Wed 30 Oct 2013, 20:52 GMT

World Fuel Services posts steady net income in Q3


Third quarter net income is unchanged at $51.5 million, but marine segment posts a decline in gross profit.



Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has today reported third quarter net income of $51.5 million, or $0.72 diluted earnings per share, compared to $51.5 million, or $0.72 diluted earnings per share, in the third quarter of 2012.

Non-GAAP net income and diluted earnings per share for the third quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $57.9 million and $0.81, respectively, compared to $57.9 million and $0.81 in 2012.

"Considering current market conditions, our overall performance in the third quarter was strong," said Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. "Our global team remains focused on growing our value proposition in the fuel, services and billing and payment sectors, across all three of our business segments, driving greater value for our customers and suppliers."

The company’s marine segment generated a gross profit of $40.2 million, representing a decrease of $12.1 million, or 23%, sequentially and $13.7 million, or 25%, year-on-year.

The aviation segment posted a gross profit of $89.8 million, which was an increase of $13.7 million, or 18%, sequentially and $5.6 million, or 7%, year-on-year.

The land segment achieved a gross profit of $56.4 million - a decrease of $3.7 million, or 6%, sequentially, but an increase of $13.8 million, or 32%, year-on-year.

"We repurchased $20 million of our common stock in the open market during the third quarter," said Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. "Our strong cash flow combined with the recently announced expansion of our banking facility further enhances our liquidity profile, increasing our capacity to fund both organic and strategic growth opportunities as well as opportunistic repurchases of our stock, all driving additional value for our shareholders."


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