Ira M. Birns, Executive Vice President &
Chief Financial Officer
Vice President, Treasurer & Investor Relations
World Fuel Services Corporation Reports First Quarter 2021 Results
MIAMI—April 29, 2021 -- World Fuel Services Corporation (NYSE: INT)
First-Quarter 2021 Highlights
•Total gross profit of $191.6 million, down 26% year-over-year
•GAAP net income of $18.9 million, or $0.30 per diluted share
•Adjusted net income of $20.7 million, or $0.33 per diluted share
•Adjusted EBITDA of $61.9 million
“One year after the onset of the pandemic, we are optimistic about a continuing improvement in demand as vaccination rates increase and the global economy begins to recover,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “As the markets we serve continue to strengthen and opportunities to support global sustainability initiatives evolve, the breadth of our value-added service offerings will enable us to benefit from the numerous opportunities ahead.”
For the first quarter, our aviation segment generated gross profit of $76.7 million, a decrease of 18% year-over-year, driven by the decline in volume as a consequence of the depressed demand for air travel due to the coronavirus pandemic, together with a reduction in our government-related activity in Afghanistan, partially offset by higher average margins from a more profitable business mix. Our marine segment generated gross profit of $25.4 million, a decrease of 57% year-over-year, principally attributable to lower profitability as compared to the first quarter of 2020 which benefited from certain supply imbalances and price volatility arising from the implementation of the IMO 2020 regulations in January 2020, as well as a decline in demand related to the pandemic. Our land segment generated gross profit of $89.5 million, a decrease of 16% year-over-year, predominantly due to the sale of the MultiService payment solutions business in September 2020, partially offset by improved performance in our natural gas business in North America.
“We generated another $103 million of cash flow from operations during the first quarter, further strengthening our balance sheet during these challenging times,” said Ira M. Birns, executive vice president and chief financial officer. “In demonstration of our commitment to enhancing shareholder value, we also increased our cash dividend by 20% during the first quarter.”
The following information was filed by World Fuel Services Corp (INT) on Thursday, April 29, 2021 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.