Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 128

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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 three months ended June 30, 2025 was $366.9 million compared to a loss from operations of $4.2 million for the three months ended June 30, 2024. In addition to the decrease in gross profit discussed above, operating expenses increased due to goodwill and other asset impairment charges recognized during the three months ended June 30, 2025, as discussed in Note 4. Goodwill and Note 6. Fair Value Measurements, partially offset by 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, as discussed in "Restructuring and Exit Activities" above.

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 June 30, 20252024ChangeRevenue$1,893.2 $2,304.1 $(410.9)Gross profit$27.0 $36.7 $(9.6)Operating expenses52.6 26.3 26.3 Income (loss) from operations$(25.6)$10.4 $(36.0)Operational metrics:Marine segment volumes (metric tons)3.9 4.2 (0.3)Marine segment average price per metric ton$489.68 $553.80 $(64.12)

Revenues in our marine segment were $1.9 billion for the three months ended June 30, 2025, a decrease of $410.9 million, or 18%, 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. The average price per metric ton of bunker fuel sold decreased by 12%. Total volumes decreased by 0.3 million metric tons, or 7%, to 3.9 million primarily due to lower demand in our resale businesses driven in part by continued market uncertainty with respect to international trade.

Marine segment gross profit for the three months ended June 30, 2025 was $27.0 million, a decrease of $9.6 million, or 26%, principally due to an unfavorable transaction tax settlement recognized in the second quarter of 202