Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 68

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 profit contribution from our liquid fuel business in North America, principally as a result of unfavorable market conditions, the Watson Fuels sale and the sale of our fuel business in Brazil, as well as the exit from certain North American land operations during the fourth quarter of 2024.

Income from operations in our land segment for the three months ended September 30, 2025 was $11.7 million, a decrease of $3.4 million, or 23%, compared to the three months ended September 30, 2024, driven by the decrease in gross profit discussed above, partially offset by a decrease in operating expenses. The decrease in operating expenses was primarily attributable to reduced operating expenses associated with the sale of Watson Fuels in the second quarter of 2025 and the sale of our fuel business in Brazil. In addition, compensation and employee benefit costs were lower as a result of the 2025 Restructuring Plan initiatives.

Marine Segment Results of Operations

The following provides a summary of our marine segment results of operations for the periods indicated (in millions, except price per metric ton):

For the Three Months Ended September 30, 20252024ChangeRevenue$1,988.1 $2,121.0 $(132.8)Gross profit$25.5 $37.2 $(11.7)Operating expenses20.7 22.2 (1.5)Income (loss) from operations$4.7 $14.9 $(10.2)Operational metrics:Marine segment volumes (metric tons)4.1 4.0 0.1 Marine segment average price per metric ton$489.90 $536.83 $(46.93)

Revenues in our marine segment were $2.0 billion for the three months ended September 30, 2025, a decrease of $132.8 million, or 6%, compared to the three months ended September 30, 2024. The decrease in revenue was driven by lower average fuel prices, partially offset by an increase in volume. The average price per metric ton of bunker fuel sold decreased by 9%. Total volumes increased by 0.1 million metric tons, or 3%, to 4.1 million.

Marine segment gross profit for the three months ended September 30, 2025 was $25.5 million, a decrease of $11.7 million, or 32%, principally due to lower bunker fuel prices and