Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 9

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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.0 million gallons, or 2%, to 1.9 billion gallons.

Aviation segment gross profit for the three months ended June 30, 2025 was $138.0 million, an increase of $10.2 million, or 8%, compared to the three months ended June 30, 2024. The increase in gross profit was primarily attributable to higher profit contribution from our operated airport locations in Europe and our business and general aviation activities, partially offset by a decrease in gross profit attributable to the Avinode sale, which closed during the second quarter of 2024.

Income from operations in our aviation segment for the three months ended June 30, 2025 was $71.7 million, an increase of $3.7 million, or 5%, compared to the three months ended June 30, 2024, driven by the increase in gross profit discussed above, partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher provision for credit losses compared to the three months ended June 30, 2024, which benefited from the recovery of a receivable previously written off as uncollectible, as well as increased restructuring charges as discussed under "Restructuring and Exit Activities" above, partially offset by lower compensation and general and administrative expenses associated with the Avinode sale.

Land Segment Results of Operations

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

For the Three Months Ended June 30, 20252024ChangeRevenue$2,425.0 $3,292.4 $(867.5)Gross profit$67.4 $80.8 $(13.4)Operating expenses434.3 85.0 349.2 Income (loss) from operations$(366.9)$(4.2)$(362.6)Operational metrics:Land segment volumes (gallons) (1)1,343.3 1,449.2 (106.0)Land segment average price per gallon$1.81 $2.27 $(0.47)

(1)Includes gallons and gallon equivalents of British Thermal Units (BTU) for our natural gas sales and Kilowatt Hours (kWh) for our power business.

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Revenues in our land segment were $2.4 billion for the three months ended June 30, 2025, a decrease of $867