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Fri 25 Feb 2011, 08:54 GMT

WFS posts 25% rise in 2010 net income


Record year for World Fuel Services as net income increases by US$29.8 million.

Marine, land and aviation fuel specialist World Fuel Services Corporation has announced that it achieved record results in 2010 as net income increased by US$29.8 million.

Net income for the full year 2010 rose by 25.4 percent to $146.9 million, or $2.31 diluted earnings per share, up from $117.1 million or $1.96 diluted earnings per share in 2009. Non-GAAP net income was $160.7 million or $2.53 non-GAAP diluted earnings per share compared to $127.9 million or $2.13 non-GAAP diluted earnings per share in 2009.

Fourth quarter net income increased by US$4.9 million, or 14.2 percent, to $39.4 million, or $0.56 diluted earnings per share, compared to $34.5 million or $0.57 diluted earnings per share in the fourth quarter of 2009.

Non-GAAP net income and diluted earnings per share for the fourth quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $44.1 million and $0.63, respectively, compared to $37.5 million or $0.61 in the fourth quarter of 2009. The impact of the additional outstanding shares associated with the company's recent equity offering on GAAP and non-GAAP diluted earnings per share was approximately $0.08 in the fourth quarter of 2010.

The marine segment generated a gross profit of $41.6 million during the fourth quarter of 2010, representing an increase of approximately $0.3 million or 1 percent both sequentially and year-on-year.

The aviation segment generated a gross profit of $58.0 million, an increase of $2.2 million or 4 percent sequentially and $9.0 million or 18 percent year-on-year. The land segment posted gross profit of $24.1 million, an increase of $9.0 million or 59 percent sequentially and $12.4 million or 107 percent year-over-year.

"Disciplined risk management, strategic focus and strong cross-functional execution drove record results in 2010," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "On every level it was a transformational year for World Fuel and, heading into 2011, we look to continue capitalizing on an expanding set of opportunities in the markets we serve."

"Our team performed extremely well in 2010, integrating new businesses and driving growth," stated Michael J. Kasbar, president and chief operating officer. "We continued to invest both organically and through strategic investments, further strengthening our platform for growth," added Kasbar.

"In addition to posting record earnings in 2010, we completed several strategic acquisitions, enhanced our already strong liquidity position, and again delivered above average returns to our shareholders," stated Ira M. Birns, executive vice president and chief financial officer.

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