“2018 was a year of continuing transformation for World Fuel and our actions advanced our value creation strategy of continuous cost management and sharpening our portfolio to drive enhanced returns,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “Our business performed well in 2018, led by record results in our aviation segment and a solid rebound in profitability in marine. We are optimistic about our efforts to reposition our land portfolio and drive operating efficiencies and profitable growth in our global land business in 2019.”
For the full year, our aviation segment generated gross profit of $507.8 million, an increase of 15% year-over-year, primarily driven by solid organic growth in our international fueling operations and increased government-related activity. Our marine segment generated gross profit of $145.8 million, an increase of 16% year-over-year, principally related to stronger performance in our core resale operations. Our land segment generated gross profit of $364.9 million, relatively flat year-over-year, with growth in commercial and industrial activity in the U.S., our Kinect global energy services platform and our MultiService payment solutions business, offset by the elimination of certain non-core activities.
“Our heightened focus and execution on cost management initiatives resulted in a 425 basis point improvement in operating leverage in 2018 compared to the prior year,” said Ira M. Birns, executive vice president and chief financial officer. “Record adjusted EBITDA contributed to a reduction in net debt-to-EBITDA to 1.4x, the lowest level since 2015, providing us with additional liquidity to fund organic growth and strategic investment opportunities.”
Source: World Fuel Services CorporationPrevious Next
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