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» World Fuel Services CEO Discusses Q3 2010 Results – Earnings Call Transcript
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» World Fuel Services Corp. Q1 2010 Earnings Call Transcript
» World Fuel Services Corporation Q2 2009 Earnings Call Transcript
Before we get started, I’d like to review World Fuel’s Safe Harbor statement. Any statements made or discussed today that do not constitute or are not historical facts, particularly comments regarding World Fuel’s future plans and expected performance, are forward-looking statements that are based on assumptions that management believes are reasonable but are subject to a range of uncertainties and risks that could cause World Fuel’s actual results to differ materially from the forward-looking information.A summary of some of the risk factors that could cause results to materially differ from our projections can be found in the Form 10-K for the year-ended December 31, 2011 and other reports filed with the Securities and Exchange Commission. We’ll begin with several minutes a prepared remarks, which will then be followed by a question-and-answer period. At this time, I would like to introduce our President and Chief Executive Officer, Michael Kasbar. Michael Kasbar Thank you, Jason, and good afternoon, everyone. Today we announced second quarter net income of $48.6 million or $0.68 per diluted share. We are pleased with these results, as they clearly demonstrate the resiliency of our multi-faceted business model. Our global fuel has performed well in the quarter, delivering volume growth across all three of our business segments year-over-year and posting solid volume growth sequentially in our Aviation and Land segments. While there is continued and significant volatility, uncertainty and generally sluggish demand in the global marketplaces, we remain committed and optimistic on our ability to deliver on our long-term growth strategy. Our Marine segment performed well, given macroeconomic conditions in overall industry weakness. The quality of our portfolio remains strong and our Marine team remains focused on profitable growth going forward. We believe we are well positioned to capitalize on improvements in the market and we continue to be seemed and leverage as a strong and reliable counterparty with a full suite of services to help our clients and suppliers go to market.
Our Land segment posted strong results across-the-board, driven by organic growth from our core branded and unbranded distribution businesses, our wholesale and rail business, as well as exceptionally strong performance in our crude oil marketing joint venture. Our fuel logistics and marketing business is an excellent example of how we have capitalized on adjacencies coming from our core reselling activities. The organic growth we have seen in this segment is a testament to our entrepreneurial spirit of our dedicated team. Overall, we are pleased with the progress we have made in our Land segment, as we look to continue to invest in both organic and strategic investment initiatives.At our Aviation segment our core reselling business posted strong volume and we saw a fueling activity picked up in Afghanistan after securing alternate northern routes rigs into the country. The core aviation business activity remains solid and our diversified offerings in our general aviation business continue to grow the foundations of our business remains profitable and we continue to believe in our strategy and long-term growth plans. We have a community of global professionals dedicated to growing our business on a daily basis. Our core competencies of risk management, local logistics and global reach combined with a solid balance sheet remains a key differentiator for us in these tumultuous markets. We continue to evaluate acquisition by client, who will continue to look for and execute on organic growth opportunities. We thank you for your continued support. And I’d now like to turn the call over to Iris for a financial review. Ira Burns Thank you Mike and good evening everybody. Starting with revenue consolidated revenue for the second quarter was $9.6 billion, up 2% sequentially and up 11% compared to the second quarter of last year. The year-over-year change in revenue was impact by that 10% increase in volume across our businesses. Offset by the decrease in crude oil prices, which declined to an average of $93 per barrel in the second quarter, compared to $101 above last quarter and $102 in the second quarter of last year. Read the rest of this transcript for free on seekingalpha.com