Last10K.com

World Fuel Services Corp (INT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

INT Quarterly Reports

World Fuel Services Corp

CIK: 789460 Ticker: INT


Exhibit 99.1
 
logoa13.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 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.

Continue

Assess how World Fuel Services Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

World Fuel Services Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
Other
Filter Subcategory:
All
Product
Earnings
Income
Expense
Cash Flow
Other
Inside World Fuel Services Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Income And Comprehensive Income (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Allowance For Credit Losses For Accounts Receivable (Details)
Accounts Receivable - Narrative (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price Allocation (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Business Segments
Business Segments (Tables)
Business Segments - Balance Sheet Items (Details)
Business Segments - Income Statement Items (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt, Interest Income, Expense And Other Finance Costs
Debt, Interest Income, Expense And Other Finance Costs (Tables)
Debt, Interest Income, Expense And Other Finance Costs - Interest Income (Expense), And Other Financing Costs, Net (Details)
Debt, Interest Income, Expense And Other Finance Costs - Schedule Of Debt (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Balance Sheet Location (Details)
Derivative Instruments - Effect On Income (Details)
Derivative Instruments - Gross Notional Values (Details)
Derivative Instruments - Narrative (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities (Details)
Fair Value Measurements - Commodity And Foreign Currency Contracts (Details)
Fair Value Measurements - Concentration Of Credit Risk (Details)
Goodwill
Goodwill (Tables)
Goodwill - Components Of And Changes In Goodwill (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details)

Material Contracts, Statements, Certifications & more

World Fuel Services Corp provided additional information to their SEC Filing as exhibits

Ticker: INT
CIK: 789460
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006305
Submitted to the SEC: Mon May 04 2020 6:36:50 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/int/0001628280-20-006305.htm