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World Fuel Services Corporation has reported that year-on-year net income declined by $6.1 million, or 11 percent, during the third quarter of 2015.

The marine, aviation and land fuel specialist posted a third-quarter net income of $49.6 million, or $0.71 diluted earnings per share, compared with $55.7 million, or $0.78 diluted earnings per share in the third quarter of 2014.

Excluding certain one-time acquisition-related expenses, third-quarter net income was $51.7 million, or $0.74 diluted earnings per share, compared with $56.1 million, or $0.79 diluted earnings per share in the third quarter of 2014. Non-GAAP net income and diluted earnings per share for the third quarter, excluding share-based compensation, amortization of acquired intangible assets and certain one-time acquisition-related expenses were $60.1 million and $0.86, respectively, compared with $64.6 million and $0.91 in 2014.

"We were pleased with our results this quarter as we experienced strong seasonality in our aviation business as well as a rebound in both our marine and land segments' profitability," commented Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. "Our core businesses remain solid and we continue to focus on our long-term strategy to drive growth and deliver value to our customers, suppliers and shareholders."

The company's marine segment generated gross profit of $48.6 million - a decrease of $0.8 million or 2 percent year-on-year.

The aviation segment achieved a gross profit of $106.8 million, representing an increase of $10.6 million, or 11 percent year-on-year.

The land segment posted gross profit of $71.3 million, which was an increase of $2.3 million, or 3 percent year-on-year.

"We posted strong cash flow from operations this quarter, bringing our year-to-date total to more than $325 million," said Ira M. Birns, executive vice president and chief financial officer. "Our effective balance sheet management and related solid cash flow provided us with the opportunity to both deploy capital toward our strategic initiatives and return approximately $40 million to shareholders through stock repurchases this quarter."