Company: WKC
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001628280-25-019852
Chunk: 10

Company: WORLD KINECT CORP
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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20.9 21.6 (0.7)Income (loss) from operations$14.8 $26.8 $(12.0)Operational metrics:Marine segment volumes (metric tons)3.7 4.3 (0.6)Marine segment average price per metric ton$519.49 $552.04 $(32.56)

Revenues in our marine segment were $1.9 billion for the three months ended March 31, 2025, a decrease of $457.6 million, or 19%, compared to the three months ended March 31, 2024. The decrease in revenue was driven by lower average fuel prices and a decrease in volume. The average price per metric ton of bunker fuel sold decreased by 6%. Total volumes decreased by 0.6 million metric tons, or 14%, to 3.7 million primarily due to lower demand in our resale businesses driven in part by increasing market uncertainty with respect to international trade.

Marine segment gross profit for the three months ended March 31, 2025 was $35.7 million, a decrease of $12.7 million, or 26%, principally due to to lower bunker fuel prices and further reduced volatility that had benefited prior year results, as well as reduced demand and lower margins in our resale and physical businesses as a result of increasing market uncertainty. 

Income from operations in our marine segment for the three months ended March 31, 2025 was $14.8 million, a decrease of $12.0 million, or 45%, compared to the three months ended March 31, 2024. The decrease in gross profit discussed above was partially offset by a decrease in operating expenses principally related to lower incentive compensation costs, partially offset by an increase in general and administrative costs and restructuring charges during the first quarter of 2025, as discussed under "Restructuring and Exit Activities" above.

Liquidity and Capital Resources

Liquidity to fund working capital, as well as make strategic investments to further our growth strategy, is a significant priority for us. Our views concerning liquidity are based on currently available information and if circumstances 

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change significantly, the future availability of trade credit or other sources of financing may be reduced, and our liquidity would be adversely affected accordingly.

Sources of Liquidity and Factors Impacting Our Liquidity

Our liquidity, consisting principally of cash and availability under our Credit Facility, as described below, fluctuates based on