WFS Reports Record Profits for Q3 2014

by Ship & Bunker News Team
Monday November 3, 2014

World Fuel Services (WSF) Thursday announced record volume, revenue, and gross profit in its third quarter (Q3) results for 2014.

WSF reported overall profit for Q3 of $214.6 million, bringing the year-to-date figure to $594.2 million.

"The record results posted this quarter are a testament to our successful growth strategies and our well-diversified business model," said Ira M. Birns, Executive Vice President and CFO for WSF.

The company's marine segment generated gross profit of $49.4 million, up slightly on the prior month and by 23 percent year-on-year.

In a conference call to investors, Chairman and CEO Michael Kasbar said the company had achieved well in a tough market.

"In the marine segment, we performed reasonably well on a continually sluggish shipping environment.

"While industry fundamentals remain challenged, our team remained focused resulting in consistent financial results and solid returns.

"Whether it be our core expertise in marine fuels and lubricants, quality control, operational and price risk management, underwriting, upcoming low sulfur fuel regulations or LNG initiatives, our customers, suppliers and participants in the full supply chain continue to look to us for solutions," he said.

He further stressed that WSF remains "fully committed to growing our global marine fuels, lubricants and services business."

WFS recently fell victim to an $18 million fuel scam at the hands of cyber criminals.

Ship & Bunker News Team
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