Exhibit 99.1
Ira M. Birns, Executive Vice President &
Chief Financial Officer
Glenn Klevitz
Vice President, Treasurer & Investor Relations
World Fuel Services Corporation Reports First Quarter 2020 Results

MIAMI—April 30, 2020 -- World Fuel Services Corporation (NYSE: INT)
First-Quarter 2020 Highlights

Total gross profit of $258.7 million, up 3% year-over-year
GAAP net income of $41.4 million, or $0.63 per diluted share
Adjusted net income of $43.6 million, or $0.67 per diluted share
Adjusted EBITDA of $95.4 million

“Our company entered the year in a position of strength, from both a liquidity and operational perspective, which coupled with our past experience and the diversity of our business and people, will be invaluable as we navigate through the current crisis,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We are confident in our ability to continue to be a reliable counterparty to our customers and suppliers through these unpredictable times and our worldwide team of professionals are committed to continuing to safely meet the energy needs of the global marketplace.”

For the first quarter, our aviation segment generated gross profit of $93.2 million, a decrease of 19% year-over-year, primarily driven by a reduction in commercial airline activity in the latter part of the quarter related to the coronavirus pandemic, as well as a decline in government-related activity. Our marine segment generated gross profit of $59.3 million, an increase of 68% year-over-year, primarily related to stronger performance resulting from heightened market volatility and higher prices related to the impact of the implementation of low sulfur regulations at the beginning of 2020. Our land segment generated gross profit of $106.3 million, an increase of 5% year-over-year, driven principally by increased profitability in the United Kingdom, as well as further growth in our World Kinect energy services platform.

“We posted solid results in the first quarter of the year despite the impact of the pandemic in the latter part of the quarter,” said Ira M. Birns, executive vice president and chief financial officer. “We are laser-focused on further reducing expenses and prudently managing cash, while carefully navigating through what has certainly become a highly complex operating environment. In addition, we have continued to do all that we can to support our customers, suppliers, employees and their families during these difficult times.”

COVID-19 Update

Beginning in the first quarter of 2020, the aviation, marine and land transportation industries, along with global economic conditions generally, have been significantly impacted by the coronavirus pandemic. A large number of our customers in these industries have experienced substantial reductions in their operations, especially commercial airlines and cruise lines, which have been particularly impacted by the travel restrictions and stay-at-home orders. Customers in our marine and land segments have also been adversely affected by these restrictions, as well as the extended shutdown of various businesses in affected regions.

The following information was filed by World Fuel Services Corp (INT) on Thursday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate World Fuel Services Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by World Fuel Services Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account