World Fuel Services Sees Marine Profits Rise 15%

by Ship & Bunker News Team
Friday May 2, 2014

World Fuel Services Corp. [NYSE:INT] (WFS) reports that gross profits for its marine segment grew 14.8 percent year-over-year to $47.8 million in the first quarter of 2014.

Overall, the company, which also serves aviation and land markets, reported profits of $50.7 million for the quarter, up 3 percent year-over-year, while its revenues were up 4 percent to $10.6 billion.

Gross profit for WFS's land-based segment also grew, while its aviation business declined 10.5 percent.

"We were pleased with our results this quarter as our diversified business model produced a solid result," said President and CEO Michael J. Kasbar.

"The completion of the Watson Petroleum acquisition this quarter, as well as the continued evolution of other recently acquired businesses will provide us with a greater foundation for future growth."

WFS completed the acquisition of Watson Petroleum, a distributor of ground-based fuels, in March.

'We generated $92 million of cash flow from operations this quarter and have now generated positive cash flow from operations for the past seven consecutive quarters," said CFO Ira M. Birns.

"Our continued ability to effectively manage our balance sheet is delivering strong cash flow, which should continue to serve us well as we further develop organic opportunities and pursue strategic investments."

Ship & Bunker News Team
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