World Fuel Services Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the first quarter 2017, the company reported net income attributable to the company of $31.3 million or $0.45 diluted earnings per share against $51.8 million or $0.74 basic and diluted earnings per share a year ago. Excluding the impact of certain one-time items, adjusted first quarter net income was $34.6 million or $0.50 adjusted diluted earnings per share. In the first quarter of 2016, net income as adjusted for one-time items was $53.0 million or $0.76 adjusted diluted earnings per share. Non-GAAP net income and diluted earnings per share for the first quarter of 2017, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $44.5 million and $0.64, respectively, compared to $62.5 million and $0.90 in 2016. Revenues were $8,194.3 million against $5,190.8 million a year ago. The increase was due to the 55% increase in oil prices as well as increased overall volume principally from the APP and PAPCO acquisitions that were not included in the last year's first quarter results. Income from operations was $50.3 million against $61.0 million a year ago. Income before income taxes was $36.1 million against $54.8 million a year ago. Net cash provided by operating activities was $137.0 million against $138.6 million a year ago. Capital expenditures were $10.0 million against $14.1 million a year ago.

For the year of 2017, the company estimates effective tax rate to be between 15% and 18%.