BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



World Fuel Services posts net income - and marine gross profit - of $31.2m

Overall net earnings virtually level with last year; marine division's profit dips 7 percent.



Image credit: World Fuel Services


Updated on 27 Apr 2018 00:13 GMT

World Fuel Services Corporation posted a net income of $31.2 million for the first quarter (Q1) of 2018 - achieving almost exactly the same result as last year's $31.3m.

Revenue during the January-March period increased year-on-year (YoY) by $987m, or 12.0 percent, to $9,181.3m, whilst gross profit grew by $12m, or 5.2 percent, to $243.4m.

The company's marine segment generated a gross profit of $31.2m, which was a YoY decrease of 7 percent. This was said to be mainly due to "the continued challenges in the maritime industry and our strategy to reduce business in certain regions where we were not generating satisfactory returns on capital".

The marine division sold 5.8m tonnes of fuel in Q1 - a YoY decline of 1m tonnes, or 14.7 percent.

Marine revenue dipped YoY by $65.8m, or 3.1 percent, to $2,027.7m.

The US firm's other two divisions, aviation and land, generated a gross profit of $110.0m and $102.2m respectively. Aviation's result was a 10 percent YoY improvement, whilst land recorded a growth of 4 percent.

Commenting on the results, Michael Kasbar, chairman and chief executive officer, said: "We are off to a good start in 2018, benefiting from seasonal increases in our land business and solid performance by our aviation and marine segments.

"While we are pleased with our first quarter results, we remain focused on increasing levels of profitability and returns by continuing to sharpen our portfolio and drive greater cost efficiencies."

Ira M. Birns, executive vice president and chief financial officer, commented: "Our continued cost savings initiatives contributed to year-over-year growth in adjusted operating income in all three operating segments in the first quarter.

"We believe that our commitment to a higher standard of operational excellence will allow us to drive further efficiencies in our business model and result in greater operating leverage in the next 12 to 24 months, accelerating EBITDA growth."






Related Links:

World Fuel Services launches physical supply operation in Tampa
World Fuel Services aims to cut bunker costs by 3-4% in 2018
WFS marine posts drop in Q4 gross profit, revenue
World Fuel Services sold 26.5m tonnes of marine fuel in 2017
World Fuel Services posts 2017 loss as marine gross profit falls 16%
World Fuel Services Corp.
United States

Latest News:

Higher bunker prices help push up Hanwa's overseas revenue
Aegean doesn't have a centralized accounting system: EY director
Oil and fuel oil hedging market update
Brent heads back upwards after breaking below $70 on Friday
Aegean's proposed bidding process revealed
Aegean proposes bidding timeline as Mercuria offers $681m
Genco to decide on scrubbers for 15 bulkers by early 2019 - 'if not before'
CMA CGM adjusts Taiwan bunker fee 'because of rising oil prices'
Lukoil says it supplies up to 25% of Incentra's lube volume
Oil and fuel oil hedging market update
Torm forms JV to make and fit scrubbers in China
Make or break - will Brent hit $70 today?




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events