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 $51.0 million or $0.71 diluted earnings per share compared to $48.6 million or $0.68 diluted earnings per share in the second quarter of 2012. 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 $57.5 million and $0.80, respectively, compared to $52.8 million and $0.74 in 2012.
“Our second quarter results once again demonstrate the resilience and diversity of our business model. We are pleased with our overall performance especially in our marine segment,” said Michael J. Kasbar, President and Chief Executive Officer of World Fuel Services Corporation. “We are confident that we will continue to capitalize on our unique business model in this ever changing marketplace.”
The company’s aviation segment generated gross profit of $76.0 million, a decrease of $1 million or 1% sequentially, but an increase of $6.9 million or 10% year-over-year. The company’s marine segment generated gross profit of $52.3 million, an increase of $10.6 million or 26% sequentially and $600 thousand or 1% year-over-year. The company’s land segment posted gross profit of $60.1 million, a decrease of $3.6 million or 6% sequentially, but an increase of $8.9 million or 17% year-over-year.
"We continue to generate positive operating cash flow, with the total amount generated over the past twelve months exceeding $335 million," said Ira M. Birns, Executive Vice President and Chief Financial Officer. "While many of the markets we serve remain challenging, our profitability and cash flow generation are strong, providing us with opportunities to fund both organic growth activities and strategic investments."
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.