World Kinect Corporation Reports First Quarter 2024 Results
- Revenue decreased by 12% to $11.0 billion.
- Gross profit decreased by 3% to $254.1 million.
- Net income increased by 20% to $27.4 million.
- Adjusted EBITDA decreased by 1% to $85.9 million.
- Aviation segment's gross profit increased by 8%.
- Land segment's gross profit decreased by 12%.
- Marine segment's gross profit decreased by 7%.
- Conference call to discuss results scheduled for April 25, 2024, at 5:00 PM Eastern Time.
- Revenue decline of 12%.
- Gross profit decline of 3%.
- Adjusted EBITDA decrease of 1%.
- Land segment's decline in gross profit due to weather-related issues.
- Negative impact of reduced market volatility on marine segment.
- Potential concerns about sustainability-related offerings affecting profitability.
Insights
World Kinect Corporation's first quarter performance presents a mixed financial landscape. The 12% year-over-year decline in revenue to
Despite a 3% dip in gross profit, the company maintained a steady operating margin at 25%, which is commendable given the revenue decline and may reflect well on management's cost control measures. Regarding liquidity, the mention of a 'solid operating cash flow' suggests a healthy cash conversion cycle, which could be critical for navigating current or future market volatilities. While the financials indicate short-term resilience, the long-term outlook hinges on the company's capacity to rebound from revenue declines and sustain its profitability improvements.
The segment-specific details offer valuable insights. The aviation sector's 8% gross profit increase, attributed to an inventory business surge and a strategic focus on enhancing returns, could signal robust demand and operational efficiency, particularly in North America and Europe. This is a positive indicator for investors looking at sector-specific stability. However, the land segment's 12% gross profit decline, largely due to uncontrollable weather impacts and a dampened performance in sustainability-related offerings, raises questions about the segment's vulnerability to external factors and the adaptability of their business model.
The marine segment saw a 7% drop in gross profit, which might be due to the normalization of market conditions post-2022's volatility. This normalizing trend could imply a more predictable and potentially less lucrative market ahead. This data point is a cautionary tale for stakeholders betting on sustained high returns from market volatility.
Results compared to the same period last year are as follows (unaudited - in millions, except percentages and per share data):
|
|
Three Months Ended March 31, |
|||||||||
|
|
2024 |
|
2023 |
|
Change |
|||||
Volume (1) |
|
|
4,414 |
|
|
|
4,472 |
|
|
(1 |
)% |
Revenue |
|
$ |
10,951 |
|
|
$ |
12,482 |
|
|
(12 |
)% |
Gross profit |
|
$ |
254 |
|
|
$ |
263 |
|
|
(3 |
)% |
Operating expenses |
|
$ |
191 |
|
|
$ |
198 |
|
|
(4 |
)% |
Adjusted operating expenses |
|
$ |
190 |
|
|
$ |
198 |
|
|
(4 |
)% |
Income (loss) from operations |
|
$ |
63 |
|
|
$ |
65 |
|
|
(2 |
)% |
Operating margin |
|
|
25 |
% |
|
|
25 |
% |
|
|
|
Adjusted income from operations |
|
$ |
64 |
|
|
$ |
65 |
|
|
— |
% |
Adjusted operating margin |
|
|
25 |
% |
|
|
25 |
% |
|
|
|
Net income including noncontrolling interest |
|
$ |
27 |
|
|
$ |
23 |
|
|
20 |
% |
Adjusted EBITDA |
|
$ |
86 |
|
|
$ |
87 |
|
|
(1 |
)% |
Diluted earnings per common share |
|
$ |
0.45 |
|
|
$ |
0.36 |
|
|
25 |
% |
Adjusted diluted earnings per common share |
|
$ |
0.47 |
|
|
$ |
0.36 |
|
|
31 |
% |
(1) Includes gallons and gallon equivalents converted as described in the table below. |
|||||||||||
"We remain focused on driving growth and profitability across our three business segments and progressing toward our medium-term adjusted EBITDA, adjusted operating margin and cash flow targets," said Michael J. Kasbar, Chairman and Chief Executive Officer. "While weather-related headwinds impacted our land results in the first quarter, aviation and marine performed well and our outlook for the balance of the year remains strong."
"We started the year with solid operating cash flow, further strengthening our balance sheet," said Ira M. Birns, Executive Vice President and Chief Financial Officer. "Our strong liquidity position provides us with the capital needed to drive organic growth and fund strategic investments in our core business activities, and we remain focused on delivering shareholder returns, as evidenced by our recent dividend increase."
First Quarter 2024 Compared to 2023
Year-Over-Year Highlights
-
Revenue of
, a decrease of$11.0 billion 12% . -
Gross profit of
, a decrease of$254.1 million 3% . -
Net income of
, an increase of$27.4 million 20% . -
Adjusted EBITDA of
, a decrease of$85.9 million 1% .
Year-Over-Year Segment Profitability
-
Aviation – Gross profit of
, an increase of$108.4 million 8% , driven by stronger performance in our inventory business and our continued focus on improving returns in an elevated interest rate environment, primarily inNorth America andEurope . -
Land – Gross profit of
, a decrease of$97.3 million 12% , primarily driven by weather-related reductions in gross profit from our natural gas andU.K. business activities as well as a decline in profitability from sustainability-related offerings partially offset by improved performance in our liquid fuel business inNorth America . -
Marine – Gross profit of
, a decrease of$48.4 million 7% , driven principally by the reduction in market volatility when compared to the heightened volatility experienced throughout 2022 and into the first quarter of 2023.
Earnings Conference Call
An investor conference call will be held today, April 25, 2024, at 5:00 PM Eastern Time to discuss first quarter results. Participants can access the live webcast or participate by phone by visiting our website at https://ir.worldkinect.com. To join the conference call by phone, participants must preregister 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 our website through May 8, 2024.
About World Kinect Corporation
Headquartered in
For more information, visit www.world-kinect.com.
Definitions
- "Net income" means net income (loss) attributable to World Kinect as presented in the Statements of Income and Comprehensive Income.
- "Operating margin" means income from operations as a percentage of gross profit.
Non-GAAP Financial Measures
We believe that the non-GAAP financial measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating our ongoing financial performance 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 financial measures may not be comparable to the presentation of such metrics by other companies.
Our non-GAAP financial 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 also exclude costs associated with a previously disclosed erroneous bid made in the Finnish power market (the "Finnish bid error") that resulted in the extraordinary losses.
We use the following non-GAAP measures:
- Adjusted net income attributable to World Kinect ("Adjusted net income") is defined as net income 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, non-operating legal settlements, and costs associated with the Finnish bid error.
- Adjusted diluted earnings per common share is computed by dividing adjusted net income by the sum of the weighted average number of shares of common stock outstanding for 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. Potentially dilutive securities include share-based compensation awards, such as non-vested restricted stock units, performance stock units where the performance requirements have been met, and settled stock appreciation rights awards.
- Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is defined as net income including noncontrolling interest and 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, non-operating legal settlements, and costs associated with the Finnish bid error.
- Adjusted income from operations is defined as income from operations excluding the impact of acquisition and divestiture related expenses, restructuring charges, impairments, integration costs, and costs associated with the Finnish bid error.
- Adjusted income from operations as a percentage of adjusted gross profit ("Adjusted operating margin") is computed by dividing Adjusted income from operations by Adjusted gross profit (as defined below).
- Adjusted operating expenses is defined as operating expenses excluding the impact of acquisition and divestiture related expenses, restructuring charges, impairments, integration costs, and costs associated with the Finnish bid error.
- Consolidated and Land Adjusted gross profit is defined as gross profit excluding the impact of costs associated with the Finnish bid error.
Investors are encouraged to review the reconciliation of these non-GAAP financial 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 improved operating efficiencies and the targeted effect on shareholder returns. Our forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in our Securities and Exchange Commission ("SEC") filings, including our 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; changes in the market prices of energy or commodities 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; our ability to achieve the expected level of benefit from our restructuring activities and cost reduction initiatives; 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 conflicts in
-- 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) |
||||||||
|
|
|
|
|
||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
Assets: |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
321.3 |
|
|
$ |
304.3 |
|
Accounts receivable, net of allowance for credit losses of |
|
|
2,679.0 |
|
|
|
2,735.5 |
|
Inventories |
|
|
654.6 |
|
|
|
664.6 |
|
Prepaid expenses |
|
|
73.9 |
|
|
|
77.6 |
|
Short-term derivative assets, net |
|
|
233.6 |
|
|
|
275.4 |
|
Other current assets |
|
|
430.1 |
|
|
|
446.4 |
|
Total current assets |
|
|
4,392.6 |
|
|
|
4,503.8 |
|
Property and equipment, net |
|
|
496.1 |
|
|
|
515.3 |
|
Goodwill |
|
|
1,175.2 |
|
|
|
1,238.0 |
|
Identifiable intangible assets, net |
|
|
284.0 |
|
|
|
299.7 |
|
Other non-current assets |
|
|
826.4 |
|
|
|
818.6 |
|
Total assets |
|
$ |
7,174.4 |
|
|
$ |
7,375.3 |
|
Liabilities: |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
81.1 |
|
|
$ |
78.8 |
|
Accounts payable |
|
|
2,965.5 |
|
|
|
3,097.6 |
|
Short-term derivative liabilities, net |
|
|
134.9 |
|
|
|
128.2 |
|
Accrued expenses and other current liabilities |
|
|
680.9 |
|
|
|
745.0 |
|
Total current liabilities |
|
|
3,862.4 |
|
|
|
4,049.7 |
|
Long-term debt |
|
|
802.6 |
|
|
|
809.1 |
|
Other long-term liabilities |
|
|
550.9 |
|
|
|
566.9 |
|
Total liabilities |
|
|
5,215.9 |
|
|
|
5,425.7 |
|
Commitments and contingencies |
|
|
|
|
||||
Equity: |
|
|
|
|
||||
World Kinect shareholders' equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
0.6 |
|
|
|
0.6 |
|
Capital in excess of par value |
|
|
114.3 |
|
|
|
109.6 |
|
Retained earnings |
|
|
1,998.8 |
|
|
|
1,981.6 |
|
Accumulated other comprehensive income (loss) |
|
|
(161.7 |
) |
|
|
(148.9 |
) |
Total World Kinect shareholders' equity |
|
|
1,952.0 |
|
|
|
1,943.0 |
|
Noncontrolling interest |
|
|
6.5 |
|
|
|
6.7 |
|
Total equity |
|
|
1,958.5 |
|
|
|
1,949.6 |
|
Total liabilities and equity |
|
$ |
7,174.4 |
|
|
$ |
7,375.3 |
|
WORLD KINECT CORPORATION |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||||||
(Unaudited – In millions, except per share data) |
||||||||
|
|
|
||||||
|
|
For the Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
Revenue |
|
$ |
10,951.4 |
|
|
$ |
12,481.6 |
|
Cost of revenue |
|
|
10,697.3 |
|
|
|
12,218.9 |
|
Gross profit |
|
|
254.1 |
|
|
|
262.7 |
|
Operating expenses: |
|
|
|
|
||||
Compensation and employee benefits |
|
|
115.5 |
|
|
|
119.2 |
|
General and administrative |
|
|
75.1 |
|
|
|
79.0 |
|
Restructuring charges |
|
|
0.2 |
|
|
|
— |
|
Total operating expenses |
|
|
190.8 |
|
|
|
198.2 |
|
Income (loss) from operations |
|
|
63.3 |
|
|
|
64.6 |
|
Non-operating income (expenses), net: |
|
|
|
|
||||
Interest expense and other financing costs, net |
|
|
(28.9 |
) |
|
|
(34.3 |
) |
Other income (expense), net |
|
|
(3.9 |
) |
|
|
(3.5 |
) |
Total non-operating income (expense), net |
|
|
(32.8 |
) |
|
|
(37.8 |
) |
Income (loss) before income taxes |
|
|
30.5 |
|
|
|
26.7 |
|
Provision for income taxes |
|
|
3.3 |
|
|
|
4.2 |
|
Net income (loss) including noncontrolling interest |
|
|
27.2 |
|
|
|
22.6 |
|
Net income (loss) attributable to noncontrolling interest |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Net income (loss) attributable to World Kinect |
|
$ |
27.4 |
|
|
$ |
22.8 |
|
Basic earnings (loss) per common share |
|
$ |
0.46 |
|
|
$ |
0.37 |
|
Basic weighted average common shares |
|
|
59.9 |
|
|
|
62.2 |
|
Diluted earnings (loss) per common share |
|
$ |
0.45 |
|
|
$ |
0.36 |
|
Diluted weighted average common shares |
|
|
60.3 |
|
|
|
62.8 |
|
Comprehensive income: |
|
|
|
|
||||
Net income (loss) including noncontrolling interest |
|
$ |
27.2 |
|
|
$ |
22.6 |
|
Other comprehensive income (loss): |
|
|
|
|
||||
Foreign currency translation adjustments |
|
|
(11.8 |
) |
|
|
5.7 |
|
Cash flow hedges, net of income tax expense (benefit) of ( |
|
|
(1.0 |
) |
|
|
(2.2 |
) |
Total other comprehensive income (loss) |
|
|
(12.9 |
) |
|
|
3.5 |
|
Comprehensive income (loss) including noncontrolling interest |
|
|
14.3 |
|
|
|
26.1 |
|
Comprehensive income (loss) attributable to noncontrolling interest |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Comprehensive income (loss) attributable to World Kinect |
|
$ |
14.5 |
|
|
$ |
26.3 |
|
WORLD KINECT CORPORATION |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited - In millions) |
||||||||
|
|
|
||||||
|
|
For the Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income (loss) including noncontrolling interest |
|
$ |
27.2 |
|
|
$ |
22.6 |
|
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: |
|
|
|
|
||||
Unrealized (gain) loss on derivatives |
|
|
16.7 |
|
|
|
(94.1 |
) |
Depreciation and amortization |
|
|
25.3 |
|
|
|
25.8 |
|
Noncash operating lease expense |
|
|
8.4 |
|
|
|
8.6 |
|
Provision for credit losses |
|
|
3.0 |
|
|
|
0.3 |
|
Share-based payment award compensation costs |
|
|
5.9 |
|
|
|
6.1 |
|
Deferred income tax expense (benefit) |
|
|
(25.9 |
) |
|
|
(2.8 |
) |
Unrealized foreign currency (gains) losses, net |
|
|
14.4 |
|
|
|
(15.0 |
) |
Other |
|
|
6.4 |
|
|
|
5.2 |
|
Changes in assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
||||
Accounts receivable, net |
|
|
36.1 |
|
|
|
295.7 |
|
Inventories |
|
|
11.3 |
|
|
|
161.4 |
|
Prepaid expenses |
|
|
(0.7 |
) |
|
|
2.0 |
|
Other current assets |
|
|
37.0 |
|
|
|
8.1 |
|
Cash collateral with counterparties |
|
|
122.5 |
|
|
|
96.9 |
|
Other non-current assets |
|
|
(28.1 |
) |
|
|
(7.3 |
) |
Change in derivative assets and liabilities, net |
|
|
0.3 |
|
|
|
0.5 |
|
Accounts payable |
|
|
(122.6 |
) |
|
|
(312.2 |
) |
Accrued expenses and other current liabilities |
|
|
(29.5 |
) |
|
|
(56.3 |
) |
Other long-term liabilities |
|
|
2.4 |
|
|
|
(2.4 |
) |
Net cash provided by (used in) operating activities |
|
|
110.2 |
|
|
|
143.0 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(17.5 |
) |
|
|
(18.8 |
) |
Other investing activities, net |
|
|
0.6 |
|
|
|
(4.7 |
) |
Net cash provided by (used in) investing activities |
|
|
(16.9 |
) |
|
|
(23.5 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Borrowings of debt |
|
|
939.0 |
|
|
|
2,101.0 |
|
Repayments of debt |
|
|
(942.9 |
) |
|
|
(2,224.1 |
) |
Dividends paid on common stock |
|
|
(8.4 |
) |
|
|
(8.6 |
) |
Payments of deferred consideration for acquisitions |
|
|
(50.7 |
) |
|
|
(60.8 |
) |
Other financing activities, net |
|
|
(1.3 |
) |
|
|
(0.3 |
) |
Net cash provided by (used in) financing activities |
|
|
(64.3 |
) |
|
|
(192.8 |
) |
Cash and cash equivalents reclassified as assets held for sale |
|
|
(6.2 |
) |
|
|
— |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(5.8 |
) |
|
|
(8.3 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
17.1 |
|
|
|
(81.7 |
) |
Cash and cash equivalents, as of the beginning of the period |
|
|
304.3 |
|
|
|
298.4 |
|
Cash and cash equivalents, as of the end of the period |
|
$ |
321.3 |
|
|
$ |
216.7 |
|
WORLD KINECT CORPORATION |
||||||||
BUSINESS SEGMENTS INFORMATION |
||||||||
(Unaudited - In millions) |
||||||||
|
|
|
||||||
|
|
For the Three Months Ended March 31, |
||||||
Revenue: |
|
2024 |
|
2023 |
||||
Aviation segment |
|
$ |
5,144.2 |
|
|
$ |
6,222.8 |
|
Land segment |
|
|
3,416.6 |
|
|
|
3,891.3 |
|
Marine segment |
|
|
2,390.5 |
|
|
|
2,367.5 |
|
Total revenue |
|
$ |
10,951.4 |
|
|
$ |
12,481.6 |
|
Gross profit: |
|
|
|
|
||||
Aviation segment |
|
$ |
108.4 |
|
|
$ |
100.6 |
|
Land segment |
|
|
97.3 |
|
|
|
110.1 |
|
Marine segment |
|
|
48.4 |
|
|
|
52.0 |
|
Total gross profit |
|
$ |
254.1 |
|
|
$ |
262.7 |
|
Income (loss) from operations: |
|
|
|
|
||||
Aviation segment |
|
$ |
44.0 |
|
|
$ |
34.0 |
|
Land segment |
|
|
18.5 |
|
|
|
26.2 |
|
Marine segment |
|
|
26.8 |
|
|
|
30.8 |
|
Corporate overhead - unallocated |
|
|
(25.9 |
) |
|
|
(26.4 |
) |
Total income (loss) from operations |
|
$ |
63.3 |
|
|
$ |
64.6 |
|
SALES VOLUME SUPPLEMENTAL INFORMATION |
||||
(Unaudited - In millions) |
||||
|
|
|
||
|
|
For the Three Months Ended March 31, |
||
Volume (Gallons): |
|
2024 |
|
2023 |
Aviation Segment |
|
1,673.1 |
|
1,777.1 |
Land Segment (1) |
|
1,598.1 |
|
1,564.7 |
Marine Segment (2) |
|
1,143.2 |
|
1,129.9 |
Consolidated Total |
|
4,414.5 |
|
4,471.7 |
(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 4.3 and 4.3 for the three months ended March 31, 2024 and 2023, respectively. |
||||
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 March 31, |
|||||||||||
|
2024 |
|
2023 |
||||||||||
|
Net Income |
|
Diluted Earnings
|
|
Net Income |
|
Diluted Earnings
|
||||||
GAAP measure |
|
$ |
27.4 |
|
|
$ |
0.45 |
|
$ |
22.8 |
|
$ |
0.36 |
Finnish bid error |
|
|
0.9 |
|
|
|
0.02 |
|
|
— |
|
|
— |
Restructuring charges |
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
— |
Income tax impacts |
|
|
(0.2 |
) |
|
|
— |
|
|
— |
|
|
— |
Adjusted non-GAAP measure |
|
$ |
28.2 |
|
|
$ |
0.47 |
|
$ |
22.8 |
|
$ |
0.36 |
Reconciliation of GAAP to non-GAAP financial measures: |
|
For the Three Months Ended March 31, |
||||
|
2024 |
|
2023 |
|||
Net income (loss) including noncontrolling interest |
|
$ |
27.2 |
|
$ |
22.6 |
Interest expense and other financing costs, net |
|
|
28.9 |
|
|
34.3 |
Provision (benefit) for income taxes |
|
|
3.3 |
|
|
4.2 |
Depreciation and amortization |
|
|
25.3 |
|
|
25.8 |
EBITDA |
|
|
84.8 |
|
|
86.9 |
Finnish bid error |
|
|
0.9 |
|
|
— |
Restructuring charges |
|
|
0.2 |
|
|
— |
Adjusted EBITDA |
|
$ |
85.9 |
|
$ |
86.9 |
Reconciliation of GAAP to non-GAAP financial measures: |
|
For the Three Months Ended March 31, |
|||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||
|
Gross
|
|
Operating
|
|
Operating
|
|
Gross
|
|
Operating
|
|
Operating
|
||||||||
GAAP measure |
|
$ |
254.1 |
|
$ |
190.8 |
|
|
$ |
63.3 |
|
$ |
262.7 |
|
$ |
198.2 |
|
$ |
64.6 |
Finnish bid error |
|
|
— |
|
|
(0.9 |
) |
|
|
0.9 |
|
|
— |
|
|
— |
|
|
— |
Restructuring charges |
|
|
— |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
— |
Adjusted non-GAAP measure |
|
$ |
254.1 |
|
$ |
189.7 |
|
|
$ |
64.4 |
|
$ |
262.7 |
|
$ |
198.2 |
|
$ |
64.6 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425615716/en/
Ira M. Birns, Executive Vice President & Chief Financial Officer
Elsa Ballard, Vice President of Investor Relations & Communications
investor@worldkinect.com
Source: World Kinect Corporation
FAQ
What was the revenue for World Kinect (WKC) in Q1 2024?
How did the gross profit of WKC change in Q1 2024 compared to Q1 2023?
What was the net income of WKC in Q1 2024?
What is the adjusted EBITDA for WKC in Q1 2024?
Which segment saw an increase in gross profit in Q1 2024 for WKC?