Exhibit 99.1
 
logoa141.jpg
Contact:
Ira M. Birns, Executive Vice President &
Chief Financial Officer
 
Glenn Klevitz
Vice President, Treasurer & Investor Relations
305-428-8000
 
World Fuel Services Corporation Reports Fourth Quarter and Full Year 2020 Results

 
MIAMI—February 25, 2021 -- World Fuel Services Corporation (NYSE: INT)
Fourth-Quarter 2020 Highlights

Total gross profit of $165.2 million, down 42% year-over-year
GAAP net loss of $3.6 million, or $0.06 per diluted share
Adjusted net income of $1.1 million, or $0.02 per diluted share
Adjusted EBITDA of $44.6 million

Full Year 2020 Highlights

Total gross profit of $851.8 million, down 23% year-over-year
GAAP net income of $109.6 million, or $1.71 per diluted share
Adjusted net income of $73.6 million, or $1.15 per diluted share
Adjusted EBITDA of $261.4 million

“While the past year presented some of the most challenging conditions that our company and the market has ever experienced, our risk management capabilities and the resilience of our diversified business model has provided a number of near-term opportunities and our longer-term growth prospects remain strong,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We are truly proud of our global team’s dedication and tenacity during this difficult time, delivering exceptional service to our customers in the midst of the global health and economic crisis.”

For the full year, our aviation segment generated gross profit of $352.9 million, a decrease of 36% year-over-year, driven by the decline in volume as a consequence of the depressed demand for air travel due to the coronavirus pandemic, together with a reduction in our government-related activity as a result of the drawdown of troops in Afghanistan. Our marine segment generated gross profit of $151.4 million, a decrease of 17% year-over-year, principally attributable to reduced global-economic activity as a result of the pandemic and lower average fuel prices throughout the year. Our land segment generated gross profit of $347.6 million, a decrease of 8% year-over-year, primarily due to the sale of our Multi Service business, coupled with a decline in our North American operations due to the pandemic and a reduction in government-related activity in Afghanistan.

“While the effects of COVID-19 significantly impacted our results this past year, we took swift action to reduce our costs to better align with current economic realities, mitigating the negative impact of the near-term decline in gross profit,” said Ira M. Birns, executive vice president and chief financial officer. “We also further strengthened our balance sheet by generating record operating cash flow, providing significant liquidity to fund organic growth as business activity accelerates and to make strategic investments in areas with the greatest opportunities for long-term growth and operating leverage.”


The following information was filed by World Fuel Services Corp (INT) on Thursday, February 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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