World Fuel Services Corporation reports strong 4th quarter & record full year earnings

The company's aviation segment generated gross profit of $58.0 million in the fourth quarter of 2010, an increase of $2.2 million or 4% sequentially and $9.0 million or 18% year-over-year. The marine segment generated gross profit of $41.6 million, an increase of approximately $0.3 million or 1% both sequentially and year-over-year. The company's land segment posted gross profit of $24.1 million, an increase of $9.0 million or 59% sequentially and $12.4 million or 107% year-over-year.

"Disciplined risk management, strategic focus and strong cross-functional execution drove record results in 2010," said Paul H. Stebbins, chairman and chief executive officer of World Fuel Services Corporation. "On every level it was a transformational year for World Fuel and, heading into 2011, we look to continue capitalizing on an expanding set of opportunities in the markets we serve."

"Our team performed extremely well in 2010, integrating new businesses and driving growth," stated Michael J. Kasbar, president and chief operating officer. "We continued to invest both organically and through strategic investments, further strengthening our platform for growth," added Kasbar.

For the full year, net income was $146.9 million or $2.31 diluted earnings per share compared to $117.1 million or $1.96 diluted earnings per share in 2009. Non-GAAP net income was $160.7 million or $2.53 non-GAAP diluted earnings per share compared to $127.9 million or $2.13 non-GAAP diluted earnings per share in 2009.

"In addition to posting record earnings in 2010, we completed several strategic acquisitions, enhanced our already strong liquidity position, and again delivered above average returns to our shareholders," stated Ira M. Birns, executive vice president and chief financial officer.

Non-GAAP Financial Measures

This press release includes selected financial information that has not been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This information includes non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP financial measures exclude costs associated with share-based compensation and amortization of acquired intangible assets, primarily because we do not believe they are reflective of the company's core operating results. We believe that these non-GAAP financial measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful for investors to evaluate our core operating results and trends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of non-GAAP net income and non-GAAP diluted earnings per share may not be comparable to the presentation of such metrics by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Information Relating to Forward-Looking Statements

With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the creditworthiness of customers and counterparties and our ability to collect accounts receivable, fluctuations in world oil prices or foreign currency, changes in political, economic, regulatory, or environmental conditions, adverse conditions in the markets or industries in which we or our customers operate, our failure to effectively hedge certain financial risks associated with the use of derivatives, non-performance by counterparties or customers on derivatives contracts, the integration of acquired businesses, uninsured losses, our ability to retain and attract senior management and other key employees and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. World Fuel Services sells fuel and provides services to its clients at more than 6,000 locations in 200 countries, including airports, seaports, tanker truck loading terminals and other customer storage locations. With 47 strategically located global offices, World Fuel Services offers its clients a value-added outsource service for the supply, quality control, logistical support and price risk management of marine, aviation and land fuel.

The Company's global team of market makers provides deep domain expertise in all aspects of aviation, marine and land fuel management. World Fuel Services' marine customers include international container and tanker fleets, cruise lines and time-charter operators, as well as the United States and foreign governments. Aviation customers include commercial airlines, cargo carriers and private aircraft, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts. For more information, call 305-428-8000 or visit www.wfscorp.com.

SOURCE: World Fuel Services Corporation