Shares of Kirby Corporation (KEX) surged 5.21% during pre-market trading on Thursday, driven by the company's better-than-expected fourth-quarter earnings and an optimistic outlook for 2025. The marine transportation and distribution services provider reported adjusted earnings of $1.29 per share, in line with analyst estimates, while revenue slightly missed expectations at $802.3 million.

The company's inland marine transportation segment continued to benefit from robust demand and pricing power, with term contract renewals rising in the high-single digits year-over-year. Additionally, Kirby's coastal marine business performed well, with steady customer demand and limited availability of large vessels supporting mid to high-20% increases in term contract renewals.

Looking ahead, Kirby expects earnings growth of 15% to 25% year-over-year in 2025, driven by continued strength in the marine transportation market and a gradual recovery in the distribution and services segment. The company cited positive market dynamics, including limited new barge construction and steady refinery activity, which should support higher barge utilization rates and pricing power.