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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has reported a year-on-year rise in net income of US$13.8 million, or 7.3 percent, in 2013.

The US-headquartered firm posted a full year net income of $203.1 million, or $2.83 diluted earnings per share. This compares to $189.3 million, or $2.64 diluted earnings per share, for the same period in 2012.

Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets and expenses related to certain acquisitions were $230.5 million and $3.22 respectively, compared to $215.9 million and $3.01 in 2012.

For the fourth quarter, net income was up by $9.1 million, or 21.3 percent, year-on-year to $51.9 million, or $0.73 diluted earnings per share. This compares to $42.8 million, or $0.60 diluted earnings per share, in the fourth quarter of 2012.

Non-GAAP net income and diluted earnings per share for the fourth quarter, excluding share-based compensation, amortization of acquired intangible assets and expenses related to certain acquisitions were $60.1 million and $0.85 respectively, compared to $52.3 million and $0.73 in the fourth quarter of 2012.

"Considering continued macro-economic headwinds, we are pleased with our strong results in the fourth quarter," stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. "We continue to expand the breadth of our fuel and service offerings, further enhancing our value proposition and enabling us to continue to grow faster than the markets in which we participate."

For the full year, the company’s marine segment generated a gross profit of $177.1 million, representing a decrease of $31.0 million, or 14.9 percent, year-on-year.

The aviation segment posted a gross profit of $327.2 million, which was an increase of approximately $32.6 million, or 11.1 percent, year-on-year.

The land segment achieved a gross profit of $248.5 million - an increase of $77.7 million, or 45.5 percent, year-on-year.

"We posted strong operating cash flow in 2013 and have now generated more than $410 million of operating cash flow during the past two years," said Ira M. Birns, executive vice president and chief financial officer. "Our solid cash flow profile has enabled us to invest organically and through strategic acquisitions and more recently, repurchase company stock as we did again during the fourth quarter, all while maintaining a strong and liquid balance sheet."