Americas News
World Fuel Services Reports "Solid" First Quarter Earnings
World Fuel Services Corp. [NYSE: INT] (WFS) has reported a "solid' first quarter 2015 result, which saw the firm's marine segment increase its gross profit 3 percent year-over-year to $6.1 million.
Overall, WFS achieved a net income of $55.6 million in Q1 compared to $50.7 million in Q1 2014.
With a deferred revenue purchase accounting adjustment and other factors, adjusted first quarter net income was $59.0 million or $0.83 diluted earnings per share.
"The strength of our business model and the diversity of our markets served us well as we posted a solid result in the first quarter," said WFS chairman and chief executive officer Michael J. Kasbar.
Ira M. Birns, executive vice president and chief financial officer for WFS, reported $107 million in operating cash flow for Q1, "which marks the eleventh consecutive quarter of positive cash flow from operations and totals more than $700 million over this period."
Similar to the performance of its marine segment, the company's land segment posted gross profit of $78.6 million, a decrease of $6.7 million or 8 percent sequentially, but an increase of $7.3 million or 10 percent year-over-year.
WFS's aviation segment generated gross profit of $82.9 million, an increase of $8.3 million or 11 percent sequentially and $14 million or 20 percent year-over-year.
Kasbar summarized WFS's Q1 results by remarking, "We continue to develop our global energy, logistics, transaction management and payment processing platform within our existing markets and products and expand into adjacencies that will provide us with sustainable growth."
The Q1 results follow market analysts in April praising WFS and assessing it as being "very well positioned to grow" in the fuel and lubricants supply industry.
