Kirby Corporation (KEX)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	335,092	300,022	265,406	224,642	192,886	166,738	-209,095	-231,603	-258,133	-264,960	81,877	92,101	-420,759	-429,356	-381,366	-339,775	242,027	206,609	196,665	176,675
Total assets	US$ in thousands	5,722,200	5,682,880	5,574,580	5,574,750	5,554,920	5,456,300	5,405,160	5,382,790	5,399,060	5,389,880	5,767,820	5,788,090	5,924,170	5,981,120	6,017,010	6,263,330	6,079,100	6,127,880	6,232,890	6,300,690
Operating ROA		5.86%	5.28%	4.76%	4.03%	3.47%	3.06%	-3.87%	-4.30%	-4.78%	-4.92%	1.42%	1.59%	-7.10%	-7.18%	-6.34%	-5.42%	3.98%	3.37%	3.16%	2.80%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $335,092K ÷ $5,722,200K
= 5.86%

Kirby Corp.'s operating return on assets (operating ROA) has shown a consistent and favorable trend over the past several quarters. The operating ROA has been steadily increasing from 1.87% in Q1 2022 to 5.77% in Q4 2023. This suggests that the company has been able to generate more operating income relative to its total assets, which is a positive indicator of operational efficiency and profitability.

The improvement in operating ROA indicates that Kirby Corp. is successfully utilizing its assets to generate revenue and profits. This trend is commendable as it shows the company's ability to effectively manage its operations and resources to drive profitability. Investors and stakeholders may view this positively as it signifies an increase in the company's ability to generate returns from its asset base.

Overall, the upward trajectory of Kirby Corp.'s operating ROA reflects the company's improving operational performance and efficiency in utilizing its assets to generate profits. Continued monitoring of this metric will be key to assess the company's sustained profitability and effectiveness in asset management.