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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has reported a decline in full-year net income of $34.8 million, or 15.7 percent, in 2015.

The US-headquartered firm posted a full-year net income of $186.9 million, or $2.64 diluted earnings per share, compared with the company's record figure of $221.7 million, or $3.11 diluted earnings per share in 2014.

Excluding the impact of certain one-time items, adjusted full-year net income was $193.3 million, or $2.73 adjusted diluted earnings per share. The figure represents a decrease of $23.4 million, or 10.8 percent, on the $216.7 million, or $3.04 diluted earnings per share recorded during the previous 12-month period.

Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets and other one-time items, were $225.1 million and $3.18, respectively, compared with $249.0 million and $3.49 in 2014.

For the full year, the company's marine segment generated a gross profit of $189.6 million, which represents a decrease of $16.0 million, or 8 percent year-on-year.

The aviation segment posted a gross profit of $361.4 million, which was an increase of $39.8 million, or 12 percent year-on-year.

The land segment achieved a gross profit of $309.5 million - an increase of $23.1 million, or 8 percent year-on-year.

Fourth-quarter results

Excluding the impact of one-time items, adjusted net income was $52.7 million, or $0.75 adjusted diluted earnings per share during the fourth quarter. In the fourth quarter of 2014, net income as adjusted for one-time items was $57.5 million or $0.81 diluted earnings per share.

Non-GAAP net income and diluted earnings per share for the fourth quarter of 2015, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $62.1 million and $0.88, respectively, compared with $68.0 million and $0.96 in the fourth quarter of 2014.

Commenting on the results, Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation, said: "Our performance during a period of macroeconomic turmoil in many of the markets we serve demonstrates the resiliency of our business model. We continued to leverage our integrated portfolio of products, services and technology solutions, while pursuing long-term growth opportunities that will drive sustainable shareholder value."

Ira M. Birns, executive vice president and chief financial officer, remarked: "Our balance sheet and strong cash flow profile provided us with the opportunity to pursue strategic initiatives and return $71.0 million to shareholders through our stock repurchase program during 2015. For 2016, our strong financial position will enable us to continue executing on additional organic and strategic growth opportunities, such as the ExxonMobil transaction announced this morning."