World Fuel Services Corporation Reports Fourth Quarter and Full Year 2016 Earnings
--- Provides Earnings Guidance for 2017 ---
--- Announces Additional $20 million of Cost Savings ---
MIAMI—February 14, 2017-- World Fuel Services Corporation (NYSE: INT) today reported full year 2016 net income of $126.5 million or $1.81 diluted earnings per share. Excluding the impact of certain one-time items, adjusted full year net income was $146.9 million or $2.11 adjusted diluted earnings per share. For 2015, net income as adjusted for one-time items was $180.9 million or $2.56 adjusted diluted earnings per share. Non-GAAP net income and diluted earnings per share for the full year 2016, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $188.8 million and $2.70, respectively, compared to $212.7 million and $3.01 in 2015.
For the fourth quarter of 2016, net income was $2.2 million or $0.03 diluted earnings per share. Excluding the impact of one-time items, adjusted fourth quarter 2016 net income was $14.3 million or $0.21 adjusted diluted earnings per share. In the fourth quarter of 2015, net income as adjusted for one-time items was $50.8 million or $0.73 diluted earnings per share. Non-GAAP net income and diluted earnings per share for the fourth quarter of 2016, excluding share-based compensation and amortization of acquired intangible assets and one-time items were $25.2 million and $0.36, respectively, compared to $60.2 million and $0.86 in the fourth quarter of 2015.
“While 2016 was a challenging year in many of the markets we serve, we remain committed to executing on our short and long-term growth plans while increasing operational efficiency” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We are optimistic about our prospects for 2017 and are focused on executing on our long-term strategy of becoming a global leader in the areas of energy management, fulfillment, payments and transaction management.”
For the full year, the company’s aviation segment generated gross profit of $401.0 million, an increase of $39.1 million or 10.8% year-over-year. The company’s marine segment generated gross profit of $149.5 million, a decrease of $40.1 million or 21.1% year-over-year. The company’s land segment posted gross profit of $348.5 million, an increase of $39.0 million or 12.6% year-over-year.
“We remain committed to driving cost efficiencies in our business and we have identified $20 million of additional annualized cost savings across the business, which should help deliver a stronger result in 2017,” said Ira M. Birns, executive vice president and chief financial officer. “Considering our organic growth opportunities and the continued integration of our recent acquisitions, combined with the benefit of driving further cost efficiencies, we expect adjusted diluted earnings per share to be between $2.55 and $2.90 for the full year.”
The following information was filed by World Fuel Services Corp (INT) on Tuesday, February 14, 2017 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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Ticker: INT CIK: 789460 Form Type:10-K Annual Report Accession Number: 0001628280-17-001482 Submitted to the SEC: Fri Feb 17 2017 5:53:07 PM EST Accepted by the SEC: Tue Feb 21 2017 Period: Saturday, December 31, 2016 Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations