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WFS Q3 2022 marine fuels segment gross profit up 241.6% on year to USD 74.8 mil

31 Oct 2022

Global energy management company World Fuel Services (WFS) on Thursday (27 October) recorded a 95.9% on year increase in net income for the third quarter (Q3) of 2022 supported by gains from its marine segment due to the impact of market volatility and the related rise in global fuel prices. 

The company posted net income of USD 42.5 million in Q3 2022, higher than net income of USD 21.7 million seen during Q3 2022.

Revenue for its combined aviation, land and marine segments in Q3 2022 was USD 15.7 billion, a 86.9% jump from revenue of USD 8.4 billion in Q3 2021.

Specifically, the marine segment generated gross profit of USD 74.8 million in Q3 2022, up 241.6% on year from USD 21.9 million in Q3 2021.

In total, WFS sold 4.8 million metric tonnes (mt) of bunker fuel during Q3 2022, marginally up from 4.8 million mt of marine fuels during the similar period of last year.

“We delivered solid results across all of our businesses, despite continued global macroeconomic uncertainty,” stated Michael J. Kasbar, chairman and chief executive officer. 

“We continue to focus on leveraging our technical expertise and global logistics and distribution capabilities to satisfy our customers’ core energy requirements, as well as support their growing needs in achieving their carbon reduction goals.”

“In the third quarter, all of our business segments performed exceptionally well, resulting in record quarterly gross profit and adjusted EBITDA and the highest level of quarterly earnings per share in more than two years,” said Ira M. Birns, executive vice president and chief financial officer. 

“We have further strengthened our balance sheet and liquidity profile, benefiting from strong operating cash flow generation during the quarter, while enhancing returns to shareholders with our previously announced 17% quarterly dividend increase.”

 

Photo credit: World Fuel Services
Published: 31 October, 2022

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