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Jun 30, 2020
World Kinect Q2 2020 Earnings Report
World Fuel Services Corporation reported a net loss and a decrease in gross profit due to the impact of the COVID-19 pandemic on all operating segments.
Key Takeaways
World Fuel Services Corporation reported a GAAP net loss of $10.2 million, or $0.16 per diluted share, and an adjusted net income of $8.1 million, or $0.13 per diluted share. The company's total gross profit was $213.9 million, a 20% decrease year-over-year. The results were impacted by the global shutdown due to the COVID-19 pandemic, which negatively affected volumes across all operating segments.
Total gross profit decreased by 20% year-over-year to $213.9 million.
GAAP net loss was $10.2 million, or $0.16 per diluted share.
Adjusted net income was $8.1 million, or $0.13 per diluted share.
Generated cash flows from operations of $236 million during the quarter.
Revenue by Segment
Forward Guidance
The company expects the negative impacts of the COVID-19 pandemic to continue through the third quarter of 2020 as the recent increases in COVID-19 cases have further delayed the reopening of various economies around the world. They will continue to seek additional opportunities to further enhance our operating efficiencies and reduce costs throughout the current crisis and eventual recovery.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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