Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 11

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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.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 2025 and weaker performance at certain marine physical inventory locations.

Loss from operations in our marine segment for the three months ended June 30, 2025 was $25.6 million compared to income from operations of $10.4 million for the three months ended June 30, 2024. In addition to the decrease in gross profit discussed above, operating expenses increased as a result of asset impairment charges recognized during the three months ended June 30, 2025, as discussed in Note 6. Fair Value Measurements, partially offset by lower restructuring charges and a reduction in general and administrative and incentive compensation costs.

31

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Consolidated Results of Operations

The following provides a summary of our consolidated results of operations for the periods indicated (in millions, except per share amounts):

For the Six Months Ended June 30, 20252024Revenue$18,495.8 $21,916.6 Cost of revenue18,033.0 21,417.2 Gross profit462.8 499.3 Operating expenses:Compensation and employee benefits210.6 234.7 General and administrative139.7 147.9 Goodwill and other asset impairments443.1 2.4 Restructuring charges21.0 5.8 Total operating expenses814.5 390.9 Income