Company: WKC
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001628280-25-019852
Chunk: 98

Company: WORLD KINECT CORP
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 98
---
. Income Taxes for additional information.

Aviation Segment Results of Operations

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

For the Three Months Ended March 31, 20252024ChangeRevenue$4,654.2 $5,144.2 $(490.0)Gross profit$115.7 $108.4 $7.2 Operating expenses59.5 64.5 (5.0)Income (loss) from operations$56.2 $44.0 $12.2 Operational metrics:Aviation segment volumes (gallons)1,700.2 1,673.1 27.1 Aviation segment average price per gallon$2.50 $2.86 $(0.37)

Revenues in our aviation segment were $4.7 billion for the three months ended March 31, 2025, a decrease of $490.0 million, or 10%, compared to the three months ended March 31, 2024. The decrease in revenue was driven by lower average prices, partially offset by an increase in volume. Average jet fuel price per gallon sold decreased by 13%. Total aviation volumes increased by 27.1 million gallons, or 2%, to 1.7 billion gallons driven primarily by growth in our North America bulk fuel business.

Aviation segment gross profit for the three months ended March 31, 2025 was $115.7 million, an increase of $7.2 million, or 7%, compared to the three months ended March 31, 2024. The increase in gross profit was primarily attributable to higher profit contribution from our operated airport locations in Europe, our physical inventory business, and our business and general aviation activities, partially offset by a decrease in gross profit attributable to the Avinode sale, which closed during the second quarter of 2024.

Income from operations in our aviation segment for the three months ended March 31, 2025 was $56.2 million, an increase of $12.2 million, or 28%, compared to the three months ended March 31, 2024, driven by the increase in gross profit discussed above and a decrease in operating expenses. The decrease in operating expenses was primarily attributable to lower compensation and general and administrative expenses associated with the Avinode sale, partially offset by an increase in restructuring charges during the first quarter of