Thu 1 Aug 2013, 05:55 GMT

World Fuel Services posts rise in Q2 net income


Marine segment is the only to record an increase in gross profit sequentially and year-on-year.



World Fuel Services Corporation, a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, has posted a second quarter net income of $51.0 million, or $0.71 diluted earnings per share, compared to $48.6 million, or $0.68 diluted earnings per share, in the second quarter of 2012.

Non-GAAP net income and diluted earnings per share for the second quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $57.5 million and $0.80, respectively, compared to $52.8 million and $0.74 in 2012.

"Our second quarter results once again demonstrate the resilience and diversity of our business model. We are pleased with our overall performance especially in our marine segment," said Michael J. Kasbar, President and Chief Executive Officer of World Fuel Services Corporation. "We are confident that we will continue to capitalize on our unique business model in this ever changing marketplace."

The company's marine segment generated a gross profit of $52.3 million, representing an increase of $10.6 million, or 26%, sequentially and $600,000, or 1%, year-on-year.

The aviation segment achieved a gross profit of $76.0 million, which was a decrease of $1 million, or 1%, sequentially, but an increase of $6.9 million, or 10%, year-on-year.

The company's land segment posted a gross profit of $60.1 million - a decrease of $3.6 million, or 6%, sequentially, but an increase of $8.9 million, or 17%, year-on-year.

"We continue to generate positive operating cash flow, with the total amount generated over the past twelve months exceeding $335 million," said Ira M. Birns, Executive Vice President and Chief Financial Officer. "While many of the markets we serve remain challenging, our profitability and cash flow generation are strong, providing us with opportunities to fund both organic growth activities and strategic investments."


TMS Tankers logo. Lloyd’s Register delivers fleet-wide energy transition roadmap for TMS Tankers  

LR Advisory maps vessel-level compliance risk and decarbonisation pathways across the Greek owner’s tanker fleet.

Dr Prapisala Thepsithar, GCMD. GCMD shares biofuel assurance and green finance insights at Hong Kong shipping decarbonisation forum  

The Global Centre for Maritime Decarbonisation presented pilot findings on biofuels and energy efficiency financing.

Laura Maersk ethanol bunkering graphic. Maersk conducts large-scale ethanol bunkering trial on Laura Maersk in Rotterdam  

A.P. Moller – Maersk has conducted a barge-delivered ethanol bunkering operation as part of ongoing fuel trials.

Luminara vessel truck-to-ship bunkering. MOL Techno-Trade completes first LNG bunkering for international cruise ship in Hokkaido  

Truck-to-ship LNG operation at Hakodate marks first such supply to an international cruise vessel in Hokkaido.

Acta Gemini vessel. Acta Marine takes delivery of methanol dual-fuel CSOV Acta Gemini for RWE wind farm charter  

The vessel will support operations at the Sofia Offshore Wind Farm at Dogger Bank.

Yeva Wood and Kirsten Møller Jørgensen. Malik Supply expands Danish team with bunker trader and finance hire  

Danish bunker supplier Malik Supply adds two new staff across its Fredericia and Aalborg offices.

AiP award ceremony for a 10,000-teu biofuel-powered container ship. HJSC wins AiP for 10,000-teu biofuel-powered container ship design  

South Korean shipbuilder HJ Shipbuilding & Construction receives classification society approval for its biofuel vessel design at Posidonia.

Active vessel. Capital Clean Energy Carriers takes delivery of LNG carrier and dual-fuel gas carrier, secures five new charters  

Athens-based CCEC expands its fleet and pushes contracted revenue backlog to $3.1bn.

VPS logo. Fuel quality management for vessels in extended idle: Arabian Gulf, Gulf of Oman and adjacent anchorages | Rahul Choudhuri, VPS  

Managing fuel quality deterioration following the closure of the Strait of Hormuz.

Person signing a document. Agastya Green Fuels signs 250,000 t/yr e-methanol offtake deal with Sri Lanka’s SAR Group  

Indian producer and Sri Lankan maritime firm agree long-term green methanol supply partnership.