World Fuel Services reports USD 38.2m in Q3 2018 net income

World Fuel Services Corporation (NYSE: INT)has reported a third quarter 2018 GAAP net income of USD 38.2 million or USD 0.56 per diluted share, the company said.

Adjusted net income was USD 42.5 million, or USD 0.63 per diluted share.

Third-Quarter 2018 Highlights include:

-Total of 5.0 billion gallons of fuel sold
-Total gross profit of USD 266.7 million, up 11% year-over-year
-Adjusted EBITDA of USD 104.3 million, up 23% year-over-year

For the quarter, the aviation segment generated gross profit of USD 140.7 million, an increase of 14% year-over-year. The marine segment generated gross profit of USD 43.0 million, an increase of 41% year-over-year, primarily due to improved economics in core operations as well as seasonal activities. The land segment generated gross profit of USD 83.0 million, down 3% year-over-year, driven by weakness in the United Kingdom and Brazil, which was partially offset by growth in Kinect global energy management and Multi Service payment solutions businesses.

Cash flow used in operating activities was USD 87.5 million for the third quarter of 2018. This reflects the impact of a change in classification of USD 115.6 million of cash proceeds received from the beneficial interest of receivables sold from cash flow from operating activities to cash flow from investing activities due to an accounting standard adopted in the beginning of 2018.

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.