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Leading marine, aviation and land fuel specialist World Fuel Services (WFS) has posted a small year-on-year dip in net income of $0.7 million, or 1.3 percent, during the third quarter of 2012.

WFS recorded a third quarter net income of $51.5 million or $0.72 diluted earnings per share compared to $52.7 million or $0.74 diluted earnings per share in the third quarter of 2011.

Non-GAAP net income and diluted earnings per share for the third quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $57.9 million and $0.81, respectively, compared to $59.3 million or $0.83 in 2011.

“Our market expertise and value-added service offerings continue to differentiate World Fuel as a solid counterparty to our customers and suppliers worldwide,” commented Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “We were pleased to complete the CarterEnergy acquisition and look to continue to grow our business across all of our segments organically and through further strategic investments.”

The company’s marine segment generated a gross profit of $54 million, representing an increase of approximately $2.2 million or 4 percent sequentially, and $3.9 million or 8 percent year-on-year.

The aviation division generated a gross profit of $84.2 million in the third quarter of 2012, which was an increase of $15 million or 22 percent sequentially, and flat year-on-year.

The land segment posted a gross profit of $42.6 million - a decrease of $8.6 million or 17 percent sequentially, but an increase of $5.8 million or 16 percent year-on-year.

“We continue to execute on our long-term growth strategy by capitalizing on organic growth opportunities and strategic investments such as CarterEnergy," said Ira M. Birns, executive vice president and chief financial officer. “Our strong balance sheet, solid liquidity profile and strong risk management discipline should continue to serve us well as we navigate the volatile global marketplace.”