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Wed 21 Nov 2012, 00:05 GMT

WFS declares cash dividend


Latest cash dividend follows 1.3 percent dip in third quarter net income.

Leading marine, aviation and land fuel specialist World Fuel Services Corporation (WFS) has announced today that its board of directors has declared a quarterly cash dividend of $0.0375 per share payable on January 4, 2013 to shareholders of record on December 14, 2012.

Net income during the third quarter of 2012 dipped by $0.7 million, or 1.3 percent, to $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.

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.

WFS declared a quarterly cash dividend of $0.0375 per share in August 2012, June 2012, March 2012 and throughout the whole of 2011, 2010, 2009, 2008 and 2007.

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