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WFS Q3 2021 marine fuels segment gross profit down 32% on year to USD 21.9 million

01 Nov 2021

Global energy management company World Fuel Services (WFS) on Thursday (28 October) recorded 73.5% lower net income on year for the third quarter (Q3) of 2021.

The company posted net income of USD 21.7 million in Q3 2021 compared to USD 82.0 million in Q3 2020. Revenue in Q3 2021 was USD 8.35 billion, 86.4% higher than revenue of USD 4.48 billion in Q3 2020.

“A strengthening economy combined with easing global travel restrictions contributed to another strong year-over-year increase in aviation activity,” states Michael J. Kasbar, chairman and CEO of WFS.

“Despite lingering effects of the pandemic and ongoing supply chain disruptions, we are well positioned to drive growth in our core business activities while serving the evolving energy requirements of our customers.”

“Our marine segment generated gross profit of $21.9 million, a decrease of 32% year-over-year, driven by a decline in average margins in the core resale business,” added Kasbar.

Revenue of the marine fuels segment was $2.10 billion in Q3 2021, higher than revenue of 1.24 billion recorded in Q3 2020, while income from the segment was $3.6 million in Q3 2021, lower than income of $8.2 million in the similar period last year.

WFS sold 4.8 million metric tonnes (mt) of bunker fuel in Q3 2021, more than the 4.4 million mt delivered during Q3 2020.

Reports of WFS previous year financial performance are as follows:

Related: WFS net income rebounds to $17.6 million in Q2 2021; marine posts $22.7 million gross profit
RelatedWFS marine segment generated gross profit of $25.4 million, down 57% on year in Q1 2021
RelatedWFS 2020 marine segment gross profit down by 17% on year due to Covid-19 factors
Related: WFS marine segment gross profit down 40% on year to $32 million during Q3 2020
Related: WFS Q2 2020 results report operating segments ‘negatively impacted’ by Covid-19
Related: WFS marine segment posts highest level of quarterly gross profit in more than five years
Related: WFS marine sales volume approximately 12% down in FY 2019


Photo credit: World Fuel Services
Published: 1 November, 2021

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