As of September 30, 2024, World Kinect Corporation reported total assets of $6,984.6 million, a decrease from $7,375.3 million at the end of 2023. Total current assets also declined to $4,170.7 million from $4,503.8 million. However, cash and cash equivalents increased to $373.8 million, up from $304.3 million. Retained earnings rose to $2,120.6 million, and total shareholders' equity increased to $2,044.4 million, compared to $1,943.0 million at the end of 2023.
For the three months ended September 30, 2024, revenue was $10,490.9 million, down 14% from $12,245.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $32,407.5 million, a decrease of 9% from $35,707.6 million in the prior year. The decline in revenue was attributed to decreases in the Land segment ($832.0 million), Aviation segment ($765.2 million), and Marine segment ($157.3 million).
Despite the revenue decline, net income attributable to World Kinect for the three months ended September 30, 2024, was $33.5 million, slightly down from $34.9 million in 2023. For the nine-month period, net income increased significantly to $169.2 million from $87.7 million in the previous year. Basic earnings per share for the three months ended September 30, 2024, was $0.57, compared to $0.58 in 2023, while for the nine months, it rose to $2.84 from $1.42.
The company reported a gross profit of $268.1 million for the three months ended September 30, 2024, a decrease of 5% from $281.4 million in 2023. Total operating expenses decreased by 6% to $195.8 million, primarily due to lower general and administrative expenses and reduced compensation costs related to the Avinode sale.
World Kinect completed the sale of the Avinode Group in May 2024, generating net proceeds of $200.1 million and a pre-tax gain of $96.0 million. The restructuring plan initiated in November 2023 aimed at simplifying operations and improving cost structure, with expected annualized savings of approximately $21.9 million.
The company’s cash flow from operating activities for the nine months ended September 30, 2024, was $139.6 million, down from $266.8 million in the previous year, reflecting reductions in accounts payable and inventory. Net cash provided by investing activities was $98.9 million, a significant improvement from a net cash used of $77.4 million in 2023.
As of September 30, 2024, the company’s long-term debt included $350.0 million in Convertible Senior Notes and $54.1 million in secured borrowings. The company continues to evaluate its tax positions, including ongoing disputes with tax authorities in South Korea and Brazil.
About WORLD KINECT CORP
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