Exhibit 99.1
 
logoa06.jpg
Contact:
Ira M. Birns, Executive Vice President &
Chief Financial Officer
 
Glenn Klevitz
Vice President, Treasurer & Investor Relations
305-428-8000
 
World Fuel Services Corporation Reports Fourth Quarter and Full Year 2019 Results
-- Generates Full Year Cash Flow from Operations of $229 million --
 
MIAMI—February 27, 2020 -- World Fuel Services Corporation (NYSE: INT)
Fourth-Quarter 2019 Highlights

Total gross profit of $286.6 million, up 9% year-over-year
GAAP net income of $56.5 million, or $0.86 per diluted share
Adjusted net income of $57.2 million, or $0.87 per diluted share
Adjusted EBITDA of $98.5 million, up 9% year-over-year

Full Year 2019 Highlights

Total gross profit of $1.1 billion, up 9% year-over-year
GAAP net income of $178.9 million, or $2.69 per diluted share
Adjusted net income of $185.6 million, or $2.79 per diluted share
Adjusted EBITDA of $409.2 million, up 14% year-over-year


“We are very pleased with our performance in 2019 as we continued to leverage the strength of our diversified business model,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We will continue to aggressively focus on driving growth opportunities, increasing the value of our global platform and improving operating leverage across the enterprise.”

For the full year, the company's aviation segment generated gross profit of $551.6 million, an increase of 9% year-over-year, primarily driven by growth in government-related activity. Our marine segment generated gross profit of $181.5 million, an increase of 24% year-over-year, principally related to stronger performance in core resale operations. Our land segment generated gross profit of $378.9 million, an increase of 4% year-over-year, driven principally by growth in our government-related operations, MultiService payment solutions business and Kinect global energy services platform.

“We generated $229 million of cash flow from operations in 2019, enabling us to lower our total debt and increase available liquidity,” said Ira M. Birns, executive vice president and chief financial officer. “We believe our enhanced liquidity position will allow us to accelerate our investment in organic growth and strategic investment opportunities, while continuing to maintain a strong balance sheet.”





The following information was filed by World Fuel Services Corp (INT) on Thursday, February 27, 2020 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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