Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 67

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 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 $867.5 million, or 26%, compared to the three months ended June 30, 2024. The decrease in revenue was driven by lower average fuel prices and a decrease in volume. Average fuel prices decreased by 21%. Total volumes decreased by 106.0 million, or 7%, to 1.3 billion gallons or gallon equivalents, primarily attributable to the sale of Watson Fuels and our fuel business in Brazil.

Land segment gross profit for the three months ended June 30, 2025 was $67.4 million, a decrease of $13.4 million, or 17%, compared to the three months ended June 30, 2024. The decrease in gross profit was primarily attributable to the Watson Fuels sale, which closed during the second quarter of 2025, the exit from certain North American land operations during the fourth quarter of 2024, and lower profit contribution from our liquid fuel business in North America principally as a result of reduced demand.

Loss from operations in our land segment for the three months ended June 30, 2025