World Fuel Services Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Effective Tax Rate Guidance for the Full Year of 2017
April 27, 2017
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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%.
World Kinect Corporation is a global energy management company. The Company is engaged in offering fulfillment and related services across the aviation, marine, and land-based transportation sectors. It also supplies natural gas and power in the United States and Europe along with a suite of other sustainability-related products and services. Its segments include Aviation, Land and Marine. Its Aviation segment provides aviation-related service offerings, which include fuel management, price risk management, ground handling, 24/7 global dispatch services, and trip planning services, including flight planning and scheduling, weather reports and overflight permits. Its Land segment offers fuel, lubricants, heating oil, and related products and services to commercial, industrial, residential and government customers, as well as retail petroleum operators. Its Marine segment markets fuel, lubricants, and related products and services to a base of marine customers.
World Fuel Services Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Effective Tax Rate Guidance for the Full Year of 2017