World Kinect Q2 adjusted EPS flat at $0.48; Land gross profit down 28% YoY

WORLD KINECT CORP

2024-Q2 EPS reported $2.25 revenue$21,916,600,000

Revenue $11.0B flat, gross profit $245M (-13%); adjusted EBITDA $80.9M (-18%).
Net income $107M (+251%) includes $86.9M after-tax gain from Avinode sale; adjusted EPS $0.48 flat YoY.
Aviation gross profit flat at $127.7M; Land down 28% to $80.8M on unfavorable market conditions; Marine down 13%.
Operating cash flow $68M in Q2; liquidity increased from Avinode sale proceeds and working capital management.
Management cited unfavorable Land market conditions in North America and Brazil, oversupplied natural gas.

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