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World Fuel Services Corporation Reports Fourth Quarter and Full Year 2015 Earnings
Consolidated volume increases 19% year-over-year
Generated operating cash flow of $448 million in 2015
MIAMI--(BUSINESS WIRE)--February 11, 2016--World Fuel Services Corporation (NYSE: INT) today reported full year net income of $186.9 million or $2.64 diluted earnings per share. Excluding the impact of certain one-time items, adjusted full year net income was $193.3 million or $2.73 adjusted diluted earnings per share. For 2014, net income as adjusted for one-time items was $216.7 million or $3.04 adjusted diluted earnings per share. Non-GAAP net income and diluted earnings per share for the full year, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $225.1 million and $3.18, respectively, compared to $249.0 million and $3.49 in 2014.
For the fourth quarter, net income was $51.8 million or $0.74 diluted earnings per share. Excluding the impact of one-time items, adjusted net income was $52.7 million or $0.75 adjusted diluted earnings per share. In the fourth quarter of 2014, net income as adjusted for one-time items was $57.5 million or $0.81 diluted earnings per share. Non-GAAP net income and diluted earnings per share for the fourth quarter of 2015, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $62.1 million and $0.88, respectively, compared to $68.0 million and $0.96 in the fourth quarter of 2014.
“Our performance during a period of macroeconomic turmoil in many of the markets we serve demonstrates the resiliency of our business model,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We continued to leverage our integrated portfolio of products, services and technology solutions, while pursuing long-term growth opportunities that will drive sustainable shareholder value.”
For the full year, the company’s aviation segment generated gross profit of $361.4 million, an increase of $39.8 million or 12% year-over-year. The company’s marine segment generated gross profit of $189.6 million, a decrease of $16.0 million or 8% year-over-year. The company’s land segment posted gross profit of $309.5 million, an increase of $23.1 million or 8% year-over-year.
“Our balance sheet and strong cash flow profile provided us with the opportunity to pursue strategic initiatives and return $71.0 million to shareholders through our stock repurchase program during 2015,” said Ira M. Birns, executive vice president and chief financial officer. “For 2016, our strong financial position will enable us to continue executing on additional organic and strategic growth opportunities, such as the ExxonMobil transaction announced this morning.”
The following information was filed by World Fuel Services Corp (INT) on Thursday, February 11, 2016 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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