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Leading marine, aviation and land fuel specialist World Fuel Services Corporation has posted a $7.7 million, or 26.5 percent, rise in net income during the third quarter of 2010 compared to the corresponding period last year.

The company reported a third quarter net income of $36.8 million, or $0.60 diluted earnings per share, compared to $29.1 million, or $0.48 diluted earnings per share, in the third quarter of 2009.

Quarter-on-quarter net income was $0.2 million lower than the $37.0 million posted during the second quarter of 2010.

Non-GAAP net income for the third quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $40.3 million, or $0.66 non-GAAP diluted earnings per share, compared to $31.4 million or $0.52 non-GAAP diluted earnings per share in the third quarter of 2009.

The company's marine segment generated a gross profit of $41.2 million, a decrease of $2 million or 5 percent sequentially, but an increase of $1 million or 3 percent from last year's results.

The aviation segment achieved a gross profit of $55.8 million in the third quarter of 2010, an increase of $2.9 million or 6 percent sequentially, and an increase of $12.9 million or 30 percent year-on-year.

The company's land segment posted a gross profit of $15.1 million in the third quarter, which represents an increase of $3.6 million or 31 percent sequentially, and $3.4 million or 30 percent year-on-year.

"We again generated solid results, which reflects our ability to continue to execute well despite a persistently challenging global economic environment," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "Our recent investments demonstrate our continued commitment to strategic growth, which we believe will benefit our customers, suppliers and shareholders."

"During the quarter, we closed and integrated the Lakeside acquisition, which was immediately accretive to our results," stated Michael J. Kasbar, president and chief operating officer. "We have also recently completed the acquisition of Western Petroleum, which expands our product offerings in the unbranded wholesale land and general aviation distribution markets, increasing our current annual run-rate of land volume to two billion gallons."

"As a result of our recently completed equity offering and bank facility expansion, we now have over $1 billion of available liquidity," stated Ira M. Birns, executive vice president and chief financial officer. "This leaves us financially well positioned to continue to support our ongoing growth strategies."