WFS Dividend Up 60%, First Change Since 2009

by Ship & Bunker News Team
Thursday March 5, 2015

World Fuel Services Corp. (WFS) [NYSE: INT] Tuesday announced it would pay a cash dividend of $0.06, amounting to a 60 percent increase on last quarter and this first change in its regular dividend of $0.0375 since 2009.

"The strength of our balance sheet and consistent operating cash flow performance enable us to increase our dividend, which allows us to return capital to our shareholders while continuing to invest in our growing suite of business opportunities worldwide," said the company's Chairman and CEO, Michael Kasbar.

According to Nasdaq data, WFS has paid shareholders a quarterly dividend of $0.0375 since the first quarter of 2005, excluding three quarters in 2009 where the amount was doubled to $0.075.

The dividend will be paid on April 10, 2015, to members of record as at March 20, 2015.

In February, WFS reported profitability in its marine segment were back to "peak levels" as it said it had seen a record year in 2014.

Announcing the company's results last month, Kasbar said "the opportunity certainly to grow our business within the marine is there" and stressed repeatedly that the company was "focused" on growing its marine business.

He also said WFS had managed to capitalise on the collapse of rival OW Bunker and would be "a little more aggressive" in terms of growth plans for 2015.

Ship & Bunker News Team
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