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World Fuel Services Corporation, a company principally engaged in the marketing, sale and distribution of aviation, marine and land fuel and related products and services, has reported a third quarter net income of $55.7 million or $0.78 diluted earnings per share compared to $51.5 million or $0.72 diluted earnings per share in the third quarter of 2013.

Non-GAAP net income and diluted earnings per share for the third quarter, excluding share-based compensation, amortization of acquired intangible assets and expenses related to recent acquisitions were $64.6 million and $0.91, respectively, compared to $57.9 million and $0.81 in 2013.

Commenting on the results, Michael J. Kasbar, chairman and chief executive officer, said: "We were pleased with our results this quarter as we posted record results despite continued global-economic headwinds. We remain focused on executing on the significant growth opportunities that exist across all of our business segments worldwide."

The company’s marine segment generated a gross profit of $49.4 million, representing an increase of $0.6 million, or 1 percent, sequentially and $9.2 million, or 23 percent, year-on-year.

The aviation segment achieved a gross profit of $96.2 million, which was an increase of $14.4 million, or 18 percent, sequentially and $6.5 million, or 7 percent, year-on-year.

The company’s land segment posted a gross profit of $69.0 million - an increase of $8.1 million, or 13 percent, sequentially and $12.6 million, or 22 percent, year-on-year.

"The record results posted this quarter are a testament to our successful growth strategies and our well-diversified business model," said Ira M. Birns, executive vice president and chief financial officer.

"In addition, we have now generated positive cash flow from operations for the ninth consecutive quarter, further contributing to the strength of our balance sheet and providing ample liquidity to continue investing in both organic initiatives and strategic investment opportunities."