Americas News
Record Earnings for World Fuel Services
U.S.-based World Fuel Services Corp. [NYSE:INT] (WFS) reports it earned record revenues of $38.9 billion in 2012, including $14.8 billion from its marine services division.
Gross profit for the segment rose 7 percent year-over-year to $208 million, while the whole company made a gross profit of $673 million, up 6 percent from 2011.
Full year net income was $189.3 million, a slight dip on 2011's $194.0 million, which the company said would have been $192.3 million if not for one off charges of $4.5 million related to the acquisition of select assets of Multi Service Corporation.
Revenue in the marine segment grew only 1 percent, while the aviation and land divisions helped drive 12 percent overall growth, despite contributing less to gross profits.
"In 2012, despite a stagnant market, we posted record revenue, gross profit, and volume while completing two strategic acquisitions," said President and CEO Michael J. Kasbar.
"Multi Service enhances our comprehensive solutions offering and opens up new opportunities for growth and value creation."
The company paid $137 million for the payment systems company, and also bought CarterEnergy Corporation's wholesale motor fuel distribution business.
