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Marine, land and aviation fuel specialist World Fuel Services Corporation has posted a year-on-year net income rise of $15.9 million, or 43.2 percent, during the third quarter of 2011.

Net income during the three months to September 30th 2011 was $52.7 million, or $0.74 diluted earnings per common share, compared to $36.8 million, or $0.60 diluted earnings per common share, in the third quarter of 2010.

Non-GAAP net income for the third quarter, which excludes share-based compensation and amortization of acquired intangible assets, was $59.3 million, or $0.83 non-GAAP diluted earnings per common share, compared to $40.3 million, or $0.66 non-GAAP diluted earnings per common share, in the third quarter of 2010.

The company's marine segment generated a gross profit of $50.0 million in the third quarter, representing a decrease of $600,000, or 1 percent, sequentially, but an increase of $8.9 million, or 22 percent, from last year's results.

The aviation segment generated a gross profit of $84.0 million, representing an increase of $1.9 million, or 2 percent, sequentially, and an increase of $28.1 million, or 50 percent, year-on-year.

The land segment posted a gross profit of $36.8 million in the third quarter, which represented an increase of $4.4 million, or 14 percent, sequentially, and $21.7 million, or 144 percent, compared to the corresponding period in 2010.

"Everything came together this quarter to produce a record result," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "The continued success of our business model is anchored in strategic focus, commercial agility and tight execution."

"Positive market dynamics in the aviation segment, solid risk management in marine and emerging logistics opportunities in the land segment all led to the exceptional results we posted this quarter," stated Michael J. Kasbar, president and chief operating officer.