World Fuel Services Q3 profit beats Street
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Edlyn [2011-05-20]
Nov 3 - World Fuel Services Corp (INT.N), which provides fuel and services to aircrafts, ships and tanker truck loading terminals, reported better-than-expected quarterly earnings, helped by the strength in its aviation segment.
"Our aviation segment posted strong sequential volume growth, resulting in the first year-over-year increase in five quarters and achieving volumes not seen since the second quarter of 2008," Chief Executive Paul Stebbins said in a statement. Net income for the third quarter was $29.1 million, or 97 cents a share, compared with $40.1 million, or $1.37 a share, in the year-ago quarter.
Excluding share-based compensation and amortization of acquired intangible assets, the company earned $1.04 a share.
Revenue fell 41 percent to $3.20 billion.
Analysts on average expected earnings of 81 cents a share on revenue of $3.02 billion, according to Thomson Reuters I/B/E/S.
Shares of the company were up 6 percent at $55.50 in trading after the bell. They closed at $52.12 Tuesday on the New York Stock Exchange.