到的和與客戶交談的一切，這些資料中心，無論是超大規模資料中心還是主機託管資料中心，都在繼續建造。

Yeah, we're enjoying it right now. It is supply constrained. There is some serious supply constraints. You just can't get as many engines as you can sell. But that's okay. We're happy with where we're at right now and and we continue to build the backlog. And frankly, as Christian mentioned, the KDS manufacturing team has really gotten into lean manufacturing in a big way, and our throughput is improving.

是的，我們現在很享受。供應受到限制。存在一些嚴重的供應限制。你獲得的引擎數量無法與你能銷售的數量相提並論。但沒關係。我們對目前的狀況感到滿意，並且會繼續累積經驗。坦白說，正如克里斯蒂安所提到的，KDS 製造團隊已經真正大規模地進入精益製造領域，我們的產量正在提高。

Okay. I'm going to squeeze one more and sorry I lied to you. Is there any opportunities for this power gen that you're seeing internationally? Do you get calls from international buyers or is it just domestic?

好的。我要再擠一次，對不起，我騙了你。您是否認為這種發電方式在國際上有任何機會？您有接到國際買家的電話嗎？還是只接到國內的？

I would say it's almost all domestic. There are some potential actually on the oil and gas side for e-frac. But all the power gen stuff is really domestic.

我想說幾乎都是國內的。實際上，石油和天然氣領域在電子壓裂方面具有一定的潛力。但所有發電設備其實都是國產的。

This concludes the question-and-answer session. I would now like to turn it back over to Kurt Niemietz for closing remarks.

問答環節到此結束。現在我想把發言權交還給庫爾特·尼米茨 (Kurt Niemietz)，請他作最後發言。

Thank you, Amber, and thank you, everyone, for joining us today. As always, feel free to reach out to me throughout the day for any follow-up questions.

謝謝你，Amber，也謝謝大家今天加入我們。像往常一樣，如有任何後續問題，請隨時與我聯繫。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。