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World Fuel Services Corporation Reports Fourth Quarter and Full Year Earnings
Generated Operating Cash Flow of $98 Million in the Fourth Quarter and $146 Million for the Full Year
MIAMI--(BUSINESS WIRE)--February 21, 2013--World Fuel Services Corporation (NYSE:INT), a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, today reported full year net income of $189.3 million or $2.64 diluted earnings per share. Excluding one-time expenses of $4.5 million related to the acquisition of select assets of Multi Service Corporation (“Multi Service”), net income was $192.3 million or $2.68 diluted earnings per share. This compares to $194.0 million or $2.71 diluted earnings per share for the same period in 2011. Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets and expenses related to the Multi Service acquisition, were $215.9 million and $3.01, respectively, compared to $221.1 million and $3.09 in 2011.
For the fourth quarter, net income was $42.8 million or $0.60 diluted earnings per share. Excluding expenses related to the Multi Service acquisition, net income was $45.8 million or $0.64 diluted earnings per share. This compares to $50.1 million or $0.70 diluted earnings per share in the fourth quarter of 2011. Non-GAAP net income and diluted earnings per share for the fourth quarter, excluding share-based compensation, amortization of acquired intangible assets and expenses related to the Multi Service acquisition, were $52.3 million and $0.73, respectively, compared to $57.4 million and $0.81 in the fourth quarter of 2011.
“In 2012, despite a stagnant market, we posted record revenue, gross profit, and volume while completing two strategic acquisitions,” stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “Multi Service enhances our comprehensive solutions offering and opens up new opportunities for growth and value creation.”
For the full year, the company’s marine segment generated gross profit of $208.0 million, an increase of approximately $12.9 million or 7 percent year-over-year. The company’s aviation segment generated gross profit of $294.6 million, a decrease of $11.5 million or 4 percent year-over-year. The company’s land segment posted gross profit of $170.8 million, an increase of $37.0 million or 28 percent year-over-year.
“The two accretive and strategic acquisitions we completed this past year will further expand the value proposition we offer to our customers and suppliers and provide new avenues for growth,” said Ira M. Birns, executive vice president and chief financial officer. “Our operating cash flow contributed to our very strong and liquid balance sheet enabling us to further fuel organic growth as well as make additional strategic acquisitions.”
The following information was filed by World Fuel Services Corp (INT) on Thursday, February 21, 2013 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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