Kirby Corporation (KEX)

Operating profit margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating income	US$ in thousands	399,097	335,092	-159	-126,898	-71,377
Revenue	US$ in thousands	3,265,880	3,091,640	2,784,750	2,246,660	2,171,410
Operating profit margin		12.22%	10.84%	-0.01%	-5.65%	-3.29%

December 31, 2024 calculation

Operating profit margin = Operating income ÷ Revenue
= $399,097K ÷ $3,265,880K
= 12.22%

The operating profit margin of Kirby Corporation experienced fluctuations over the years as follows:

- As of December 31, 2020, the operating profit margin was -3.29%, indicating that the company's operating expenses exceeded its operating income, resulting in a negative margin.
- By December 31, 2021, the operating profit margin worsened to -5.65%, suggesting a further decline in the company's operational efficiency.
- However, by December 31, 2022, there was a significant improvement as the operating profit margin reached -0.01%, moving closer to the breakeven point.
- The positive trend continued into December 31, 2023, with a notable increase to 10.84%, indicating that Kirby Corporation was able to generate more operating income relative to its operating expenses.
- Finally, by December 31, 2024, the operating profit margin further improved to 12.22%, showcasing a strong operational performance with a healthy margin.

Overall, Kirby Corporation demonstrated a turnaround in its operating profit margin from negative values to positive territory, showing increasing operational efficiency and profitability over the years. These positive trends reflect the company's effective cost management and revenue generation strategies implemented during the period under review.