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World Fuel Services Corporation Reports Record Full Year Net Income

Stocks in this article: INT

World Fuel Services Corporation (NYSE: INT), a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, today reported full year net income of $194.0 million or $2.71 diluted earnings per share compared to $146.9 million or $2.31 diluted earnings per share in 2010. Non-GAAP net income and diluted earnings per share for the full year, which exclude share-based compensation and amortization of acquired intangible assets, were $221.1 million and $3.09, respectively, compared to $160.7 million or $2.53 in 2010.

For the fourth quarter, net income was $50.1 million or $0.70 diluted earnings per share compared to $39.4 million or $0.56 diluted earnings per share in the fourth quarter of 2010. Non-GAAP net income and diluted earnings per share for the fourth quarter, were $57.4 million and $0.81, respectively, compared to $44.1 million or $0.63 in the fourth quarter of 2010.

“2011 was a year of achievements as we posted records in revenue, gross profit, net income, earnings per share and volume,” stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “As we move into 2012, we will work to continue to fortify our success through growth, diversification, and differentiation.”

The company’s marine segment generated gross profit of $54.2 million, an increase of approximately $4.1 million or 8% sequentially and $12.6 million or 30% year-over-year. Our aviation segment generated gross profit of $70.0 million in the fourth quarter of 2011, a decrease of $14.0 million or 17% sequentially, but an increase of $12.0 million or 21% year-over-year. The company’s land segment posted gross profit of $38.1 million, an increase of $1.3 million or 4% sequentially and $14.1 million or 59% year-over-year.

“In 2011, we delivered another year of record earnings, successfully completed and integrated two strategic acquisitions and further strengthened our liquidity profile,” said Ira M. Birns, executive vice president and chief financial officer. “We continued to provide exceptional value to our customers and suppliers, while delivering above-average returns to our shareholders.”

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