World Fuel Services Corporation Reports Third Quarter 2018 Results
MIAMI—October 25, 2018-- World Fuel Services Corporation (NYSE: INT)
Third-Quarter 2018 Highlights
GAAP net income of $38.2 million or $0.56 per diluted share
Adjusted net income of $42.5 million, or $0.63 per diluted share
Total of 5.0 billion gallons of fuel sold
Total gross profit of $266.7 million, up 11% year-over-year
Adjusted EBITDA of $104.3 million, up 23% year-over-year
“Our third quarter results were highlighted by record profitability in our aviation segment as well as better than expected performance in our marine segment,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We continue to focus on operating efficiencies, portfolio refinement and organic growth initiatives, which has contributed to improved operating performance in 2018 and should position us well for growth in 2019 and beyond.”
For the quarter, our aviation segment generated gross profit of $140.7 million, an increase of 14% year-over-year, primarily driven by strong growth in international fuel sales and continued strength in government-related activity. Our marine segment generated gross profit of $43.0 million, an increase of 41% year-over-year, primarily due to improved economics in our core operations as well as seasonal activities. Our land segment generated gross profit of $83.0 million, down 3% year-over-year, driven by weakness in the United Kingdom and Brazil, which was partially offset by growth in our Kinect global energy management and Multi Service payment solutions businesses.
“Commitment to our continued cost management initiatives contributed to record adjusted EBITDA generation during the third quarter, resulting in a 23% increase compared to last year,” said Ira M. Birns, executive vice president and chief financial officer. “Year-to-date our improvement in operating leverage is already tracking ahead of our expectations for a 250 basis point improvement for the full year.”
Liquidity and Capital
Cash flow used in operating activities was $87.5 million for the third quarter of 2018. This reflects the impact of a change in classification of $115.6 million of cash proceeds received from the beneficial interest of receivables sold from cash flow from operating activities to cash flow from investing activities due to an accounting standard adopted in the beginning of 2018. A continued focus on working capital
The following information was filed by World Fuel Services Corp (INT) on Thursday, October 25, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001628280-18-013105 Submitted to the SEC: Tue Oct 30 2018 12:54:28 PM EST Accepted by the SEC: Tue Oct 30 2018 Period: Sunday, September 30, 2018 Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations