Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 171

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 171
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iluted earnings (loss) per common share$1.13 $0.86 

Revenue. Our consolidated revenue for the year ended December 31, 2024 was $42.2 billion, a decrease of $5.5 billion, or 12%, compared to the year ended December 31, 2023, primarily driven by decreased revenue of $2.8 

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billion, $2.4 billion, and $0.4 billion in our aviation, land, and marine segments, respectively, as discussed further below.

Gross profit. Our consolidated gross profit for the year ended December 31, 2024 was $1.0 billion, a decrease of $31.9 million, or 3%, compared to the year ended December 31, 2023, attributable to decreased gross profit of $16.2 million, $15.4 million, and $0.2 million in our marine, land, and aviation segments, respectively, as discussed further below.

Operating Expenses. Consolidated total operating expenses for the year ended December 31, 2024 were $815.7 million, a decrease of $44.5 million, or 5%, compared to the year ended December 31, 2023. The decrease in operating expenses was primarily attributable to the Avinode sale during the second quarter of 2024, as discussed in Note 3. Acquisitions and Divestitures, as well as lower incentive compensation costs, principally in our land segment, and lower general and administrative expenses due to our continued focus on driving operating efficiencies. In addition, asset impairments were lower during the year ended December 31, 2024 compared to 2023. These decreased operating expenses were partially offset by an increase in our provision for credit losses resulting from the write-off of accounts receivable associated with exit activities, as discussed under "Restructuring and Exit Activities" above.

Non-Operating Income (Expenses), net. For the year ended December 31, 2024, we had net non-operating expense of $115.1 million, compared to net non-operating expense of $131.3 million for the year ended December 31, 2023. The decrease of $16.2 million was primarily attributable to a $25.5 million decrease in interest expense, driven by a decrease in our average interest rates and daily borrowings and an increase in interest income, partially offset by an increase in other expenses. The