World News
WFS Marine Fuels Results Down in 2013
World Fuel Services Corp. [NYSE:INT] (WFS) reports that profits for its marine segment dropped in 2013 despite steady revenues.
Within the segment, gross profits fell 15 percent to $177 million, and income for operations dropped 29 percent to $73.8 million, while revenues held steady at $14.8 billion.
Overall, WFS reported a 7 percent increase in profits, to $203.1 million, while revenues also rose 7 percent, to $41.6 billion.
"Considering continued macro-economic headwinds, we are pleased with our strong results in the fourth quarter," said President and CEO Michael J. Kasbar.
"We continue to expand the breadth of our fuel and service offerings, further enhancing our value proposition and enabling us to continue to grow faster than the markets in which we participate."
Profits for the company's aviation segment rose 11.1 percent to $327.2 million, and for the land segment they grew 45.5 percent to $248.5 million.
Chemoil, a competitor with WFS in the marine fuels industry, reported this week that its profits and revenue were down in 2013.
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