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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 $16.8 million, or 8.2 percent, in 2014.

The US-headquartered firm posted a record full-year net income of $221.7 million or $3.11 diluted earnings per share. Excluding the impact of the sale of interests in the company's crude oil joint ventures and certain one-time expenses, adjusted full year net income was $216.8 million or $3.04 diluted earnings per share.

For 2013, net income as adjusted for one-time expenses was $204.9 million or $2.86 diluted earnings per share. Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets, gain from the sale of interests in the crude oil joint ventures and certain one-time expenses were $249.1 million and $3.49, respectively, compared to $230.5 million and $3.22 in 2013.

For the fourth quarter, World Fuel Services achieved a record net income of $67.1 million or $0.94 diluted earnings per share. Excluding the impact of the sale of interests in the company's crude oil joint ventures and certain one-time expenses, adjusted net income was $57.6 million or $0.81 adjusted diluted earnings per share.

In the fourth quarter of 2013, net income as adjusted for one-time expenses was $53.7 million or $0.76 diluted earnings per share. Non-GAAP net income and diluted earnings per share for the fourth quarter, excluding share-based compensation, amortization of acquired intangible assets, gain from the sale of interests in the crude oil joint ventures and certain one-time expenses were $68.1 million and $0.96, respectively, compared to $60.1 million and $0.85 in the fourth quarter of 2013.

"2014 was a strong year for World Fuel, as we delivered solid financial results while continuing to make strategic investments to grow our diverse intermodal platform of products and services,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We remain focused on further strengthening our global competitive position in the coming year and taking advantage of a growing suite of opportunities that will enhance our growth strategy."

For the full year, the company's marine segment generated a gross profit of $205.6 million, representing an increase of $28.6 million, or 16.1 percent, year-on-year.

The aviation segment posted a gross profit of $321.6 million in 2014, which was a decrease of $5.6 million, or 1.7 percent, year-on-year.

The land segment achieved a gross profit of $286.4 million - an increase of $37.9 million or 15.2 percent, year-on-year.

"Our solid execution and discipline contributed to a strong finish to 2014," said Ira M. Birns, executive vice president and chief financial officer. "As we enter 2015, we are focused on aligning our resources to drive strategic priorities and deliver long-term shareholder value."