Fri, Jul 26, 3:58 PM (43 days ago)
World Kinect Corporation's Q2 2024 financial report highlights a mixed performance. Revenue was stable at $10.97 billion, with slight variations across segments: aviation (+$174.3M), land (-$349.8M), and marine (+$160.0M). Gross profit decreased by 13% to $245.2 million, primarily due to lower profitability in the land and marine segments. Operating expenses fell by $6.1 million, aided by cost-cutting measures and the sale of Avinode, offset by $5.6 million in restructuring charges. Non-operating income surged due to a $96.0 million gain from the Avinode sale. Net income attributable to World Kinect rose to $108.3 million ($1.81 per share). The company projects annualized savings of $21.9 million from restructuring. Despite economic challenges, the company's liquidity remains strong with $524.6 million in cash and equivalents, supported by a robust credit facility and receivables purchase agreements.