BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





World Fuel Services' marine profit dips as revenue rises despite lower sales volume

28 Jul 2017 00:02 GMT

Q2 and H1 marine gross profit fall 17% and 15.5% respectively.



The marine division of World Fuel Services Corporation (WFS) managed to post an increase in revenue for both the second quarter (Q2) and first half (H1) of 2017 despite recording lower sales volume in both periods, yet saw gross profit dip.

In Q2, WFS sold 6.8 million tonnes, which was a decline of 1.4 million tonnes, or 17.7 percent (calculated using sales in gallons), from last year's figure of 8.2 million tonnes. H1 sales fell by 14.4 percent to 13.6 million tonnes, down from 15.9 million tonnes in 2016.

Despite the decrease in sales volume, Q2 marine revenue rose $173.4 million, or 9.4 percent, to $2,013.8 million, whilst H1 revenue was up $990.4 million, or 31.8 percent, to $4,107.3 million.

Marine gross profit in Q2, meanwhile, was lower by $6.8 million, or 17 percent, at $32.9 million. H1 gross profit fell $12.2 million, or 15.5 percent, to $66.6 million.

Overall results

In its overall results, World Fuel Services Corporation posted a Q2 net income of $30.0 million - the same as the figure achieved during the corresponding period last year. H1 net income decreased by $20.2 million, or 24.8 percent, to $61.4 million.

Adjusted Q2 net income was $34.2 million compared to $34.8 million in the prior-year quarter.

Non-GAAP Q2 net income excluding share-based compensation, amortization of acquired intangible assets and other one-time items was $45.1 million compared to $44.0 million in 2016.

Commenting on the results, Michael J. Kasbar, Chairman and Chief Executive Officer, said: "While certain headwinds in our marine and land businesses persist, we remain focused on achieving operational efficiencies which should serve us well as we execute on our long-term growth strategy."

"We generated $156 million of operating cash flow in the first half of 2017, reduced our debt by approximately $120 million and repurchased $32 million of our common stock, further strengthening our balance sheet and driving incremental shareholder value," remarked Ira Birns, Executive Vice President and Chief Financial Officer. "However, due to a weaker outlook for certain parts of our business, we are lowering our 2017 full year guidance range to $2.10 to $2.40 adjusted diluted earnings per share," Birns added.






Related Links:

World Fuel Services heads to Nor-Shipping
World Fuel Services posts drop in Q1 net income
World Fuel Services sold 31.4m tonnes of marine fuel in 2016
WFS posts 21.2% fall in marine gross profit in 2016
World Fuel Services welcomes introduction of MFMs in Singapore

Latest News:

Ceremonies held for MSC Cruises ships with scrubbers
VLCC with '20%' bunker savings delivered to K Line
Vermont Bunkering and staff charged over fraudulent transactions in Singapore
Oil market seems to be struggling to find direction
Oil and fuel oil hedging market update
Aegean expects to launch 'at least one' new bunker supply service in H1 2018
Peninsula signs storage agreement in Houston with HOFTI
Another day in bearish territory?
Oil and fuel oil hedging market update
Aegean posts net loss and 23.2% drop in gross profit
Wartsila launches gas-fuelled version of world's most efficient four-stroke engine
Singapore updates restrictions on selling bunkers to North Korean ships




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events