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Sep 30, 2020
World Kinect Q3 2020 Earnings Report
World Kinect reported third quarter results with net income of $82.0 million and adjusted net income of $20.7 million.
Key Takeaways
World Kinect Services Corporation reported a GAAP net income of $82.0 million, or $1.29 per diluted share, which included an after-tax gain on the sale of Multi Service of $63.9 million, or $1.00 per diluted share. Adjusted net income was $20.7 million, or $0.33 per diluted share. The company's performance was influenced by the ongoing COVID-19 pandemic and related economic impacts, with some moderate improvement in demand during the third quarter.
Total gross profit was $214.0 million, down 30% year-over-year.
GAAP net income was $82.0 million, or $1.29 per diluted share.
After-tax gain on sale of Multi Service was $63.9 million, or $1.00 per diluted share.
Adjusted net income was $20.7 million, or $0.33 per diluted share.
Revenue by Segment
Forward Guidance
The COVID-19 pandemic is expected to continue negatively impacting the company's business through the balance of the year and into 2021. The company will continue to focus on reducing costs and restructuring operations to improve operating efficiencies.
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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