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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has today reported a second quarter net income of $48.2 million, or $0.68 diluted earnings per share.

Excluding expenses related to an executive non-renewal charge, net income was $51.2 million or $0.72 diluted earnings per share. This compares to $51.0 million or $0.71 diluted earnings per share in the second quarter of 2013.

Non-GAAP net income and diluted earnings per share for the second quarter, excluding share-based compensation, amortization of acquired intangible assets and an executive non-renewal charge were $57.9 million and $0.81, respectively, compared to $57.5 million and $0.80 in 2013.

"Our quarterly results demonstrated the strength of our diversified business model and our continued commitment to executing on our business plan," stated Michael J. Kasbar, chairman and chief executive officer. "We remain well positioned to capitalize on a growing set of strategic opportunities worldwide."

The company's marine segment generated a gross profit of $48.8 million, representing an increase of $1.0 million, or 2%, sequentially but a decrease of $3.5 million, or 7% year-on-year.

The aviation segment posted a gross profit of $81.8 million, which was an increase of $12.9 million, or 19%, sequentially and $5.8 million, or 8%, year-on-year.

The land segment achieved a gross profit of $60.9 million - a decrease of $10.4 million, or 15%, sequentially but an increase of $0.8 million, or 1%, year-on-year.

"Our effective balance sheet management and strong cash flow generation has allowed us to continue to invest in both organic and acquisition related opportunities as evidenced by the Colt International acquisition," said Ira M. Birns, executive vice president and chief financial officer. "Our solid liquidity profile provides a platform for growth as we look to maximize value for our customers, suppliers and shareholders."