UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): October 28, 2015
WORLD
FUEL SERVICES CORPORATION
(Exact
name of registrant as specified in its charter)
Florida
|
1-9533
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59-2459427
|
(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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9800 N.W. 41st Street
Miami, Florida
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33178
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(Address
of principal executive offices)
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(Zip
Code)
|
Registrant’s telephone number,
including area code: (305) 428-8000
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
Item 7.01. Regulation FD Disclosure
The following information is provided pursuant to Item 7.01 of Form 8-K,
“Regulation FD Disclosure” and Item 2.02 of Form 8-K, “Results of
Operations and Financial Condition.”
On October 28, 2015, World Fuel Services Corporation issued a press
release reporting its financial results for the third quarter ended
September 30, 2015. A copy of the press release is attached hereto as
Exhibit 99.1.
This information and the information contained in Exhibit 99.1 shall not
be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as may be expressly set forth by specific
reference in any such filing.
Item 9.01. Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit No.
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Description
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99.1
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Press Release, dated October 28, 2015.
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
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October 28, 2015
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World Fuel Services Corporation
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|
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/s/ Ira M. Birns
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Ira M. Birns
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Executive Vice President and Chief Financial Officer
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EXHIBIT INDEX
Exhibit
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|
Description
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99.1
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Press Release, dated October 28, 2015.
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Exhibit 99.1
World
Fuel Services Corporation Reports Third Quarter Earnings
Record
volume across all three business segments
Generated
operating cash flow of $147 million during the quarter
MIAMI--(BUSINESS WIRE)--October 28, 2015--World Fuel Services
Corporation (NYSE: INT) today reported third quarter net income of $49.6
million or $0.71 diluted earnings per share compared to $55.7 million or
$0.78 diluted earnings per share in the third quarter of 2014. Excluding
certain one-time acquisition-related expenses, third quarter net income
was $51.7 million or $0.74 diluted earnings per share compared to $56.1
million or $0.79 diluted earnings per share in the third quarter of
2014. Non-GAAP net income and diluted earnings per share for the third
quarter, excluding share-based compensation, amortization of acquired
intangible assets and certain one-time acquisition-related expenses were
$60.1 million and $0.86, respectively, compared to $64.6 million and
$0.91 in 2014.
“We were pleased with our results this quarter as we experienced strong
seasonality in our aviation business as well as a rebound in both our
marine and land segments’ profitability,” stated Michael J. Kasbar,
chairman and chief executive officer of World Fuel Services Corporation.
“Our core businesses remain solid and we continue to focus on our
long-term strategy to drive growth and deliver value to our customers,
suppliers and shareholders.”
The company’s aviation segment generated gross profit of $106.8 million,
an increase of $10.6 million or 11% year-over-year. The company’s marine
segment generated gross profit of $48.6 million, a decrease of $0.8
million or 2% year-over-year. The company’s land segment posted gross
profit of $71.3 million, an increase of $2.3 million or 3%
year-over-year.
“We posted strong cash flow from operations this quarter, bringing our
year-to-date total to more than $325 million,” said Ira M. Birns,
executive vice president and chief financial officer. “Our effective
balance sheet management and related solid cash flow provided us with
the opportunity to both deploy capital toward our strategic initiatives
and return approximately $40 million to shareholders through stock
repurchases this quarter.”
Non-GAAP Financial Measures
The non-GAAP financial measures exclude costs associated with
share-based compensation, amortization of acquired intangible assets,
deferred revenue purchase accounting adjustments, expenses related to
the acquisitions, the termination of an employment agreement and the
executive non-renewal charge primarily because we do not believe they
are reflective of the Company’s core operating results. We believe the
exclusion of share-based compensation from operating expenses is useful
given the variation in expense that can result from changes in the fair
value of our common stock, the effect of which is unrelated to the
operational conditions that give rise to variations in the components of
our operating costs. Also, we believe the exclusion of the amortization
of acquired intangible assets, the expenses related to the acquisitions,
the termination of an employment agreement and the executive non-renewal
charge are useful for purposes of evaluating operating performance of
our core operating results and comparing them period over period. In
accordance with the fair value provisions applicable to the accounting
for business combinations, acquired deferred revenue is often recorded
on the opening balance sheet at an amount that is lower than the
historical carrying value. Although this acquisition accounting
requirement has no impact on our business or cash flows, it adversely
impacts our reported GAAP revenue in the reporting periods following an
acquisition. We believe that the exclusion of the deferred revenue
purchase accounting adjustment is useful to investors as an additional
means to reflect trends of our business and provides investors with
financial information that facilitates comparison of both historical and
future results. We believe that these non-GAAP financial measures, when
considered in conjunction with our financial information prepared in
accordance with GAAP, are useful to investors to further aid in
evaluating the ongoing financial performance of the Company and to
provide greater transparency as supplemental information to our GAAP
results.
Non-GAAP financial measures should not be considered in isolation from,
or as a substitute for, financial information prepared in accordance
with GAAP. In addition, our presentation of non-GAAP net income and
non-GAAP diluted earnings per common share may not be comparable to the
presentation of such metrics by other companies. Non-GAAP diluted
earnings per common share is computed by dividing non-GAAP net income
attributable to World Fuel and available to common shareholders by the
sum of the weighted average number of shares of common stock, stock
units, restricted stock entitled to dividends not subject to forfeiture
and vested RSUs outstanding during the period and the number of
additional shares of common stock that would have been outstanding if
our outstanding potentially dilutive securities had been issued.
Investors are encouraged to review the reconciliation of these non-GAAP
measures to their most directly comparable GAAP financial measures.
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding our expectations about our strategy on driving
growth and delivering value. These forward-looking statements are
qualified in their entirety by cautionary statements and risk factor
disclosures contained in the company’s Securities and Exchange
Commission (“SEC”) filings, including the company’s Annual Report on
Form 10-K filed with the SEC on February 12, 2015. Actual results may
differ materially from any forward-looking statements due to risks and
uncertainties, including, but not limited to: our ability to effectively
integrate and derive benefits from acquired businesses, our ability to
capitalize on new market opportunities, potential liabilities and the
extent of any insurance coverage, the outcome of pending litigation and
other proceedings, the impact of quarterly fluctuations in results, the
creditworthiness of our customers and counterparties and our ability to
collect accounts receivable, fluctuations in world oil prices or foreign
currency, changes in political, economic, regulatory, or environmental
conditions, adverse conditions in the markets or industries in which we
or our customers and suppliers operate, our failure to effectively hedge
certain financial risks associated with the use of derivatives,
non-performance by counterparties or customers on derivatives contracts,
loss of, or reduced sales, to a significant government customer,
uninsured losses, the impact of natural disasters, adverse results in
legal disputes, unanticipated tax liabilities, our ability to retain and
attract senior management and other key employees and other risks
detailed from time to time in the company’s SEC filings. New risks
emerge from time to time and it is not possible for management to
predict all such risk factors or to assess the impact of such risks on
our business. Accordingly, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, changes in expectations, future events, or otherwise.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global fuel
logistics, transaction management and payment processing company,
principally engaged in the distribution of fuel and related products and
services in the aviation, marine and land transportation industries.
World Fuel Services sells fuel and delivers services to its clients at
more than 8,000 locations in more than 200 countries and territories
worldwide.
The company's global team of market makers provides deep domain
expertise in all aspects of aviation, marine and land fuel management.
Aviation customers include commercial airlines, cargo carriers, private
aircraft and fixed base operators (FBOs), as well as the United States
and foreign governments. World Fuel Services' marine customers include
international container and tanker fleets, cruise lines and time-charter
operators, as well as the United States and foreign governments. Land
customers include petroleum distributors, retail petroleum operators,
and industrial, commercial, residential and government accounts. The
company also offers transaction management services which consist of
card payment solutions and merchant processing services to customers in
the aviation, marine and land transportation industries. For more
information, call 305-428-8000 or visit www.wfscorp.com.
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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED - IN MILLIONS)
|
|
|
|
|
|
|
|
As of
|
|
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September 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Assets:
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
609.6
|
|
$
|
302.3
|
Accounts receivable, net
|
|
|
2,039.1
|
|
|
2,306.4
|
Inventories
|
|
|
414.0
|
|
|
437.6
|
Prepaid expenses and other current assets
|
|
|
638.0
|
|
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627.1
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|
|
|
|
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Total current assets
|
|
|
3,700.7
|
|
|
3,673.4
|
|
|
|
|
|
Property and equipment, net
|
|
|
224.7
|
|
|
203.4
|
|
|
|
|
|
Goodwill, identifiable intangible and other non-current assets
|
|
|
1,047.5
|
|
|
1,003.7
|
|
|
|
|
|
Total assets
|
|
$
|
4,972.9
|
|
$
|
4,880.5
|
|
|
|
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Liabilities and equity:
|
|
|
|
|
Liabilities:
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term debt
|
|
$
|
23.2
|
|
$
|
17.9
|
Accounts payable
|
|
|
1,629.2
|
|
|
1,850.1
|
Accrued expenses and other current liabilities
|
|
|
453.6
|
|
|
371.3
|
|
|
|
|
|
Total current liabilities
|
|
|
2,106.0
|
|
|
2,239.3
|
|
|
|
|
|
Long-term debt
|
|
|
861.2
|
|
|
672.0
|
Other long-term liabilities
|
|
|
129.9
|
|
|
104.3
|
Total liabilities
|
|
|
3,097.1
|
|
|
3,015.6
|
|
|
|
|
|
Equity:
|
|
|
|
|
World Fuel shareholders' equity
|
|
|
1,864.9
|
|
|
1,855.4
|
Noncontrolling interest equity
|
|
|
10.9
|
|
|
9.5
|
Total equity
|
|
|
1,875.8
|
|
|
1,864.9
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
4,972.9
|
|
$
|
4,880.5
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED - IN MILLIONS, EXCEPT EARNINGS PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Nine Months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
7,810.7
|
|
|
$
|
11,713.5
|
|
|
$
|
23,647.8
|
|
|
$
|
33,606.8
|
|
Cost of revenue
|
|
|
7,584.0
|
|
|
|
11,498.9
|
|
|
|
23,015.2
|
|
|
|
33,012.7
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
226.7
|
|
|
|
214.6
|
|
|
|
632.6
|
|
|
|
594.1
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
|
|
94.2
|
|
|
|
85.2
|
|
|
|
270.5
|
|
|
|
233.6
|
|
Provision for bad debt
|
|
|
1.6
|
|
|
|
1.2
|
|
|
|
5.2
|
|
|
|
3.5
|
|
General and administrative
|
|
|
64.5
|
|
|
|
54.1
|
|
|
|
177.6
|
|
|
|
158.8
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
160.3
|
|
|
|
140.5
|
|
|
|
453.3
|
|
|
|
395.9
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
66.4
|
|
|
|
74.1
|
|
|
|
179.3
|
|
|
|
198.2
|
|
Non-operating expenses, net
|
|
|
(6.0
|
)
|
|
|
(6.2
|
)
|
|
|
(21.0
|
)
|
|
|
(11.9
|
)
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
60.4
|
|
|
|
67.9
|
|
|
|
158.3
|
|
|
|
186.3
|
|
Provision for income taxes
|
|
|
11.8
|
|
|
|
13.4
|
|
|
|
26.8
|
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest
|
|
|
48.6
|
|
|
|
54.5
|
|
|
|
131.5
|
|
|
|
151.3
|
|
Net loss attributable to noncontrolling interest
|
|
|
(1.0
|
)
|
|
|
(1.2
|
)
|
|
|
(3.6
|
)
|
|
|
(3.3
|
)
|
|
|
|
|
|
|
|
|
|
Net income attributable to World Fuel
|
|
$
|
49.6
|
|
|
$
|
55.7
|
|
|
$
|
135.1
|
|
|
$
|
154.6
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
$
|
0.71
|
|
|
$
|
0.79
|
|
|
$
|
1.92
|
|
|
$
|
2.18
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
|
|
|
70.0
|
|
|
|
70.8
|
|
|
|
70.5
|
|
|
|
70.8
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
0.71
|
|
|
$
|
0.78
|
|
|
$
|
1.90
|
|
|
$
|
2.17
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares
|
|
|
70.3
|
|
|
|
71.3
|
|
|
|
71.0
|
|
|
|
71.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED - IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Nine Months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest
|
|
$
|
48.6
|
|
|
$
|
54.4
|
|
|
$
|
131.5
|
|
|
$
|
151.3
|
|
Adjustments to reconcile net income including
|
|
|
|
|
|
|
|
|
noncontrolling interest to net cash provided by
|
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
16.5
|
|
|
|
14.8
|
|
|
|
44.9
|
|
|
|
41.9
|
|
Provision for bad debt
|
|
|
1.6
|
|
|
|
1.2
|
|
|
|
5.2
|
|
|
|
3.5
|
|
Share-based payment award compensation costs
|
|
|
4.8
|
|
|
|
3.6
|
|
|
|
13.2
|
|
|
|
11.3
|
|
Other
|
|
|
(17.0
|
)
|
|
|
(8.8
|
)
|
|
|
(6.7
|
)
|
|
|
(4.4
|
)
|
Change in cash collateral with financial counterparties
|
|
|
(56.3
|
)
|
|
|
(29.7
|
)
|
|
|
92.9
|
|
|
|
(30.9
|
)
|
Changes in assets and liabilities, net of acquisitions
|
|
|
149.2
|
|
|
|
(8.4
|
)
|
|
|
44.2
|
|
|
|
(43.6
|
)
|
Total adjustments
|
|
|
98.8
|
|
|
|
(27.3
|
)
|
|
|
193.7
|
|
|
|
(22.2
|
)
|
Net cash provided by operating activities
|
|
|
147.4
|
|
|
|
27.1
|
|
|
|
325.2
|
|
|
|
129.1
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Acquisition of businesses, net of cash acquired and other investments
|
|
|
(75.5
|
)
|
|
|
(66.5
|
)
|
|
|
(82.0
|
)
|
|
|
(230.7
|
)
|
Capital expenditures
|
|
|
(14.5
|
)
|
|
|
(17.1
|
)
|
|
|
(36.4
|
)
|
|
|
(37.1
|
)
|
Escrow payment related to an assumed obligation of an acquired
business
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(21.7
|
)
|
Other
|
|
|
-
|
|
|
|
0.2
|
|
|
|
4.4
|
|
|
|
(0.7
|
)
|
Net cash used in investing activities
|
|
|
(90.0
|
)
|
|
|
(83.4
|
)
|
|
|
(114.0
|
)
|
|
|
(290.2
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Borrowings of debt, net
|
|
|
110.9
|
|
|
|
65.6
|
|
|
|
191.4
|
|
|
|
282.5
|
|
Dividends paid on common stock
|
|
|
(4.2
|
)
|
|
|
(2.6
|
)
|
|
|
(11.1
|
)
|
|
|
(7.9
|
)
|
Other
|
|
|
(41.5
|
)
|
|
|
(11.3
|
)
|
|
|
(80.4
|
)
|
|
|
(14.7
|
)
|
Net cash provided by financing activities
|
|
|
65.2
|
|
|
|
51.7
|
|
|
|
99.9
|
|
|
|
259.9
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(2.7
|
)
|
|
|
(3.4
|
)
|
|
|
(3.8
|
)
|
|
|
(2.3
|
)
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
119.9
|
|
|
|
(8.0
|
)
|
|
|
307.3
|
|
|
|
96.5
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, as of beginning of period
|
|
|
489.7
|
|
|
|
396.6
|
|
|
|
302.3
|
|
|
|
292.1
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, as of end of period
|
|
$
|
609.6
|
|
|
$
|
388.6
|
|
|
$
|
609.6
|
|
|
$
|
388.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
(UNAUDITED - IN MILLIONS, EXCEPT EARNINGS PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Nine Months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measures and reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to World Fuel
|
|
$
|
49.6
|
|
$
|
55.7
|
|
$
|
135.1
|
|
$
|
154.6
|
Share-based compensation expense, net of income taxes (1)
|
|
|
3.3
|
|
|
2.5
|
|
|
8.5
|
|
|
7.0
|
Intangible asset amortization expense, net of income taxes (2)
|
|
|
5.1
|
|
|
6.0
|
|
|
13.9
|
|
|
14.8
|
Expenses related to acquisitions, net of taxes (3)
|
|
|
2.1
|
|
|
0.4
|
|
|
2.1
|
|
|
1.5
|
Deferred revenue purchase accounting adjustment, net of income taxes (4)
|
|
|
-
|
|
|
-
|
|
|
1.1
|
|
|
-
|
Termination of employment agreement, net of income taxes (5)
|
|
|
-
|
|
|
-
|
|
|
2.3
|
|
|
-
|
Executive non-renewal charge, net of income taxes (6)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3.0
|
Non-GAAP net income attributable to World Fuel
|
|
$
|
60.1
|
|
$
|
64.6
|
|
$
|
163.0
|
|
$
|
180.9
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per common share
|
|
$
|
0.71
|
|
$
|
0.78
|
|
$
|
1.90
|
|
$
|
2.17
|
Share-based compensation expense, net of income taxes (1)
|
|
|
0.05
|
|
|
0.04
|
|
|
0.12
|
|
|
0.10
|
Intangible asset amortization expense, net of income taxes (2)
|
|
|
0.07
|
|
|
0.08
|
|
|
0.20
|
|
|
0.21
|
Expenses related to acquisitions, net of taxes (3)
|
|
|
0.03
|
|
|
0.01
|
|
|
0.03
|
|
|
0.02
|
Deferred revenue purchase accounting adjustment, net of income taxes (4)
|
|
|
-
|
|
|
-
|
|
|
0.02
|
|
|
-
|
Termination of employment agreement, net of income taxes (5)
|
|
|
-
|
|
|
-
|
|
|
0.03
|
|
|
-
|
Executive non-renewal charge, net of income taxes (6)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.04
|
Non-GAAP diluted earnings per common share
|
|
$
|
0.86
|
|
$
|
0.91
|
|
$
|
2.30
|
|
$
|
2.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The pre-tax amount of share-based compensation
expense was $4.8 and $3.6 million for the three
|
|
months ended September 30, 2015 and 2014, respectively, and $12.4
and $10.2 for the nine months
|
|
ended September 30, 2015 and 2014 respectively.
|
|
(2) The pre-tax amount of intangible asset amortization
expense was $6.7 million for the three
|
|
months ended September 30, 2015 and 2014, respectively, and $18.9
and $19.7 for the nine months
|
|
ended September 30, 2015 and 2014, respectively.
|
|
(3) The pre-tax amount of the expenses related to
acquisitions was $3.0 and $0.6 million for the
|
|
three months ended September 30, 2015 and 2014, respectively, and
$3.0 and $1.7 for the nine months
|
|
ended September 30, 2015 and 2014 respectively.
|
|
(4) The pre-tax amount of the deferred revenue purchase
accounting adjustment was $1.5 million for
|
|
the nine months ended September 30, 2015.
|
|
(5) The pre-tax amount of the termination of employment
agreement was $3.8 million for the nine
|
|
months ended September 30, 2015.
|
|
(6) The pre-tax amount of the executive non-renewal
charge was $4.8 million for the nine months
|
|
ended September 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
BUSINESS SEGMENTS INFORMATION
|
(UNAUDITED - IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Nine Months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
2,995.3
|
|
$
|
4,675.6
|
|
$
|
9,077.6
|
|
$
|
13,361.8
|
Marine segment
|
|
|
2,388.1
|
|
|
3,725.6
|
|
|
7,514.3
|
|
|
10,738.6
|
Land segment
|
|
|
2,427.3
|
|
|
3,312.3
|
|
|
7,055.9
|
|
|
9,506.4
|
|
|
$
|
7,810.7
|
|
$
|
11,713.5
|
|
$
|
23,647.8
|
|
$
|
33,606.8
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
106.8
|
|
$
|
96.2
|
|
$
|
274.8
|
|
$
|
246.9
|
Marine segment
|
|
|
48.6
|
|
|
49.4
|
|
|
144.3
|
|
|
146.1
|
Land segment
|
|
|
71.3
|
|
|
69.0
|
|
|
213.5
|
|
|
201.1
|
|
|
$
|
226.7
|
|
$
|
214.6
|
|
$
|
632.6
|
|
$
|
594.1
|
|
|
|
|
|
|
|
|
|
Income from operations:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
47.0
|
|
$
|
47.3
|
|
$
|
100.8
|
|
$
|
114.5
|
Marine segment
|
|
|
17.5
|
|
|
20.9
|
|
|
57.3
|
|
|
62.9
|
Land segment
|
|
|
19.1
|
|
|
19.1
|
|
|
67.3
|
|
|
60.0
|
|
|
$
|
83.6
|
|
$
|
87.3
|
|
|
225.4
|
|
|
237.4
|
Corporate overhead - unallocated
|
|
|
17.2
|
|
|
13.2
|
|
|
46.1
|
|
|
39.2
|
|
|
$
|
66.4
|
|
$
|
74.1
|
|
$
|
179.3
|
|
$
|
198.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES VOLUME SUPPLEMENTAL INFORMATION
|
(UNAUDITED - IN MILLIONS)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Nine Months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Volume (Gallons):
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
|
1,673.3
|
|
|
1,508.5
|
|
|
4,695.4
|
|
|
4,230.8
|
Marine segment (1)
|
|
|
2,263.4
|
|
|
1,705.5
|
|
|
6,501.1
|
|
|
4,891.6
|
Land segment
|
|
|
1,259.1
|
|
|
1,101.6
|
|
|
3,550.6
|
|
|
3,121.4
|
Consolidated total
|
|
|
5,195.8
|
|
|
4,315.6
|
|
|
14,747.1
|
|
|
12,243.8
|
|
|
|
|
|
|
|
|
|
(1) Converted from metric tons to gallons at a rate of
264 gallons per metric ton. Marine segment metric tons were 8.6
and 6.5 for the three months ended September 30, 2015 and
September 30, 2014, respectively and 24.6 and 18.5 for the nine
months ended September 30, 2015 and September 30, 2014,
respectively.
|
|
CONTACT:
World Fuel Services Corporation
Ira M. Birns, Executive
Vice President &
Chief Financial Officer
or
Glenn Klevitz
Vice
President, Assistant Treasurer
305-428-8000
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