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): February 12, 2015
WORLD
FUEL SERVICES CORPORATION
(Exact
name of registrant as specified in its charter)
Florida
|
1-9533
|
59-2459427
|
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
9800 N.W. 41st Street, Suite 400
Miami, Florida
|
33178
|
(Address
of principal executive offices)
|
(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 February 12, 2015, World Fuel Services Corporation issued a press
release reporting its financial results for the fourth quarter and
fiscal year ended December 31, 2014. 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
|
(d)
|
Exhibits
|
|
|
|
|
|
|
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press Release, dated February 12, 2015.
|
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:
|
February 12, 2015
|
World Fuel Services Corporation
|
|
|
|
|
|
|
/s/ Ira M. Birns
|
|
|
|
Ira M. Birns
|
|
|
|
Executive Vice President and Chief Financial Officer
|
EXHIBIT INDEX
Exhibit
|
|
Description
|
99.1
|
|
Press Release, dated February 12, 2015.
|
Exhibit 99.1
World
Fuel Services Corporation Reports Record Fourth Quarter and Full Year
Earnings
MIAMI--(BUSINESS WIRE)--February 12, 2015--World Fuel Services
Corporation (NYSE: INT) today reported full year net income of $221.7
million or $3.11 diluted earnings per share. Excluding the impact of the
previously announced sale of interests in the company’s crude oil joint
ventures and certain one-time expenses, adjusted full year net income
was $216.8 million or $3.04 diluted earnings per share. For 2013, net
income as adjusted for one-time expenses was $204.9 million or $2.86
diluted earnings per share. Non-GAAP net income and diluted earnings per
share for the full year, excluding share-based compensation,
amortization of acquired intangible assets, gain from the sale of
interests in the crude oil joint ventures and certain one-time expenses
were $249.1 million and $3.49, respectively, compared to $230.5 million
and $3.22 in 2013.
For the fourth quarter, net income was $67.1 million or $0.94 diluted
earnings per share. Excluding the impact of the previously announced
sale of interests in the company’s crude oil joint ventures and certain
one-time expenses, adjusted net income was $57.6 million or $0.81
adjusted diluted earnings per share. In the fourth quarter of 2013, net
income as adjusted for one-time expenses was $53.7 million or $0.76
diluted earnings per share. Non-GAAP net income and diluted earnings per
share for the fourth quarter, excluding share-based compensation,
amortization of acquired intangible assets, gain from the sale of
interests in the crude oil joint ventures and certain one-time expenses
were $68.1 million and $0.96, respectively, compared to $60.1 million
and $0.85 in the fourth quarter of 2013.
“2014 was a strong year for World Fuel, as we delivered solid financial
results while continuing to make strategic investments to grow our
diverse intermodal platform of products and services,” stated Michael J.
Kasbar, chairman and chief executive officer of World Fuel Services
Corporation. “We remain focused on further strengthening our global
competitive position in the coming year and taking advantage of a
growing suite of opportunities that will enhance our growth strategy.”
For the full year, the company’s aviation segment generated gross profit
of $321.6 million, a decrease of $5.6 million or 1.7% year-over-year.
The company’s marine segment generated gross profit of $205.6 million,
an increase of $28.6 million or 16.1% year-over-year. The company’s land
segment posted gross profit of $286.4 million, an increase of $37.9
million or 15.2% year-over-year.
“Our solid execution and discipline contributed to a strong finish to
2014,” said Ira M. Birns, executive vice president and chief financial
officer. “As we enter 2015, we are focused on aligning our resources to
drive strategic priorities and deliver long-term shareholder value.”
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 both
non-GAAP and adjusted net income and non-GAAP and adjusted diluted
earnings per share. The non-GAAP financial measures exclude costs
associated with share-based compensation, amortization of acquired
intangible assets, expenses related to acquisitions, the gain on the
sale of the crude oil joint venture interests (net of certain related
operating expenses) 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 acquisitions, the gain on the sale of the crude
oil joint venture interests (net of certain related operating) expenses
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. 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 adjusted and non-GAAP net
income and adjusted and non-GAAP diluted earnings per common share may
not be comparable to the presentation of such metrics by other
companies. Adjusted and Non-GAAP diluted earnings per common share is
computed by dividing adjusted and 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 global competitive
position and growth strategy. 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.
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED - IN THOUSANDS)
|
|
|
|
|
|
|
|
As of
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
Assets:
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
302,264
|
|
$
|
292,061
|
Accounts receivable, net
|
|
|
2,307,852
|
|
|
2,538,642
|
Inventories
|
|
|
437,566
|
|
|
655,046
|
Prepaid expenses and other current assets
|
|
|
627,161
|
|
|
329,752
|
|
|
|
|
|
Total current assets
|
|
|
3,674,843
|
|
|
3,815,501
|
|
|
|
|
|
Property and equipment, net
|
|
|
202,716
|
|
|
129,685
|
|
|
|
|
|
Goodwill, identifiable intangible and other non-current assets
|
|
|
1,002,421
|
|
|
794,091
|
|
|
|
|
|
Total assets
|
|
$
|
4,879,980
|
|
$
|
4,739,277
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|
Liabilities:
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term debt
|
|
$
|
17,914
|
|
$
|
14,647
|
Accounts payable
|
|
|
1,850,134
|
|
|
2,210,427
|
Accrued expenses and other current liabilities
|
|
|
373,306
|
|
|
289,441
|
|
|
|
|
|
Total current liabilities
|
|
|
2,241,354
|
|
|
2,514,515
|
|
|
|
|
|
Long-term debt
|
|
|
671,954
|
|
|
449,064
|
Other long-term liabilities
|
|
|
101,791
|
|
|
96,804
|
Total liabilities
|
|
|
3,015,099
|
|
|
3,060,383
|
|
|
|
|
|
Equity:
|
|
|
|
|
World Fuel shareholders' equity
|
|
|
1,855,358
|
|
|
1,673,898
|
Noncontrolling interest equity
|
|
|
9,523
|
|
|
4,996
|
Total equity
|
|
|
1,864,881
|
|
|
1,678,894
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
4,879,980
|
|
$
|
4,739,277
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED - IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Year ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
9,779,555
|
|
|
$
|
10,404,653
|
|
|
$
|
43,386,389
|
|
|
$
|
41,561,947
|
|
Cost of revenue
|
|
|
9,560,089
|
|
|
|
10,209,073
|
|
|
|
42,572,767
|
|
|
|
40,809,189
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
219,466
|
|
|
|
195,580
|
|
|
|
813,622
|
|
|
|
752,758
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
|
|
86,233
|
|
|
|
73,663
|
|
|
|
319,842
|
|
|
|
288,021
|
|
Provision for bad debt
|
|
|
224
|
|
|
|
6,070
|
|
|
|
3,757
|
|
|
|
11,745
|
|
General and administrative
|
|
|
62,080
|
|
|
|
51,369
|
|
|
|
220,875
|
|
|
|
188,634
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
148,537
|
|
|
|
131,102
|
|
|
|
544,474
|
|
|
|
488,400
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
70,929
|
|
|
|
64,478
|
|
|
|
269,148
|
|
|
|
264,358
|
|
Non-operating income (expenses), net
|
|
|
12,308
|
|
|
|
(3,668
|
)
|
|
|
403
|
|
|
|
(17,693
|
)
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
83,237
|
|
|
|
60,810
|
|
|
|
269,551
|
|
|
|
246,665
|
|
Provision for income taxes
|
|
|
16,180
|
|
|
|
7,415
|
|
|
|
51,144
|
|
|
|
39,505
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest
|
|
|
67,057
|
|
|
|
53,395
|
|
|
|
218,407
|
|
|
|
207,160
|
|
Net (loss) income attributable to noncontrolling interest
|
|
|
(77
|
)
|
|
|
1,533
|
|
|
|
(3,340
|
)
|
|
|
4,085
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to World Fuel
|
|
$
|
67,134
|
|
|
$
|
51,862
|
|
|
$
|
221,747
|
|
|
$
|
203,075
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
$
|
0.95
|
|
|
$
|
0.73
|
|
|
$
|
3.13
|
|
|
$
|
2.85
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares
|
|
|
70,708
|
|
|
|
70,870
|
|
|
|
70,750
|
|
|
|
71,224
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
0.94
|
|
|
$
|
0.73
|
|
|
$
|
3.11
|
|
|
$
|
2.83
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares
|
|
|
71,297
|
|
|
|
71,459
|
|
|
|
71,323
|
|
|
|
71,800
|
|
|
|
|
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED - IN THOUSANDS)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Year ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest
|
|
$
|
67,057
|
|
|
$
|
53,395
|
|
|
$
|
218,407
|
|
|
$
|
207,160
|
|
Adjustments to reconcile net income including
|
|
|
|
|
|
|
|
|
noncontrolling interest to net cash provided by
|
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
17,534
|
|
|
|
11,898
|
|
|
|
59,399
|
|
|
|
44,710
|
|
Provision for bad debt
|
|
|
224
|
|
|
|
6,070
|
|
|
|
3,757
|
|
|
|
11,745
|
|
Share-based payment award compensation costs
|
|
|
4,474
|
|
|
|
4,138
|
|
|
|
15,755
|
|
|
|
16,716
|
|
Other
|
|
|
(15,093
|
)
|
|
|
(14,254
|
)
|
|
|
(12,322
|
)
|
|
|
(14,716
|
)
|
Change in cash collateral with financial counterparties
|
|
|
(257,134
|
)
|
|
|
(9,873
|
)
|
|
|
(288,049
|
)
|
|
|
9,920
|
|
Changes in assets and liabilities, net of acquisitions
|
|
|
195,033
|
|
|
|
(819
|
)
|
|
|
144,213
|
|
|
|
(11,233
|
)
|
Total adjustments
|
|
|
(54,962
|
)
|
|
|
(2,840
|
)
|
|
|
(77,247
|
)
|
|
|
57,142
|
|
Net cash provided by operating activities
|
|
|
12,095
|
|
|
|
50,555
|
|
|
|
141,160
|
|
|
|
264,302
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Acquisition of businesses, net of cash acquired and other investments
|
|
|
(42,934
|
)
|
|
|
(36,542
|
)
|
|
|
(273,649
|
)
|
|
|
(76,954
|
)
|
Capital expenditures
|
|
|
(13,051
|
)
|
|
|
(32,430
|
)
|
|
|
(50,153
|
)
|
|
|
(82,716
|
)
|
Escrow payment related to an assumed obligation of an acquired
business
|
|
|
-
|
|
|
|
-
|
|
|
|
(21,724
|
)
|
|
|
-
|
|
Proceeds from the sale of crude oil joint venture interests
|
|
|
43,000
|
|
|
|
-
|
|
|
|
43,000
|
|
|
|
-
|
|
Other
|
|
|
6,079
|
|
|
|
(14,421
|
)
|
|
|
5,439
|
|
|
|
(14,890
|
)
|
Net cash used in investing activities
|
|
|
(6,906
|
)
|
|
|
(83,393
|
)
|
|
|
(297,087
|
)
|
|
|
(174,560
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Borrowings of debt, net
|
|
|
(76,832
|
)
|
|
|
5,134
|
|
|
|
205,745
|
|
|
|
80,314
|
|
Dividends paid on common stock
|
|
|
(2,647
|
)
|
|
|
(2,659
|
)
|
|
|
(10,595
|
)
|
|
|
(10,679
|
)
|
Other
|
|
|
(10,936
|
)
|
|
|
(11,695
|
)
|
|
|
(25,635
|
)
|
|
|
(40,126
|
)
|
Net cash (used in) provided by financing activities
|
|
|
(90,415
|
)
|
|
|
(9,220
|
)
|
|
|
169,515
|
|
|
|
29,509
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(1,054
|
)
|
|
|
896
|
|
|
|
(3,385
|
)
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(86,280
|
)
|
|
|
(41,162
|
)
|
|
|
10,203
|
|
|
|
119,321
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, as of beginning of period
|
|
|
388,544
|
|
|
|
333,223
|
|
|
|
292,061
|
|
|
|
172,740
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, as of end of period
|
|
$
|
302,264
|
|
|
$
|
292,061
|
|
|
$
|
302,264
|
|
|
$
|
292,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
(UNAUDITED - IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Year ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measures and reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to World Fuel
|
|
$
|
67,134
|
|
|
$
|
51,862
|
|
$
|
221,747
|
|
|
$
|
203,075
|
|
Share-based compensation expense, net of income taxes (1)
|
|
|
2,965
|
|
|
|
2,812
|
|
|
9,942
|
|
|
|
11,182
|
|
Intangible asset amortization expense, net of income taxes (2)
|
|
|
7,564
|
|
|
|
3,639
|
|
|
22,401
|
|
|
|
14,448
|
|
Expenses related to acquisitions, net of income taxes (3)
|
|
|
358
|
|
|
|
1,822
|
|
|
1,894
|
|
|
|
1,822
|
|
Gain on the sale of the crude oil joint venture interests, net of
certain related operating expenses and income taxes (4)
|
|
|
|
|
|
|
|
|
|
|
|
(9,879
|
)
|
|
|
-
|
|
|
(9,879
|
)
|
|
|
-
|
|
Executive non-renewal charge, net of income taxes (5)
|
|
|
-
|
|
|
|
-
|
|
|
2,994
|
|
|
|
-
|
Non-GAAP net income attributable to World Fuel
|
|
$
|
68,142
|
|
|
$
|
60,135
|
|
$
|
249,099
|
|
|
$
|
230,527
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per common share
|
|
$
|
0.94
|
|
|
$
|
0.73
|
|
$
|
3.11
|
|
|
$
|
2.83
|
|
Share-based compensation expense, net of income taxes (1)
|
|
|
0.04
|
|
|
|
0.04
|
|
|
0.14
|
|
|
|
0.16
|
|
Intangible asset amortization expense, net of income taxes (2)
|
|
|
0.11
|
|
|
|
0.05
|
|
|
0.31
|
|
|
|
0.20
|
|
Expenses related to acquisitions, net of income taxes (3)
|
|
|
0.01
|
|
|
|
0.03
|
|
|
0.03
|
|
|
|
0.03
|
|
Gain on the sale of the crude oil joint venture interests, net of
certain related operating expenses and income taxes (4)
|
|
|
|
|
|
|
|
|
|
|
|
(0.14
|
)
|
|
|
-
|
|
|
(0.14
|
)
|
|
|
-
|
|
Executive non-renewal charge, net of income taxes (5)
|
|
|
-
|
|
|
|
-
|
|
|
0.04
|
|
|
|
-
|
Non-GAAP diluted earnings per common share
|
|
$
|
0.96
|
|
|
$
|
0.85
|
|
$
|
3.49
|
|
|
$
|
3.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The pre-tax amount of share-based compensation expense was $4,443
and $4,137 for the three months ended December 31, 2014 and 2013,
respectively, and $14,603 and $16,716 for the year ended December
31, 2014 and 2013, respectively.
|
|
(2)
|
The pre-tax amount of intangible asset amortization expense was
$9,269 and $5,666 for the three months ended December 31, 2014 and
2013, respectively, and $29,095 and $22,576 for the year ended
December 31, 2014 and 2013, respectively.
|
|
(3)
|
The pre-tax amount of the expenses related to acquisitions was $358
and $1,822 for the three months ended December 31, 2014 and 2013,
respectively, and $2,126 and $1,822 for the year ended December 31,
2014 and 2013, respectively.
|
|
(4)
|
The pre-tax amount of gain on the sale of the crude oil joint
venture interests, net of certain related operating expenses, was
$16,064 for the year ended December 31, 2014.
|
|
(5)
|
The pre-tax amount of the executive non-renewal charge was $4,751
for the year ended December 31, 2014.
|
|
|
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
|
BUSINESS SEGMENTS INFORMATION
|
(UNAUDITED - IN THOUSANDS)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended
|
|
For the Year ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenue:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
3,906,996
|
|
$
|
4,232,935
|
|
$
|
17,268,834
|
|
$
|
16,087,611
|
Marine segment
|
|
|
3,104,661
|
|
|
3,530,317
|
|
|
13,843,307
|
|
|
14,790,342
|
Land segment
|
|
|
2,767,898
|
|
|
2,641,401
|
|
|
12,274,248
|
|
|
10,683,994
|
|
|
$
|
9,779,555
|
|
$
|
10,404,653
|
|
$
|
43,386,389
|
|
$
|
41,561,947
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
74,616
|
|
$
|
84,395
|
|
$
|
321,596
|
|
$
|
327,178
|
Marine segment
|
|
|
59,525
|
|
|
42,815
|
|
|
205,612
|
|
|
177,052
|
Land segment
|
|
|
85,325
|
|
|
68,370
|
|
|
286,414
|
|
|
248,528
|
|
|
$
|
219,466
|
|
$
|
195,580
|
|
$
|
813,622
|
|
$
|
752,758
|
|
|
|
|
|
|
|
|
|
Income from operations:
|
|
|
|
|
|
|
|
|
Aviation segment
|
|
$
|
27,750
|
|
$
|
41,131
|
|
$
|
142,303
|
|
$
|
150,886
|
Marine segment
|
|
|
27,126
|
|
|
17,430
|
|
|
90,029
|
|
|
73,770
|
Land segment
|
|
|
30,315
|
|
|
21,159
|
|
|
90,335
|
|
|
84,767
|
|
|
|
85,191
|
|
|
79,720
|
|
|
322,667
|
|
|
309,423
|
Corporate overhead - unallocated
|
|
|
14,262
|
|
|
15,242
|
|
|
53,519
|
|
|
45,065
|
|
|
$
|
70,929
|
|
$
|
64,478
|
|
$
|
269,148
|
|
$
|
264,358
|
|
|
|
|
|
|
|
|
|
CONTACT:
World Fuel Services Corporation
Ira M. Birns, Executive
Vice President &
Chief Financial Officer
or
Glenn Klevitz
Vice
President, Assistant Treasurer
305-428-8000
World Fuel Services (NYSE:INT)
Historical Stock Chart
From Aug 2024 to Sep 2024
World Fuel Services (NYSE:INT)
Historical Stock Chart
From Sep 2023 to Sep 2024