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Wed 4 Aug 2010, 06:42 GMT

WFS posts 34 percent rise in Q2 net income


Marine segment generates a 10 percent rise in gross profit compared to the previous quarter.

World Fuel Services Corporation, a global leader in the marketing and sale of marine, aviation and land fuel products and related services, has posted a US$9.3 million, or 33.6 percent, rise in net income during the second quarter of 2010 compared to the corresponding period last year.

Second quarter net income was $37.0 million, or $0.61, per share compared to $27.7 million, or $0.46 per share in the second quarter of 2009.

Non-GAAP net income for the second quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $40.2 million, or $0.66 per share compared to $30.7 million, or $0.51 per share in the second quarter of 2009.

The company's marine segment generated a gross profit of $43.2 million, which represents an increase of $3.8 million, or 10 percent sequentially, and $2.9 million, or 7 percent, from last year's results.

The company's land segment posted a gross profit of $11.5 million in the second quarter, which was an increase of 4 percent sequentially, and flat year over year.

The aviation segment generated a record gross profit of $52.9 million in the second quarter of 2010, an increase of $4.5 million, or 9 percent sequentially, and a rise of $13.1 million or 33 percent year-on-year.

"We posted strong results in the second quarter with record aviation volume as well as sequential and year over year volume increases in both the marine and land segments," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "We continue to focus on driving profitable growth while maintaining our risk management discipline, which positions us well as end markets begin to recover."

"We saw improvements in the marine segment, which achieved the highest level of quarterly gross profit since the first quarter of 2009," stated Michael J. Kasbar, president and chief operating officer. "Furthermore, as evidenced by the recent Lakeside Oil acquisition, we remain committed to growth, both organically and through strategic acquisitions."

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