Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 129

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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5 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 $21,916.6 Cost of revenue18,033.0 21,417.2 Gross profit462.8 499.3 Operating expenses:Compensation and employee benefits210.6 234.7 General and administrative139.7 147.9 Goodwill and other asset impairments443.1 2.4 Restructuring charges21.0 5.8 Total operating expenses814.5 390.9 Income (loss) from operations(351.6)108.5 Non-operating income (expenses), net:Interest expense and other financing costs, net(48.5)(56.4)Other income (expense), net(76.6)95.0 Total non-operating income (expense), net(125.1)38.6 Income (loss) before income taxes(476.8)147.1 Provision for income taxes(116.4)13.0 Net income (loss) including noncontrolling interest(360.4)134.1 Net income (loss) attributable to noncontrolling interest0.1 (1.6)Net income (loss) attributable to World Kinect$(360.4)$135.7 Basic earnings (loss) per common share$(6.38)$2.27 Diluted earnings (loss) per common share$(6.38)$2.25 

Revenue. Our consolidated revenue for the six months ended June 30,