Second Quarter 2023
Highlights
- Gross profit increased 11% to $282 million
- Net income increased 23% to $30 million
- GAAP diluted earnings and adjusted diluted earnings per share
of $0.48
- Adjusted EBITDA increased 29% to $99 million
World Kinect Corporation (NYSE: WKC) today reported financial
results for the second quarter of 2023.
Results compared to the same period last year are as follows
(unaudited - in millions, except percentages and per share
data):
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
Change
2023
2022
Change
Volume (1)
4,465
4,651
(4
)%
8,937
9,127
(2
)%
Revenue
$
10,981
$
17,122
(36
)%
$
23,462
$
29,504
(20
)%
Gross profit
$
282
$
253
11
%
$
544
$
484
12
%
Income from operations
$
76
$
53
43
%
$
140
$
94
49
%
Income from operations as a percentage of
gross profit
27
%
21
%
26
%
19
%
Adjusted income from operations
$
76
$
54
41
%
$
141
$
96
47
%
Adjusted income from operations as a
percentage of gross profit
27
%
21
%
26
%
20
%
Diluted earnings (loss) per common
share
$
0.48
$
0.39
23
%
$
0.84
$
0.80
5
%
Adjusted diluted earnings (loss) per
common share
$
0.48
$
0.41
17
%
$
0.84
$
0.83
1
%
(1) Includes gallons and gallon
equivalents converted as described in the table below.
"It has been an exciting quarter for World Kinect, and I am
proud of our team's effort toward meeting our customers' complex
energy needs in the most efficient manner possible," stated Michael
J. Kasbar, chairman and chief executive officer. "Changing our
corporate name as part of our recent annual shareholder meeting is
just one example of our ongoing commitment to that mission, and our
second quarter results continue to demonstrate our focus on
maximizing returns while also investing in our future by expanding
our suite of sustainability-related products and services and
broader technology-enabled solutions."
"I am very pleased with our accomplishments this quarter,
delivering solid operating cash flow while also diversifying our
capital structure by successfully completing our first ever bond
offering, and repurchasing $50 million of shares," said Ira M.
Birns, executive vice president and chief financial officer. "We
are now focused on delivering solid results in our seasonally
strongest third quarter and we remain optimistic about our
performance outlook for the balance of the year and into 2024."
Corporate Updates
- The Company changed its corporate name from World Fuel
Services to World Kinect
- The Company's shareholders approved a proposal to change its
corporate name at the 2023 Annual Meeting, and the Company began
trading under its new name and changed its ticker symbol on the
NYSE from INT to WKC effective June 16, 2023.
- This change is intended to better reflect the Company's ongoing
transformation into a more resilient, diversified energy and
solutions provider, as well as its commitment to continuing to
evolve alongside customers as the energy transition unfolds.
- The Company is working to support customers' core energy
requirements today, while also expanding its suite of products and
services, to meet the growing need for lower-carbon energy sources
and solutions that empower them to more successfully navigate their
sustainability journeys.
- The Company issued $350 million of 3.250% Convertible Senior
Notes due 2028 (the "Notes")
- The transition not only served to diversify the Company's
capital structure, but was structured to significantly protect
equity investors from dilution while also allowing the Company to
reduce its interest expense.
- Dilution upon a conversion of the Notes will be mitigated as a
result of the related bond hedge and warrant transactions, which
increased the effective conversion price of the Notes to $40.14 per
share.
- The Company has the option to further minimize dilution in the
future by electing to deliver the value of any conversion
obligation owed in excess of the principal amount of the Notes in
cash, equity or a combination thereof.
Second Quarter 2023 Segment
Profitability
- Aviation – Gross profit of $128 million, an increase of 143%
year-over-year, primarily attributable to the impact of significant
inventory losses arising from significant price volatility and
extreme backwardation experienced during the second quarter of
2022. Gross profit also benefited from higher margins driven by our
focus on maintaining returns in a higher interest rate
environment.
- Land – Gross profit of $111 million, a decrease of 9%
year-over-year, primarily driven by our liquid fuel business in
North America, as well as our U.K. business, which benefited from
significant price volatility in the first half of 2022. This
decrease was partially offset by improved performance in our
sustainability-related activities.
- Marine – Gross profit of $42 million, a decrease of 46%
year-over-year, principally due to the significant benefit from
near record bunker fuel prices and heightened market volatility in
the second quarter of 2022.
Year-to-Date 2023 Compared to
2022
Highlights
- Gross profit of $544.4 million, an increase of 12%
year-over-year.
- Net income of $52.7 million, an increase of 4%
year-over-year.
- Adjusted EBITDA of $185.7 million, an increase of 23%
year-over-year.
Segment
Profitability
- Aviation – Gross profit of $228.8 million, an increase of 96%
year-over-year.
- Land – Gross profit of $221.6 million, a decrease of 8%
year-over-year.
- Marine – Gross profit of $94.0 million, a decrease of 25%
year-over-year.
Earnings Conference Call
An investor conference call will be held today, July 27, 2023,
at 5:00 PM Eastern Time to discuss second quarter results.
Participants can access the live webcast or participate by phone by
visiting the company’s website at https://ir.worldkinect.com. To
join the conference call by phone, participants must pre-register
and will then receive dial-in information and a PIN enabling access
to the call. A replay of the webcast will be available and can be
accessed in the same manner as the live webcast on the Company’s
website through August 9, 2023.
About World Kinect
Corporation
Headquartered in Miami, Florida, World Kinect Corporation (NYSE:
WKC) is a leading global energy management company, offering a
broad suite of solutions across the energy product spectrum. In
addition to our core energy and fuel offerings to customers in the
transportation sector, we provide advisory services, sustainability
and renewable energy solutions, as well as supply fulfillment for
natural gas and power. We continue to focus on advancing the energy
transition to lower carbon alternatives through expanding our
portfolio of energy solutions and providing customers with greater
access to sustainably sourced energy.
For more information, visit https://corp.worldkinect.com.
Definitions and Non-GAAP Financial
Measures
This press release makes reference to "Net income." Net income
means Net income attributable to World Kinect as presented in the
Statements of Income and Comprehensive Income.
This press release contains non-GAAP financial measures
(collectively, the "Non-GAAP Measures"), including the
following:
- adjusted income from operations;
- adjusted income from operations as a percentage of gross
profit;
- adjusted earnings before interest, taxes, depreciation and
amortization ("EBITDA");
- adjusted net income attributable to World Kinect; and
- adjusted diluted earnings per common share.
The Non-GAAP Measures exclude acquisition and divestiture
related expenses, restructuring charges, impairments, gains or
losses on the extinguishment of debt, gains or losses on sale of
businesses, integration costs associated with our acquisitions, and
non-operating legal settlements primarily because we do not believe
they are reflective of our core operating results.
We believe that the Non-GAAP Measures, when considered in
conjunction with our financial information prepared in accordance
with GAAP, are useful to investors to further aid in evaluating the
ongoing financial performance of the Company and to provide greater
transparency as supplemental information to our GAAP results.
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
the Non-GAAP Measures may not be comparable to the presentation of
such metrics by other companies.
Adjusted net income attributable to World Kinect is defined as
net income (loss) attributable to World Kinect excluding the impact
of acquisition and divestiture related expenses, restructuring
charges, impairments, gains or losses on the extinguishment of
debt, gains or losses on sale of businesses, integration costs, and
non-operating legal settlements.
Adjusted diluted earnings per common share is computed by
dividing adjusted net income attributable to World Kinect and
available to common shareholders by the sum of the weighted average
number of shares of common stock, stock units, restricted stock
entitled to dividends not subject to forfeiture and vested
restricted stock units outstanding during the period and the number
of additional shares of common stock that would have been
outstanding if our outstanding potentially dilutive securities had
been issued.
Adjusted EBITDA is defined as net income (loss) excluding the
impact of interest, income taxes, and depreciation and
amortization, in addition to acquisition and divestiture related
expenses, restructuring charges, impairments, gains or losses on
sale of businesses, integration costs, and non-operating legal
settlements.
Adjusted income from operations is defined as Income from
operations excluding the impact of acquisition and divestiture
related expenses, restructuring charges, impairments, and
integration costs. Adjusted income from operations as a percentage
of gross profit is computed by dividing adjusted income from
operations by gross profit.
Investors are encouraged to review the reconciliation of these
Non-GAAP Measures to their most directly comparable GAAP financial
measures in this press release and on our website.
Information Relating to Forward-Looking
Statements
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
"believe," "anticipate," "expect," "estimate," "project," "could,"
"would," "will," "will be," "will continue," "plan," or words or
phrases of similar meaning. Specifically, this release includes
forward-looking statements regarding expectations for our future
plans and performance, the expansion of our certain of our products
and services, including those relating to sustainability, and the
development of our business following our recent name change. Our
forward-looking statements are qualified in their entirety by
cautionary statements and risk factor disclosures contained in the
Company’s Securities and Exchange Commission ("SEC") filings,
including the Company’s most recent Annual Report on Form 10-K
filed with the SEC. Actual results may differ materially from any
forward-looking statements due to risks and uncertainties,
including, but not limited to: customer and counterparty
creditworthiness and our ability to collect accounts receivable and
settle derivative contracts; sudden changes in the market price of
fuel or extremely high or low fuel prices that continue for an
extended period of time; adverse conditions in the industries in
which our customers operate; our inability to effectively mitigate
certain financial risks and other risks associated with derivatives
and our physical fuel products; relationships with our employees
and potential labor disputes associated with employees covered by
collective bargaining agreements; our failure to comply with
restrictions and covenants governing our outstanding indebtedness;
the impact of cyber and other information security related
incidents; changes in the political, economic or regulatory
environment generally and in the markets in which we operate, such
as the current conflict in Eastern Europe; greenhouse gas reduction
programs and other environmental and climate change legislation
adopted by governments around the world, including cap and trade
regimes, carbon taxes, increased efficiency standards and mandates
for renewable energy, each of which could increase our operating
and compliance costs as well as adversely impact our sales of fuel
products; changes in credit terms extended to us from our
suppliers; non-performance of suppliers on their sale commitments
and customers on their purchase commitments; non-performance of
third-party service providers; our ability to effectively integrate
and derive benefits from acquired businesses; our ability to meet
financial forecasts associated with our operating plan; lower than
expected cash flows and revenues, which could impair our ability to
realize the value of recorded intangible assets and goodwill; the
availability of cash and sufficient liquidity to fund our working
capital and strategic investment needs; currency exchange
fluctuations; inflationary pressures and their impact on our
customers or the global economy, including sudden or significant
increases in interest rates or a global recession; our ability to
effectively leverage technology and operating systems and realize
the anticipated benefits; failure to meet fuel and other product
specifications agreed with our customers; environmental and other
risks associated with the storage, transportation and delivery of
petroleum products; reputational harm from adverse publicity
arising out of spills, environmental contamination or public
perception about the impacts on climate change by us or other
companies in our industry; risks associated with operating in
high-risk locations, including supply disruptions, border closures
and other logistical difficulties that arise when working in these
areas; uninsured or underinsured losses; seasonal variability that
adversely affects our revenues and operating results, as well as
the impact of natural disasters, such as earthquakes, hurricanes
and wildfires; declines in the value and liquidity of cash
equivalents and investments; our ability to retain and attract
senior management and other key employees; changes in U.S. or
foreign tax laws, interpretations of such laws, changes in the mix
of taxable income among different tax jurisdictions, or adverse
results of tax audits, assessments, or disputes; our failure to
generate sufficient future taxable income in jurisdictions with
material deferred tax assets and net operating loss carryforwards;
the impact of the U.K.'s exit from the European Union, known as
Brexit, on our business, operations and financial condition; our
ability to comply with U.S. and international laws and regulations,
including those related to anti-corruption, economic sanction
programs and environmental matters; the outcome of litigation and
other proceedings, including the costs associated in defending any
actions; and other risks detailed from time to time in our SEC
filings. New risks emerge from time to time and it is not possible
for management to predict all such risk factors or to assess the
impact of such risks on our business. Accordingly, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, changes in
expectations, future events, or otherwise, except as required by
law.
-- Some amounts in this press release may not
add due to rounding. All percentages have been calculated using
unrounded amounts --
WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - In millions,
except per share data)
June 30, 2023
December 31, 2022
Assets:
Current assets:
Cash and cash equivalents
$
293.9
$
298.4
Accounts receivable, net of allowance for
credit losses of $15.2 million and $14.1 million as of June 30,
2023 and 2022, respectively
2,473.3
3,294.1
Inventories
552.6
779.9
Prepaid expenses
84.8
83.6
Short-term derivative assets, net
212.3
302.1
Other current assets
428.2
479.9
Total current assets
4,045.1
5,238.1
Property and equipment, net...
507.3
484.2
Goodwill...
1,236.6
1,233.0
Identifiable intangible assets, net
318.1
336.2
Other non-current assets
854.8
873.2
Total assets
$
6,961.9
$
8,164.6
Liabilities:
Current liabilities:
Current maturities of long-term debt
$
61.6
$
15.8
Accounts payable
2,708.7
3,529.5
Short-term derivative liabilities, net
212.1
325.2
Accrued expenses and other current
liabilities
589.7
738.2
Total current liabilities
3,572.0
4,608.6
Long-term debt
816.2
829.9
Other long-term liabilities
608.4
735.3
Total liabilities.
4,996.6
6,173.8
Commitments and contingencies
Equity:
World Kinect shareholders' equity:
Preferred stock, $1.00 par value; 0.1
shares authorized, none issued
—
—
Common stock, $0.01 par value; 100.0
shares authorized, 60.2 and 62.0 issued and outstanding as of June
30, 2023 and December 31, 2022, respectively
0.6
0.6
Capital in excess of par value
107.2
182.4
Retained earnings
1,998.2
1,962.5
Accumulated other comprehensive income
(loss)
(146.9
)
(160.6
)
Total World Kinect shareholders'
equity
1,959.1
1,984.9
Noncontrolling interest
6.2
5.9
Total equity
1,965.2
1,990.7
Total liabilities and equity
$
6,961.9
$
8,164.6
WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME (Unaudited – In millions, except per share
data)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2023
2022
2023
2022
Revenue
$
10,980.7
$
17,122.1
$
23,462.3
$
29,504.1
Cost of revenue
10,699.0
16,868.7
22,917.9
29,019.8
Gross profit
281.7
253.4
544.4
484.4
Operating expenses:
Compensation and employee benefits
125.1
118.3
244.2
233.2
General and administrative
80.8
82.3
159.8
157.1
Asset impairments
0.3
—
0.3
—
Total operating expenses
206.2
200.6
404.3
390.3
Income from operations
75.5
52.8
140.1
94.1
Non-operating income (expenses), net:
Interest expense and other financing
costs, net
(32.5
)
(26.5
)
(66.8
)
(40.9
)
Other income (expense), net
(2.8
)
(4.0
)
(6.3
)
1.7
Total non-operating income (expense),
net
(35.3
)
(30.5
)
(73.1
)
(39.2
)
Income (loss) before income taxes
40.3
22.3
67.0
54.9
Provision for income taxes
9.8
(2.5
)
14.0
3.8
Net income (loss) including noncontrolling
interest
30.5
24.8
53.0
51.1
Net income (loss) attributable to
noncontrolling interest
0.5
0.4
0.3
0.4
Net income (loss) attributable to World
Kinect
$
29.9
$
24.4
$
52.7
$
50.7
Basic earnings (loss) per common share
$
0.48
$
0.39
$
0.85
$
0.81
Basic weighted average common shares
62.3
62.2
62.4
62.8
Diluted earnings (loss) per common
share
$
0.48
$
0.39
$
0.84
$
0.80
Diluted weighted average common shares
62.5
62.4
62.8
63.2
Comprehensive income:
Net income (loss) including noncontrolling
interest
$
30.5
$
24.8
$
53.0
$
51.1
Other comprehensive income (loss):
Foreign currency translation
adjustments
9.1
(35.7
)
14.8
(45.1
)
Cash flow hedges, net of income tax
expense (benefit) of $0.6 and $9.8 for the three months ended June
30, 2023 and 2022, respectively, and net of income tax expense
(benefit) of ($0.2) and $2.8 for the six months ended June 30, 2023
and 2022, respectively
1.1
27.1
(1.1
)
7.8
Total other comprehensive income
(loss)
10.2
(8.7
)
13.7
(37.3
)
Comprehensive income (loss) including
noncontrolling interest
40.7
16.1
66.8
13.7
Comprehensive income (loss) attributable
to noncontrolling interest
0.5
0.4
0.3
0.4
Comprehensive income (loss) attributable
to World Kinect
$
40.1
$
15.7
$
66.4
$
13.4
WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - In
millions)
For the Three Months
Ended
June 30,
For the Six Months
Ended June 30,
2023
2022
2023
2022
Cash flows from operating activities:
Net income (loss) including noncontrolling
interest
$
30.5
$
24.8
$
53.0
$
51.1
Adjustments to reconcile net income
including noncontrolling interest to net cash provided by operating
activities:
Unrealized (gain) loss on derivatives
(52.0
)
(0.8
)
(146.1
)
(16.3
)
Depreciation and amortization
25.8
26.3
51.7
53.5
Provision for credit losses
2.2
2.6
2.5
4.6
Share-based payment award compensation
costs
4.0
3.1
10.1
6.7
Deferred income tax expense (benefit)
2.7
(11.6
)
(0.1
)
(15.6
)
Unrealized foreign currency (gains)
losses, net
5.0
(1.5
)
(13.8
)
(5.2
)
Other
(0.3
)
—
(0.5
)
(1.3
)
Changes in assets and liabilities, net of
acquisitions and divestitures:
Accounts receivable, net
524.6
(487.7
)
820.4
(1,539.0
)
Inventories
66.6
(242.4
)
228.0
(383.0
)
Prepaid expenses
(3.4
)
(29.7
)
(1.4
)
(26.6
)
Short-term derivative assets, net
80.1
(112.2
)
243.2
(322.8
)
Other current assets
(35.1
)
(23.6
)
(26.3
)
48.7
Cash collateral with counterparties
84.6
179.1
181.5
235.4
Other non-current assets
(5.3
)
(55.0
)
50.7
(163.9
)
Accounts payable
(523.6
)
506.9
(845.8
)
1,503.5
Short-term derivative liabilities, net
(83.8
)
143.6
(248.7
)
311.6
Accrued expenses and other current
liabilities
(77.6
)
(25.0
)
(131.5
)
(3.2
)
Other long-term liabilities
(1.5
)
146.0
(40.3
)
232.6
Net cash provided by (used in)
operating activities
43.5
42.8
186.5
(29.2
)
Cash flows from investing activities:
Acquisition of business, net of cash
acquired
—
—
—
(639.4
)
Capital expenditures
(27.7
)
(21.0
)
(46.5
)
(37.7
)
Other investing activities, net
(4.9
)
(0.1
)
(9.6
)
(1.4
)
Net cash provided by (used in)
investing activities
(32.5
)
(21.2
)
(56.1
)
(678.5
)
Cash flows from financing activities:
Borrowings of debt
1,120.3
2,027.1
3,221.3
3,772.9
Repayments of debt
(1,307.2
)
(1,875.1
)
(3,531.4
)
(3,244.9
)
Issuance of Convertible Notes
350.0
—
350.0
—
Dividends paid on common stock
(8.6
)
(7.6
)
(17.3
)
(15.0
)
Repurchases of common stock
(50.0
)
(35.0
)
(50.0
)
(48.7
)
Purchase of convertible note hedges
(70.5
)
—
(70.5
)
—
Sale of warrants
40.0
—
40.0
—
Payments of deferred consideration for
acquisitions
(2.0
)
—
(62.8
)
(10.0
)
Other financing activities, net
(8.3
)
(2.0
)
(8.6
)
(3.3
)
Net cash provided by (used in)
financing activities
63.6
107.3
(129.3
)
451.0
Effect of exchange rate changes on cash
and cash equivalents
2.7
(9.4
)
(5.6
)
(9.7
)
Net increase (decrease) in cash and
cash equivalents
77.2
119.6
(4.5
)
(266.4
)
Cash and cash equivalents, as of the
beginning of the period
216.7
266.2
298.4
652.2
Cash and cash equivalents, as of the
end of the period
$
293.9
$
385.8
$
293.9
$
385.8
WORLD KINECT CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited - In millions, except per share data)
Reconciliation of GAAP to Non-GAAP
financial measures:
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2023
2022
2023
2022
Net
Income
Earnings
per Share
Net
Income
Earnings
per Share
Net
Income
Earnings
per Share
Net
Income
Earnings
per Share
Net income and Diluted earnings per
common share
$
29.9
$
0.48
$
24.4
$
0.39
$
52.7
$
0.84
$
50.7
$
0.80
Acquisition and divestiture related
expenses
0.5
0.01
0.1
—
0.5
0.01
0.6
0.01
Loss (gain) on sale of business
(0.6
)
(0.01
)
—
—
(0.6
)
(0.01
)
—
—
Asset impairments
0.3
0.01
—
—
0.3
0.01
—
—
Integration costs
—
—
1.1
0.02
—
—
1.4
0.02
Loss on debt extinguishment
—
—
0.7
0.01
—
—
0.7
0.01
Income tax impacts
—
—
(0.5
)
(0.01
)
—
—
(0.7
)
(0.01
)
Adjusted net income and Adjusted
diluted earnings per common share
$
30.1
$
0.48
$
25.8
$
0.41
$
52.9
$
0.84
$
52.6
$
0.83
Reconciliation of GAAP to Non-GAAP
financial measures:
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2023
2022
2023
2022
Net income (loss) including
noncontrolling interest
$
30.5
$
24.8
$
53.0
$
51.1
Interest expense and other financing
costs, net
32.5
26.5
66.8
40.9
Provision (benefit) for income taxes
9.8
(2.5
)
14.0
3.8
Depreciation and amortization
25.8
26.3
51.7
53.5
EBITDA
98.6
75.1
185.5
149.3
Acquisition and divestiture related
expenses
0.5
0.1
0.5
0.6
Loss (gain) on sale of business
(0.6
)
—
(0.6
)
—
Asset impairments
0.3
—
0.3
—
Integration costs
—
1.1
—
1.4
Adjusted EBITDA
$
98.8
$
76.4
$
185.7
$
151.2
Reconciliation of GAAP to Non-GAAP
financial measures:
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
2023
2022
2023
2022
Income from operations
$
75.5
$
52.8
$
140.1
$
94.1
Acquisition and divestiture related
expenses
0.5
0.1
0.5
0.6
Asset impairments
0.3
—
0.3
—
Integration costs
—
1.1
—
1.4
Adjusted Income from Operations
$
76.3
$
54.1
$
140.9
$
96.0
WORLD KINECT CORPORATION
BUSINESS SEGMENTS INFORMATION (Unaudited - In
millions)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
Revenue:
2023
2022
2023
2022
Aviation segment
$
5,194.4
$
7,843.5
$
11,417.2
$
12,854.0
Land segment
3,642.3
5,431.8
7,533.5
9,812.6
Marine segment
2,144.0
3,846.8
4,511.6
6,837.5
Total revenue
$
10,980.7
$
17,122.1
$
23,462.3
$
29,504.1
Gross profit:
Aviation segment
$
128.2
$
52.8
$
228.8
$
117.0
Land segment
111.5
122.4
221.6
242.2
Marine segment
42.0
78.2
94.0
125.2
Total gross profit
$
281.7
$
253.4
$
544.4
$
484.4
Income from operations:
Aviation segment
$
58.1
$
(6.9
)
$
92.1
$
0.7
Land segment
24.6
33.0
50.8
66.3
Marine segment
19.8
52.7
50.6
75.9
Corporate overhead - unallocated
(27.0
)
(26.0
)
(53.4
)
(48.8
)
Total income from operations
$
75.5
$
52.8
$
140.1
$
94.1
SALES VOLUME SUPPLEMENTAL
INFORMATION (Unaudited - In millions)
For the Three Months
Ended
June 30,
For the Six Months
Ended
June 30,
Volume (Gallons):
2023
2022
2023
2022
Aviation Segment
1,846.6
1,831.2
3,623.7
3,486.6
Land Segment (1)
1,507.6
1,531.7
3,072.3
3,114.3
Marine Segment (2)
1,111.2
1,288.3
2,241.2
2,526.5
Consolidated Total
4,465.4
4,651.1
8,937.1
9,127.4
(1) Includes gallons and gallon
equivalents of British Thermal Units (BTU) for our natural gas
sales and Kilowatt Hours (kWh) for our power business.
(2) Converted from metric tons to gallons
at a rate of 264 gallons per metric ton. Marine segment metric tons
were 4.2 and 4.9 for the three months ended June 30, 2023 and 2022,
respectively; and 8.5 and 9.6 for the six months ended June 30,
2023 and 2022, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230727407288/en/
Ira M. Birns, Executive Vice President & Chief Financial
Officer Elsa Ballard, Vice President of Investor Relations
investor@worldkinect.com
World Kinect (NYSE:WKC)
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