World Fuel Services (INT) Tops Q2 EPS by 22c, Revenues Miss

World Fuel Services (NYSE: INT) reported Q2 EPS of $0.13, $0.22 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $3.16 billion versus the consensus estimate of $3.84 billion.

Second-Quarter 2020 Highlights

• Total gross profit of $213.9 million, down 20% year-over-year
• GAAP net loss of $10.2 million, or $0.16 per diluted share
• Adjusted net income of $8.1 million, or $0.13 per diluted share
• Adjusted EBITDA of $57.1 million

“The resilience of our diversified business model produced a respectable result for the quarter despite volumes across all of our operating segments being negatively impacted by the global shutdown due to the COVID-19 pandemic,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “The continued demonstration of our value to the global supply chain and energy and logistics industries during these uncertain times will serve us well as the world begins its recovery.”

For the second quarter, our aviation segment generated gross profit of $91.9 million, a decrease of 35% year-over-year, driven by a significant reduction in activity related to the global shutdown, which principally impacted our commercial aviation operations, together with a reduction in government-related activity. The marine segment generated gross profit of $37.2 million, an increase of 2% year-over-year, principally related to improved performance in our core resale business, offset by significantly lower volume due to a decline in activity in connection with the pandemic. Our land segment generated gross profit of $84.8 million, a decrease of 8% year-over-year, driven principally by a decline in retail, commercial and industrial activities in North America as a result of the pandemic, together with a reduction in government-related activity.

“Our continued focus on cost and liquidity management further strengthened our balance sheet during this extraordinary time,” said Ira M. Birns, executive vice president and chief financial officer. “We generated cash flows from operations of $236 million during the quarter and the expected proceeds from the announced sale of the Multi Service payment solutions business will provide additional capital to strategically invest in our core business portfolio.”

For earnings history and earnings-related data on World Fuel Services (INT) click here.

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