World Fuel Services Marine Segment Down in Q2

by Ship & Bunker News Team
Thursday July 31, 2014

The marine segment of World Fuel Services Corp. [NYSE:INT] (WFS) saw its gross profit decline 7 percent year-over-year to $48.8 million in the second quarter of 2014, the company reports.

Overall, WFS's net income fell 5 percent year-over-year to $48.2 million, while revenues were up 8 percent to $11.3 billion as costs for employment and general and administrative expenses rose.

"Our quarterly results demonstrated the strength of our diversified business model and our continued commitment to executing on our business plan," said Michael J. Kasbar, chairman and chief executive officer.

"We remain well positioned to capitalize on a growing set of strategic opportunities worldwide."

The company announced separately that it has completed the acquisition of Colt International LLC (Colt), a provider of contract fuelling for the general aviation industry.

"Our effective balance sheet management and strong cash flow generation has allowed us to continue to invest in both organic and acquisition related opportunities as evidenced by the Colt International acquisition," said Ira M. Birns, executive vice president and chief financial officer.

"Our solid liquidity profile provides a platform for growth as we look to maximize value for our customers, suppliers and shareholders."

WFS announced plans to buy Colt for $63 millionearlier this month, saying the acquisition will support its growing aviation business.