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Marine, land and aviation fuel specialist, World Fuel Services Corporation, has today reported a record full year net income of $194.0 million, or $2.71 diluted earnings per share, compared to $146.9 million, or $2.31 diluted earnings per share, in 2010. The 2011 figures represent a year-on-year increase of $47.1 million, or 32 percent.

Non-GAAP net income and diluted earnings per share for the full year, which exclude share-based compensation and amortization of acquired intangible assets, were $221.1 million and $3.09, respectively, compared to $160.7 million or $2.53 in 2010.

In the fourth quarter, net income rose by $10.7 million, or 27 percent, to $50.1 million, or $0.70 diluted earnings per share, up from $39.4 million, or $0.56 diluted earnings per share, in the fourth quarter of 2010.

Non-GAAP net income and diluted earnings per share for the fourth quarter were $57.4 million and $0.81, respectively, compared to $44.1 million or $0.63 in the fourth quarter of 2010.

"2011 was a year of achievements as we posted records in revenue, gross profit, net income, earnings per share and volume," said Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. "As we move into 2012, we will work to continue to fortify our success through growth, diversification, and differentiation."

The company’s marine segment generated gross a profit of $54.2 million, representing an increase of approximately $4.1 million, or 8 percent, sequentially and $12.6 million, or 30 percent, year-on-year.

The US firm's aviation segment generated a gross profit of $70.0 million in the fourth quarter of 2011 - a decrease of $14.0 million, or 17 percent, sequentially, but an increase of $12.0 million, or 21 percent, year-on-year.

The company’s land segment posted a gross profit of $38.1 million, which was an increase of $1.3 million, or 4 percent, sequentially and $14.1 million, or 59 percent, year-on-year.

“In 2011, we delivered another year of record earnings, successfully completed and integrated two strategic acquisitions and further strengthened our liquidity profile,” said Ira M. Birns, executive vice president and chief financial officer. "We continued to provide exceptional value to our customers and suppliers, while delivering above-average returns to our shareholders."