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Leading marine, aviation and land fuel specialist World Fuel Services Corporation has announced that that its board of directors has declared a quarterly cash dividend of $0.0375 per share.

The dividend will be payable on January 7th 2009 to shareholders of record on December 19th 2008.

The company reported strong financial results for the third quarter of 2008, which included a record gross profit for its marine segment.

World Fuel Services posted a third quarter GAAP net income of $40.1 million, ($1.38 and $1.37 per share on a basic and diluted basis, respectively), compared to $14.8 million ($0.53 and $0.51 per share on a basic and diluted basis, respectively), in the third quarter of 2007.

Non-GAAP net income for the third quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $43.6 million ($1.50 and $1.49 per share on a basic and diluted basis, respectively), compared to $16.2 million, ($0.58 and $0.56 per share on a basic and diluted basis, respectively), in the third quarter of 2007.

Commenting on the results last month, Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation, said "We delivered record results across all three business segments, fortified our balance sheet and increased our liquidity during a period of unprecedented market volatility and challenging global economic conditions."