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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 second quarter net income of $48.6 million or $0.68 diluted earnings per share compared to $50.2 million or $0.70 diluted earnings per share in the second quarter of 2011. Non-GAAP net income and diluted earnings per share for the second quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $52.8 million and $0.74, respectively, compared to $57.7 million or $0.81 in 2011.
“We are pleased with our second quarter performance, which demonstrates the effectiveness of our multi-faceted business model,” stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “We remain optimistic about our ability to deliver on our long-term growth strategy.”
The company’s marine segment generated gross profit of $51.7 million, a decrease of approximately $3.3 million or 6% sequentially, but an increase of $1.1 million or 2% year-over-year. Our aviation segment generated gross profit of $69.2 million in the second quarter of 2012, an increase of $4.3 million or 7% sequentially, but a decrease of $12.9 million or 16% year-over-year. The company’s land segment posted gross profit of $51.2 million, an increase of $14 million or 38% sequentially and $18.8 million or 58% year-over-year.
“The strength of our balance sheet remains a key differentiator for us in the current market environment,” said Ira M. Birns, executive vice president and chief financial officer. “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.”
Non-GAAP Financial Measures
This press release includes selected financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). This information includes non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP financial measures exclude costs associated with share-based compensation and amortization of acquired intangible assets, primarily because we do not believe they are reflective of the company’s core operating results. We believe that these non-GAAP financial measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful for investors to evaluate our core operating results and trends.