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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has reported a rise in net income of $2 million, or 4.1 percent, during the first quarter of 2014.

The US-headquartered firm posted a first quarter net income was $50.7 million, or $0.71 diluted earnings per share, compared to $48.7 million, or $0.68 diluted earnings per share, in the first quarter of 2013.

Non-GAAP net income and diluted earnings per share for the first quarter, excluding share-based compensation, amortization of acquired intangible assets and expenses related to the acquisition of Watson Petroleum Limited were $58.5 million and $0.83 respectively, compared to $55.0 million and $0.77 in 2013.

“We were pleased with our results this quarter as our diversified business model produced a solid result,” said Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. "The completion of the Watson Petroleum acquisition this quarter, as well as the continued evolution of other recently acquired businesses will provide us with a greater foundation for future growth."

The company's marine segment generated a gross profit of $47.8 million, representing an increase of $5.0 million, or 11.7 percent, sequentially and $6.2 million, or 14.8 percent, year-on-year.

The aviation segment posted a gross profit of $68.9 million, which was a decrease of $15.5 million, or 18.3 percent, sequentially and $8.1 million, or 10.5 percent, year-on-year.

The land segment achieved a gross profit of $71.3 million - an increase of $2.9 million, or 4.2 percent, sequentially and $7.6 million, or 11.9 percent, year-on-year.

"We generated $92 million of cash flow from operations this quarter and have now generated positive cash flow from operations for the past seven consecutive quarters," said Ira M. Birns, executive vice president and chief financial officer. "Our continued ability to effectively manage our balance sheet is delivering strong cash flow, which should continue to serve us well as we further develop organic opportunities and pursue strategic investments."