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    Reed Seay • Stephens Inc.

    Reed Seay's questions to Kirby Corp (KEX) leadership

    Reed Seay's questions to Kirby Corp (KEX) leadership • Q2 2025

    Question

    Reed Seay of Stephens Inc. inquired about the demand drivers behind the recent softness in the inland marine spot market and asked for an update on July pricing. He also questioned whether the strong Q2 power generation revenue was from deliveries or down payments.

    Answer

    CEO David Grzebinski confirmed a pullback in chemical volumes in July but noted Q3 utilization is still guided to the low 90% range. COO Christian O’Neil added color on seasonal factors and shifting refinery crude slates. On power generation, Grzebinski stated the revenue was from actual deliveries as supply chains improved, highlighting that the backlog still grew 15-20% in the quarter.

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    Reed Seay's questions to Ryder System Inc (R) leadership

    Reed Seay's questions to Ryder System Inc (R) leadership • Q1 2025

    Question

    Reed Seay, on for Daniel Imbro of Stephens Inc., asked about recent activity in Ryder's warehousing and distribution management business and its potential implications for truckload demand. He also inquired about the competitive landscape and pricing environment in the Dedicated segment.

    Answer

    Steve Sensing, President of SCS and DTS, reported that warehousing volumes in CPG and omnichannel increased during the quarter, though the sales pipeline is relatively flat. In the Dedicated segment, he acknowledged a competitive environment with decision delays and some lost business in non-specialized areas due to price competition, but affirmed that Ryder maintains price discipline. CEO Robert Sanchez added that Ryder's focus on specialized dedicated provides a different pricing dynamic than standard dry van dedicated.

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