World Fuel Services Post Q2 Results

WFS are based in Miami, Florida.

Miami based global fuel logistics firm World Fuel Services Corporation (World Fuel Services) [NYSE:INT] have reported second quarter results for the period ending June 30, 2012 showing net income of $48.6 million or diluted earnings of $0.68 per share, versus $50.2 million or $0.70 diluted earnings per share in Q2, 2011.

The company's marine segment generated revenues of $3.7 billion and gross profit of $51.7 million, a decrease of approximately $3.3 million or 6% from the previous quarter, but a $1.1 million or 2% increase year-over-year.

Net income from the marine segment rose to $27.9 million compared to $25.7 million in 2011.

World Fuel Services' aviation segment generated gross profit of $69.2 million in the quarter, a $4.3 million increase or 7% sequentially, and a decrease of $12.9 million or 16% year-over-year.

Total operating expenses were $99.7 million in the quarter up from $98.9 million in the same period 2011.

Michael J. Kasbar, the firm's president and chief executive officer commented, "We are pleased with our second quarter performance, which demonstrates the effectiveness of our multi-faceted business model."

"We remain optimistic about our ability to deliver on our long-term growth strategy," he added.

Ira M. Birns, executive vice president and chief financial officer said, "The strength of our balance sheet remains a key differentiator for us in the current market environment."

"Our solid liquidity profile should enable us to continue investing in organic and external growth opportunities, while we continue to maintain strong operating expense disciplines," he concluded.