Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 174

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 174
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 and a decrease in volumes. Average fuel prices decreased by $0.33, or 13%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. Total land volumes decreased by 0.2 billion, or 3%, to 6.1 billion gallon or gallon equivalents in the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily attributable to our liquid fuel business in North America, partially offset by increased activity in our natural gas and power businesses.

Our land segment gross profit for the year ended December 31, 2024 was $384.4 million, a decrease of $15.4 million, or 4%, compared to the year ended December 31, 2023 primarily attributable to lower profit contribution from our sustainability-related offerings and our natural gas and power businesses as a result of oversupplied market conditions and lower market volatility, as well as highly unfavorable market conditions in Brazil and the U.K.. Gross profit for the year ended December 31, 2023 was also impacted by the extraordinary losses associated with an erroneous bid submitted in the Finnish power market, as discussed in Note 12. Commitments and Contingencies. 

Our land segment income from operations for the year ended December 31, 2024 was $41.1 million, an increase of $1.0 million, or 2%, compared to the year ended December 31, 2023. The decrease in gross profit was offset by a reduction in operating expenses principally related to lower incentive compensation, as well as a decrease in asset impairment and restructuring charges for the year ended December 31, 2024 compared to the year ended December 31, 2023. These decreases in operating expenses were partially offset by an increase in the provision for credit losses driven by the write-off of accounts receivable associated with exit activities as discussed under "Restructuring and Exit Activities" above.

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Table of Contents

Marine Segment Results of Operations

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

Year Ended December 31, 20242023ChangeRevenue$8,887.2 $9,245.6 $(358.4)Gross profit156.4 172.6 (16.2)Operating expenses91.6 90.4 1.2 Income from operations$