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Thu 3 Jun 2010, 13:28 GMT

WFS declares cash dividend


Quarterly cash dividend follows 30 percent rise in first quarter net income.

Leading marine, aviation and land fuel specialist World Fuel Services Corporation has announced today that its board of directors has declared a quarterly cash dividend of $0.0375 per share payable on July 7, 2010 to shareholders of record on June 18, 2010.

Earlier this month, World Fuel Services reported a US$7.9 million, or 30.6 percent, rise in first quarter net income year-on-year.

Net income during the first three months of this year was $33.7 million, or $0.56 per share, compared to $25.8 million, or $0.44 per share in the first quarter of 2009.

During this three-month period, the company's marine segment generated a gross profit of $39.4 million, which was $1.9 million, or 5 percent, lower than the previous quarter and $7.7 million, or 16 percent, below the previous year's results.

Commenting on the results at the time, Paul H. Stebbins, chairman and chief executive officer said: "While we are beginning to see slight recoveries in certain markets, we continue our disciplined approach to managing credit and risk."

Michael J. Kasbar, president and chief operating officer, added: "Our focus on strategic initiatives continues to diversify our business model within each segment and into new markets and geographies. Our commitment to operational excellence has enabled us to continue to strengthen our global platform for growth."

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