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World Fuel Services Corporation has posted a decline in net income of $18.3 million, or 38.0 percent, during the second quarter of 2015 compared to the corresponding period last year.

Second quarter net income was $29.9 million, or $0.42 diluted earnings per share, compared to $48.2 million, or $0.68 diluted earnings per share, in the second quarter of 2014.

Non-GAAP net income and diluted earnings per share for the second quarter, excluding share-based compensation and amortization of acquired intangible assets, were $37.9 million and $0.53 respectively compared to $57.9 million and $0.81 in 2014, which also excluded an executive non-renewal charge.

"While we posted record volumes in all segments, seasonality in Watson Fuels and low prices coupled with reduced volatility in marine, significantly impacted profitability," stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. "We expect a significant rebound in our results in the second half of the year and remain optimistic about our long-term growth prospects."

The company's marine segment generated a gross profit of $41.8 million - a decrease of $12.1 million or 23 percent sequentially and $7.0 million, or 14 percent year-on-year.

The aviation segment achieved a gross profit of $85.0 million, representing an increase of $2.1 million, or 3 percent sequentially, and $3.2 million, or 4 percent year-on-year.

The land segment posted a gross profit of $63.6 million, which was a decrease of $15.0 million, or 19 percent sequentially, but an increase of $2.7 million, or 4 percent year-on-year.

"Despite the decline in consolidated earnings this quarter, our balance sheet has strengthened and we generated $71 million of cash flow from operations, marking the twelfth consecutive quarter of positive cash flow, totaling nearly $800 million over that period," said Ira M. Birns, executive vice president and chief financial officer.

"Our cash balance increased to nearly $500 million this quarter, reducing our net debt-to-EBITDA to 0.8x. Our solid financial profile will serve us well as we deploy capital resources to fund organic growth initiatives and strategic investments."