World Kinect Corporation reported effectively flat revenue year-over-year, but experienced a decrease in gross profit and adjusted EBITDA. Net income increased significantly due to an after-tax gain on the sale of Avinode. The Aviation segment performed well, while the Land segment faced unfavorable market conditions.
Revenue remained effectively flat at $11.0 billion compared to the same period last year.
Net income increased by 262% to $108.3 million, including an after-tax gain on sale of $86.9 million.
Adjusted EBITDA decreased by 18% to $80.9 million.
Land business faced unusually unfavorable market conditions, while the Aviation business performed very well.
World Kinect is focused on streamlining its Land portfolio, controlling expenses, and managing working capital to drive future performance and shareholder value.
Analyze how earnings announcements historically affect stock price performance