Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 73

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 primarily attributable to the sale of Watson Fuels and our fuel business in Brazil.

Our land segment gross profit for the six months ended June 30, 2025 was $146.4 million, a decrease of $31.7 million, or 18%, compared to the six months ended June 30, 2024. The decrease in gross profit was primarily driven by lower profit contribution from our liquid fuel business in North America, principally as a result of reduced demand, as well as the exit from certain North American land operations during the fourth quarter of 2024 and the Watson Fuels sale, which closed during the second quarter of 2025.

Loss from operations in our land segment for the six months ended June 30, 2025 was $412.2 million compared to income from operations of $14.2 million for the six months ended June 30, 2024. In addition to the decrease in gross profit discussed above, operating expenses increased principally related to goodwill and other asset impairment charges recognized during the three months ended June 30, 2025, as discussed in Note 4. Goodwill and Note 6. Fair Value Measurements, and restructuring charges, as discussed in "Restructuring and Exit Activities" above, partially offset by reduced operating expenses associated with the sale of Watson Fuels in the second quarter of 2025 and the sale of our fuel business in Brazil. In addition, compensation and employee benefit costs were lower as a result of the 2025 Restructuring Plan initiatives.

Marine Segment Results of Operations

The following provides a summary of our marine segment results of operations for the periods indicated (in millions, except price per metric ton):

For the Six Months Ended June 30, 20252024ChangeRevenue$3,826.1 $4,694.6 $(868.5)Gross profit$62.8 $85.0 $(22.3)Operating expenses73.5 47.9 25.7 Income (loss) from operations$(10.8)$37.2 $(48.0)Operational metrics:Marine segment volumes (metric tons)7.6 8.5 (0.9)Marine segment average price per metric ton$504.30 $552.90 $(48.61)

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Revenues in our marine segment were $3.8 billion for the six months ended June 30, 2025, a decrease of $868.5