World Fuel Services Corporation Reports Fourth Quarter and Full Year 2018 Results
---Surpasses $1 Billion of Gross Profit---
---Significantly Improves Operating Leverage---
MIAMI—February 21, 2019-- World Fuel Services Corporation (NYSE: INT)
Fourth-Quarter 2018 Highlights
Total gross profit of $262.2 million, up 14% year-over-year
Adjusted EBITDA of $90.7 million, up 48% year-over-year
GAAP net income of $29.6 million, or $0.44 per diluted share
Adjusted net income of $33.7 million, or $0.50 per diluted share
Full-Year 2018 Highlights
Total gross profit of $1.02 billion, up 9% year-over-year
Adjusted EBITDA of $360.3 million, up 20% year-over-year
GAAP net income of $127.7 million, or $1.89 per diluted share
Adjusted net income of $142.9 million, or $2.11 per diluted share
Fiscal Year 2018 Highlights
“2018 was a year of continuing transformation for World Fuel and our actions advanced our value creation strategy of continuous cost management and sharpening our portfolio to drive enhanced returns,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “Our business performed well in 2018, led by record results in our aviation segment and a solid rebound in profitability in marine. We are optimistic about our efforts to reposition our land portfolio and drive operating efficiencies and profitable growth in our global land business in 2019.”
For the full year, our aviation segment generated gross profit of $507.8 million, an increase of 15% year-over-year, primarily driven by solid organic growth in our international fueling operations and increased government-related activity. Our marine segment generated gross profit of $145.8 million, an increase of 16% year-over-year, principally related to stronger performance in our core resale operations. Our land segment generated gross profit of $364.9 million, relatively flat year-over-year, with growth in commercial and industrial activity in the U.S., our Kinect global energy services platform and our MultiService payment solutions business, offset by the elimination of certain non-core activities.
The following information was filed by World Fuel Services Corp (INT) on Thursday, February 21, 2019 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: 0001628280-19-002382 Submitted to the SEC: Fri Mar 01 2019 5:09:49 PM EST Accepted by the SEC: Fri Mar 01 2019 Period: Monday, December 31, 2018 Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations