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KEX - Kirby: Profitability Likely To Be Dampened Avoid
Kirby Corporation
2023-05-02 23:57:23 ET
Summary
Although the company returned to profitability in 2022, the level of profitability was still about $160 million lower than it was 8 years prior.
The company will be rolling 32% of its debt this year. If you've been paying attention, you know interest rates are relatively high at the moment. This will dampen profitability.
In spite of all of this, the market is paying a premium for this low-growth business. This is a bad combination in my view.