Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 173

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 173
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 a reduction in lower margin bulk fuel, partially offset by an increase in commercial passenger activity.

Our aviation segment gross profit for the year ended December 31, 2024 was $485.5 million, a decrease of $0.2 million compared to the year ended December 31, 2023. The decrease in gross profit was primarily attributable to the Avinode sale, which closed during the second quarter of 2024 as discussed in Note 3. Acquisitions and Divestitures, offset by higher contribution from growth in commercial passenger volume and a continued focus on improving returns during the year ended December 31, 2024.

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Our aviation segment income from operations for the year ended December 31, 2024 was $240.4 million, an increase of $31.6 million, or 15%, compared to the year ended December 31, 2023. The increase in operating income is attributable to a $31.8 million decrease in operating expenses, primarily driven by lower compensation and general and administrative expenses associated with the Avinode sale, as well as lower incentive compensation and lower general and administrative expenses resulting from our focus on improving operating efficiency.

Land Segment Results of Operations

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

For the Year Ended December 31, 20242023ChangeRevenue$12,811.7 $15,189.9 $(2,378.2)Gross profit384.4 399.8 (15.4)Operating expenses343.4 359.7 (16.4)Income from operations$41.1 $40.1 $1.0 Operational metrics:Land segment volumes (gallons) (1)6,078.1 6,237.6 (159.5)Land segment average price per gallon$2.11 $2.44 $(0.33)

(1)Includes gallons and gallon equivalents of British Thermal Units (BTU) for our natural gas sales and Kilowatt Hours (kWh) for our power business.

Revenues in our land segment were $12.8 billion for the year ended December 31, 2024, a decrease of $2.4 billion, or 16%, compared to the year ended December 31, 2023. The decrease in revenue was principally driven by lower average fuel prices