World Fuel Services Corp., a global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel and related products and services, reported full year net income of $203.1 million or $2.83 diluted earnings per share.
This compares to $189.3 million or $2.64 diluted earnings per share for the same period in 2012.
In a release on February 12, the Company noted that for the fourth quarter, net income was $51.9 million or $0.73 diluted earnings per share. This compares to $42.8 million or $0.60 diluted earnings per share in the fourth quarter of 2012.
"Considering continued macro-economic headwinds, we are pleased with our strong results in the fourth quarter," stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corp. "We continue to expand the breadth of our fuel and service offerings, further enhancing our value proposition and enabling us to continue to grow faster than the markets in which we participate."
For the full year, the company's aviation segment generated gross profit of $327.2 million, an increase of approximately $32.6 million or 11.1 percent year-over-year. The company's marine segment generated gross profit of $177.1 million, a decrease of $31.0 million or 14.9 percent year-over-year. The company's land segment posted gross profit of $248.5 million, an increase of $77.7 million or 45.5 percent year-over-year.
"We posted strong operating cash flow in 2013 and have now generated more than $410 million of operating cash flow during the past two years," said Ira M. Birns, executive vice president and chief financial officer. "Our solid cash flow profile has enabled us to invest organically and through strategic acquisitions and more recently, repurchase company stock as we did again during the fourth quarter, all while maintaining a strong and liquid balance sheet."
Headquartered in Miami, Florida, World Fuel Services is a global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel and related products and services on a worldwide basis.
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