World Fuel Services Corporation Reports Fourth Quarter and Full Year 2017 Results
MIAMI—February 22, 2018-- World Fuel Services Corporation (NYSE: INT)
GAAP net loss of $193.1 million or $2.86 per diluted share, including a tax charge attributable to the enactment of the Tax Cuts and Jobs Act (“U.S. Tax Reform”), impairment and restructuring charges
Adjusted net income was $17.0 million, or $0.25 per diluted share
Generated operating cash flow of $160.0 million
Record total of 20.9 billion gallons of fuel sold
Record total gross profit of $932.2 million
Impairment charges of $91.9 million primarily related to our marine segment
Restructuring charges of $59.6 million related to exiting non-core business lines and improving operating efficiencies
One-time transition tax of $144 million related to U.S. Tax Reform
GAAP net loss of $170.2 million, or $2.50 per diluted share
Adjusted EBITDA of $295.9 million
Adjusted net income of $126.6 million or $1.86 per diluted share
Fiscal Year 2017 Highlights
“We generated $932 million in gross profit representing modest growth over 2016. Strength in our aviation segment was meaningfully offset by challenging market conditions in marine and parts of our land segment,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We are optimistic about 2018 as we have begun executing on an organizational redesign to drive greater operating efficiencies. We continue to sharpen our portfolio of business activities while executing on a solid pipeline of initiatives to accelerate organic growth across the business, with opportunity for selective strategic investments, as well.”
For the full year, the company’s aviation segment generated gross profit of $441 million, an increase of $40 million or 10% year-over-year, primarily driven by our government business and increased volume and profitability in our international fueling operations. The company’s marine segment generated gross profit of $126 million, a decrease of 16% year-over-year, primarily driven by the continued weakness in the maritime environment. The company’s land segment generated gross profit of $366 million, up 5% year-over-year, primarily driven by the benefit derived from recent acquisitions offset in part by pressures in supply and trading activities in North America.
In conjunction with our annual goodwill and intangible asset impairment tests, we recorded a non-cash impairment charge of $91.9 million, in the fourth quarter, primarily related to our marine segment. This was primarily a result of growing weakness in maritime markets over the last year, along with a further decline in demand for price risk management products and our decision to exit our marine business in certain international markets. The goodwill impairment is a non-cash charge and does not impact our current financial flexibility, and we believe our overall cash generating capabilities remain strong.
The following information was filed by World Fuel Services Corp (INT) on Thursday, February 22, 2018 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.
View differences made from one year to another to evaluate World Fuel Services Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by World Fuel Services Corp.
Ticker: INT CIK: 789460 Form Type:10-K Annual Report Accession Number: 0001628280-18-002457 Submitted to the SEC: Wed Feb 28 2018 2:48:03 PM EST Accepted by the SEC: Wed Feb 28 2018 Period: Sunday, December 31, 2017 Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations