World Fuel Services Corp. (NYSE:INT) Q4 2014 Earnings Conference Call - Preliminary Transcript

Feb 12, 2015 • 05:00 pm ET

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World Fuel Services Corp. (NYSE:INT) Q4 2014 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services 201 4 Fourth Quarter and Full Year Earnings Conference Call. My name is Scott, and I will be coordinating the call this evening. [Operator Instructions]

And I would now like to turn the conference over to Mr. Glenn Klevitz, World Fuel's Assistant Treasurer. Mr. Klevitz, you may now begin your conference.

Executive
Glenn Klevitz

Thank you, Scott. Good evening, everyone, and welcome to the World Fuel Services fourth quarter and full year earnings conference call. My name is Glenn Klevitz, World Fuel's Assistant Treasurer, and I'll be doing the introductions on this evening's call alongside our live slide presentation. This call is also available via webcast. To access the webcast or future webcasts, please visit our website www.wfscorp.com and click on the Webcast icon.

With us on the call today are Michael Kasbar, Chairman and Chief Executive Officer; and Ira Birns, Executive Vice President and Chief Financial Officer. By now, you should have all received a copy of our earnings release. If not, you can access the release on our website.

Before I get started, I would like to review World Fuel's Safe Harbor statement. Certain statements made today, including comments about World Fuel's expectations regarding future plans and performance are forward-looking statements that are subject to a range of uncertainties and risks that could cause World Fuel's actual results to materially differ from the forward-looking information. A description of the risk factors that could cause results to materially differ from these projections can be found in World Fuel's Form 10-K for the year ended December 31st, 2014, and other reports filed with the Securities and Exchange Commission. World Fuel assumes no obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events.

This presentation also includes certain non-GAAP financial measures as defined in Regulation G. A reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures is included in World Fuel's press release and can be found on its website. We will begin with several minutes of prepared remarks, which will then be followed by a question-and-answer period.

At this time, I would like to introduce our Chairman and Chief Executive Officer, Michael Kasbar.

Executive
Michael Kasbar

Thank you, Glenn; and good afternoon, everyone. Today we announced full year earnings of $222 million or $3.11 per diluted share and earnings for the fourth quarter of $67 million or $0.94 per diluted share. Excluding the one-time gain related to the recent sale of our interests in our crude oil joint ventures and certain other one-time expenses, full-year earnings were $217 million or $3.04 per diluted share and earnings for the fourth quarter were $57 million or $0.81 per diluted share. Both the full year and quarterly earnings records are major accomplishments and demonstrate the hard work and dedication of our team of more than 4,000 employees worldwide.

As I previously mentioned, on December 8th, we announced