World Fuel Services Corporation (NYSE: INT) has reported third quarter 2017 net loss of USD 38.5 million or USD 0.57 diluted loss per share, which includes a non-cash accounting charge of USD 76.9 million relating to a US deferred tax valuation allowance (“DTA”), the company said.
Excluding the DTA and certain other one-time items, adjusted third quarter net income was USD 40.9 million or USD 0.60 adjusted diluted earnings per share. In the third quarter of 2016, net income as adjusted for one-time items was USD 45.1 million or USD 0.65 adjusted diluted earnings per share. Non-GAAP net income and diluted earnings per share for the third quarter of 2017, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were USD 52.0 million and USD 0.77, respectively, compared to USD 57.2 million and USD 0.82 in 2016.
The company´s aviation segment generated gross profit of USD 123.9 million, an increase of USD 12.3 million or 11.0% year-over-year. The company´s marine segment generated gross profit of USD 30.5 million, a decrease of USD 6.8 million or 18.2% year-over-year. The company´s land segment generated gross profit of USD 85.5 million, a decrease of USD 2.3 million or 2.6% year-over-year.
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally 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.