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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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World Fuel Services posts third-quarter results

27 Oct 2017 07:05 GMT

Marine segment recorded a decrease in gross profit of $6.8 million, or 18.2%.



World Fuel Services Corporation has posted a third quarter 2017 net loss of $38.5 million, or $0.57 diluted loss per share, which includes a non-cash accounting charge of $76.9 million relating to a U.S. deferred tax valuation allowance (DTA).

Excluding the DTA and certain other one-time items, adjusted third quarter net income was $40.9 million, or $0.60 adjusted diluted earnings per share.

Net income as adjusted for one-time items was $45.1 million, or $0.65 adjusted diluted earnings per share.

Non-GAAP net income and diluted earnings per share for the third quarter of 2017, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $52.0 million and $0.77, respectively, compared to $57.2 million and $0.82 in 2016.

The company's marine segment generated a gross profit of $30.5 million, which was a decrease of $6.8 million, or 18.2 percent, year-on-year (YoY).

World Fuel Services' aviation division posted a gross profit of $123.9 million - a rise of $12.3 million, or 11.0 percent YoY.

The marine segment achieved a gross profit of $30.5 million, representing a decrease of $6.8 million, or 18.2 percent, YoY.

Commenting on the results, Michael J. Kasbar, chairman and chief executive officer, said: "In the third quarter, we were pleased with our performance despite the challenges brought by an unprecedented series of hurricanes.

"We have a solid pipeline of initiatives to accelerate organic growth and remain committed to our long-term strategy of leveraging our comprehensive energy management, omni-channel fulfillment and payments platform."

Ira M. Birns, executive vice president and chief financial officer, remarked: "Despite operational disruptions during the quarter, our strategically diversified business model delivered a solid financial result. We repurchased an additional $30 million of our common stock during the quarter, taking year-to-date repurchases to $62 million, delivering on our commitment to return further value to our shareholders."


Image: World Fuel Services Corporation logo. Image credit: World Fuel Services




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