World Fuel Services Q1 Profit Down

(RTTNews) - World Fuel Services Corp. (INT) Thursday announced a decline in first quarter net income attributable to the company to $52.4 million or $0.75 per share from $55.6 million or $0.79 per share last year. Adjusted earnings was $53.6 million or $0.77 per share.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.75 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $5.192 billion from $7.34 billion in the previous year. Wall Street expected $6.71 billion.

Michael Kasbar, chairman and chief executive officer of World Fuel Services Corp. said "While results were impacted this quarter by the unseasonably warm weather in the and and continued weakness in the marine markets, our aviation and land segments performed well, with our overall volumes up 6% year-over-year. Despite the disruption in energy markets and continued global economic weakness, we remain confident in the ability of our diversified logistics, transaction and energy management business model to deliver near and long-term growth."