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    Gregory Wasikowski • Webber Research & Advisory LLC

    Gregory Wasikowski's questions to Kirby Corp (KEX) leadership

    Gregory Wasikowski's questions to Kirby Corp (KEX) leadership • Q1 2025

    Question

    Gregory Wasikowski from Webber Research & Advisory asked for more detail on why the M&A environment has become more constructive, given that rising asset prices would seem to make deals harder. He also asked for Kirby's view on recent industry barge orders and whether they represent growth or replacement tonnage.

    Answer

    CEO David W. Grzebinski explained that sellers are more willing to engage now that the market has improved, as they can avoid selling at a cyclical bottom. He noted that while conversations are more frequent, a bid-ask spread remains. President and COO Christian O'Neil stated that recent barge orders appear to be primarily for replacement, not growth, citing the age of assets in builders' portfolios. He and David Grzebinski also noted that the mariner shortage, financing costs, and high newbuild prices are significant deterrents to fleet expansion.

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    Gregory Wasikowski's questions to Kirby Corp (KEX) leadership • Q4 2024

    Question

    Gregory Wasikowski of Webber Research sought confirmation that new barge deliveries are primarily for replacement and asked why the required 40% rate increase for newbuilds has remained constant, questioning how Kirby has improved margins despite rising costs.

    Answer

    COO Christian G. O'Neil confirmed that the 50-60 inland barges expected in 2025 are largely for replacement, with shipyard capacity full. CEO David W. Grzebinski explained the 40% rate increase target for newbuilds keeps rising because the costs of new barges and towboats (due to steel, labor, and Tier 4 engines) have also increased significantly. He attributed margin improvement to achieving real price increases that outpace inflation and a focus on operational efficiency.

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    Gregory Wasikowski's questions to Kirby Corp (KEX) leadership • Q3 2024

    Question

    Gregory Wasikowski asked about the deployment of Kirby's significant free cash flow beyond share buybacks and inquired about the current stage and market impact of the barge maintenance cycle.

    Answer

    CFO Raj Kumar and CEO David W. Grzebinski addressed capital allocation. Kumar detailed a balanced approach, noting that 53% of year-to-date free cash flow was used for buybacks, with the remainder for debt reduction and disciplined investments in high-return areas like power generation rentals. Grzebinski added that while they are always open to acquisitions, particularly in inland marine, they remain disciplined on price. COO Christian O'Neil then explained that the industry maintenance bubble is significant, with 47% of the inland fleet requiring inspection in 2024-2025, which will continue to constrain supply.

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    Gregory Wasikowski's questions to EnerSys (ENS) leadership

    Gregory Wasikowski's questions to EnerSys (ENS) leadership • Q2 2025

    Question

    Gregory Wasikowski asked for clarification on the UL certification process for the new fast charge and storage systems, specifically whether it is a one-time event or a recurring requirement.

    Answer

    CEO David Shaffer confirmed that the UL certification is a 'once-and-done kind of issue.' He explained that once the process is complete for the product, the contract manufacturer can apply the UL mark to all subsequent units of the same type, which are already being quoted to other potential customers.

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    Gregory Wasikowski's questions to Silgan Holdings Inc (SLGN) leadership

    Gregory Wasikowski's questions to Silgan Holdings Inc (SLGN) leadership • Q3 2024

    Question

    Gregory Wasikowski, on for Anthony Pettinari, requested context on the severity of the 2024 metal container pack season and asked how long the associated destocking would impact volumes.

    Answer

    President and CEO Adam Greenlee described the 2024 pack season as "by far the worst" in his 20-plus years at Silgan. He explained that on top of a major customer reducing its pack plan by 30%, adverse weather led to poor yields and an early shutdown in September. This negatively impacted Q3 and will not provide the late-season benefit in Q4 that was seen in 2023. He believes the customer destocking has worked its way through the market.

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