WASHINGTON (dpa-AFX) - Fuel logistics company World Fuel Services Corp. (INT) on Thursday reported a 14 percent decline in profit for the fourth quarter from last year as an increase in revenues were more than offset by higher expenses, including expenses related to the acquisition of Multi Service Corp. However, revenues missed analysts' estimates.
In mid-December, World Fuel Services said it signed a deal to buy certain assets of transaction management company Multi Service Corp for about $137 million, using the existing credit facilities.
The company's aviation segment revenues for the quarter rose 18 percent from the year-ago period to $3.91 billion, while marine segment revenues declined 14 percent to $3.45 billion. Land segment revenues grew 27 percent to $2.58 billion.
Total operating expenses increased to $108.98 million from $97.87 million in the prior-year period.
Miami, Florida-based World Fuel Services' fourth-quarter net income was $42.84 million or $0.60 per share, down from $50.06 million or $0.70 per share in the year-ago period.
Excluding share-based compensation, amortization of acquired intangible assets and expenses related to the Multi Service acquisition, adjusted net income was $52.31 million or $0.73 per share, compared to adjusted net income of $57.44 million or $0.81 in the prior-year quarter.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter increased 7 percent to $9.94 billion from $9.32 billion in the year-ago period, but missed analysts' consensus revenue estimate of $10.22 billion.
For fiscal 2012, World Fuel Services' net income $189.35 million or $2.64 per share, down from $194.03 million or $2.71 per share in the previous year. Adjusted net income was $215.94 million or $3.01 per share, compared to adjusted net income of $221.13 million or $3.09 per share last year. Revenue for the year grew to $38.95 billion from $34.62 billion in the prior year.
Analysts expected the company to earn $2.73 per share for the year on revenues of $39.27 billion.
INT closed Thursday's trading at $43.98, down $0.29 or 0.66 percent on a volume of 461,835 shares. In after-hours, the stock further declined $1.98 or 4.50 percent to $42.00.
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