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World Fuel Services Corporation has announced that its board of directors has authorized the purchase of up to $100 million in common stock, which replaces the previously announced June 2015 share repurchase authorization.

In a statement, World Fuel Services said: "Share repurchases may be made from time to time in the open market or through privately negotiated transactions. The timing and amount of shares to be repurchased under the program will depend on market conditions, share price, securities law and other legal requirements and factors. The program does not require the purchase of any minimum number of shares, has no expiration date and may be suspended or discontinued at any time without prior notice."

Dividend

In addition, the company's board of directors also declared its quarterly cash dividend of $0.06 per share payable on 12th October 2016 to shareholders of record on 23rd September 2016.

The three-monthly dividend is in line with the increase implemented last year, when the company's board of directors boosted the quarterly cash dividend by 60 percent to $0.06 per share, payable on 10th April 2015 to shareholders of record on 20th March 2015. The same cash dividend of $0.06 per share has been paid in every quarter since then.

Prior to the dividend increase, WFS had declared a quarterly cash dividend of $0.0375 per share in every quarter between 2005 and 2014 apart from the first, second and third quarters of 2009, when $0.075 per share was paid to shareholders.

A summary of the dividend history of WFS is provided in the link below.

www.nasdaq.com/symbol/int/dividend-history

Statement

Commenting on the latest developments, Ira M. Birns, executive vice president and chief financial officer, said: "Our business continues to generate strong cash flows, with $471 million of operating cash flow over the 12-month period ending 30th June 2016. Today's announcement demonstrates our confidence in World Fuel's long-term prospects and continued commitment to enhancing shareholder value, through a combination of dividends and share repurchases, principally to offset the dilutive impact of employee stock awards."