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Leading marine, aviation and land fuel specialist, World Fuel Services Corporation, has posted solid first quarter results with a US$7.9 million, or 30.6 percent, rise in net income year-on-year.

Net income during the first three months of this year was $33.7 million, or $0.56 per share, compared to $25.8 million, or $0.44 per share in the first quarter of 2009.

Non-GAAP net income for the first quarter, which excludes share-based compensation and amortization of acquired intangible assets, also increased by $7.9 million, or 27.9 percent, to $36.2 million, or $0.60 per share, compared to $28.3 million, or $0.48 per share, during the corresponding period in 2009.

The company's marine segment generated a gross profit of $39.4 million, which was $1.9 million, or 5 percent, lower than the previous quarter and $7.7 million, or 16 percent, below the previous year's results.

The land segment posted a gross profit of $11.1 million in the first quarter, a decrease of 5 percent sequentially, but an increase of $2.8 million or 34 percent year-on-year.

The company's aviation segment generated a gross profit of $48.4 million in the first quarter of 2010, which was a decrease of $0.7 million or 1 percent sequentially, but an increase of $16.4 million or 51 percent year-on-year.

"While we are beginning to see slight recoveries in certain markets, we continue our disciplined approach to managing credit and risk," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "Our aviation segment increased volumes for the fourth consecutive quarter and generated record operating profit during the first quarter of 2010."

"Our focus on strategic initiatives continues to diversify our business model within each segment and into new markets and geographies," stated Michael J. Kasbar, president and chief operating officer. "And our commitment to operational excellence has enabled us to continue to strengthen our global platform for growth."

"The strength of our balance sheet remains extremely valuable in the current market environment," stated Ira M. Birns, executive vice president and chief financial officer. "Our solid liquidity profile should enable us to continue investing in organic and external growth opportunities such as the acquisition of Lakeside Oil Company announced a few weeks ago."