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3Q 2019 Earnings Presentation – World Fuel Services Corp.

World Fuel Services Corp. · Oct 30, 2019 · 20 slides

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Slides

  1. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 1
    Third Quarter 2019 Earnings Call Wednesday, October 30, 2019 Copyright 2018 World Fuel Services Corporation. All Rights Reserved.
  2. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 2
    Business Overview Michael Kasbar Chairman and Chief Executive Officer Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  3. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 3
    Business Overview Our team executed well driving strong operating results in the third quarter The aviation segment delivered strong results driven by further growth in our government-related operations, as well as continued strength…
  4. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 4
    Financial Overview Ira Birns Executive Vice President and Chief Financial Officer Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  5. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 5
    Financial Overview Adjusted EBITDA for the third quarter was 118 million, up 13 million or 13% compared to Q318 Adjusted diluted earnings per share was 0.77, up 22% compared to Q318 Generated operating cash flow of 33 million…
  6. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 6
    Consolidated Revenue ( in millions) 10,430 9,323 Q3 2018 Q3 2019 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  7. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 7
    Volume by Segment 2,175 2,089 6.0 5.5 1,345 1,351 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Aviation Marine Land (Gallons in millions) (Metric tons in millions) (Gallons in millions) * * Includes gallon and…
  8. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 8
    Consolidated Gross Profit ( in millions) 306 267 Q3 2018 Q3 2019 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  9. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 9
    Gross Profit by Segment ( in millions) 157 141 95 83 53 43 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Aviation Marine Land Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
  10. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 10
    Significant Disruptions Impacted High Sulfur Fuel Oil in Asia During the Latter Part of the Third Quarter 475 Fuel 3.5% 455 150 per ton increase 435 415 395 375 355 335 315 295 275 Mar-19 Apr-19 May-19 Jun-19…
  11. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 11
    Consolidated Operating Expenses (excluding bad debt provision) ( in millions) Q419 Estimate: 195 185 - 189 188 180 Q3 2018 Q2 2019 Q3 2019 Q4 2019E Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
  12. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 12
    Consolidated Income From Operations ( in millions) 96 84 Q3 2018 Q3 2019 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  13. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 13
    Consolidated EBITDA ( in millions) 118 401 104 331 Q3 2018 Q3 2019 TTM Q3 2018 TTM Q3 2019 Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  14. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 14
    Interest Expense ( in millions) Q419 Estimate: 21 20.7 19.1 Q3 2018 Q3 2019 Q4 2019E Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
  15. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 15
    Effective Tax Rate Q419 Estimate: 31% - 35% 36.0% 30.1% Q3 2018 Q3 2019 Q4 2019E Copyright 2019 World Fuel Services Corporation. All Rights Reserved. 5
  16. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 16
    Adjusted Net Income & Adjusted Diluted Earnings Per Share ( in millions except EPS) 50.7 42.5 0.77 0.63 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Adjusted Net Income Adjusted Diluted EPS Copyright 2019 World Fuel Services…
  17. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 17
    Balance Sheet Management Total Accounts Receivable 2.7 Billion at quarter end Net debt-to-Adjusted EBITDA 1.2x driven by solid working capital management Cash Flow from Operations 316 million generated during the past…
  18. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 18
    Financial Overview TTM adjusted EBITDA increased to 401 million Return on Invested Capital increased to highest level since 2014 We remain focused on improving operating leverage Strong liquidity position allows us to drive…
  19. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 19
    Questions + Answers Copyright 2019 World Fuel Services Corporation. All Rights Reserved.
  20. 3Q 2019 Earnings Presentation – World Fuel Services Corp. – slide 20
    Earnings Reconciliation ( in millions except per share data) Q3 2018 Q3 2019 1 As Reported Adjustments As Adjusted As Reported Adjustments1 As Adjusted Aviation Gross Profit 140.7 0.2 140.9 156.9 0.0 156.9 Operating Expenses 64.3…

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