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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 third quarter net income of $51.5 million or $0.72 diluted earnings per share compared to $51.5 million or $0.72 diluted earnings per share in the third quarter of 2012. Non-GAAP net income and diluted earnings per share for the third quarter, which exclude share-based compensation and amortization of acquired intangible assets, were $57.9 million and $0.81, respectively, compared to $57.9 million and $0.81 in 2012.
“Considering current market conditions, our overall performance in the third quarter was strong,” said Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “Our global team remains focused on growing our value proposition in the fuel, services and billing and payment sectors, across all three of our business segments, driving greater value for our customers and suppliers.”
The company’s aviation segment generated gross profit of $89.8 million, an increase of $13.7 million or 18% sequentially and $5.6 million or 7% year-over-year. The company’s marine segment generated gross profit of $40.2 million, a decrease of $12.1 million or 23% sequentially and $13.7 million or 25% year-over-year. The company’s land segment posted gross profit of $56.4 million, a decrease of $3.7 million or 6% sequentially, but an increase of $13.8 million or 32% year-over-year.
"We repurchased $20 million of our common stock in the open market during the third quarter," said Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. "Our strong cash flow combined with the recently announced expansion of our banking facility further enhances our liquidity profile, increasing our capacity to fund both organic and strategic growth opportunities as well as opportunistic repurchases of our stock, all driving additional value for our shareholders."