World Fuel Services Corp. (NYSE:INT) Q1 2018 Earnings Conference Call - Final Transcript

Apr 26, 2018 • 05:00 pm ET


World Fuel Services Corp. (NYSE:INT) Q1 2018 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services 2018 First Quarter Earnings Conference Call. My name is Ash, and I will be coordinating the call this evening. During the presentation all participants will be in a listen-only mode. After the speakers' remarks there will a question-and-answer session. Instruction on how to ask a question will be given at the beginning of the Q&A session. (Operator Instructions) As a reminder, this conference is being recorded Thursday, April 26th, 2018.

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

Glenn Klevitz

Thank you, Ash. Good evening, everyone, and welcome to the World Fuel Services First Quarter 2018 Earnings Conference Call. I'm Glenn Klevitz, World Fuel's Assistant Treasurer, and I will be doing the introductions on this evening's call alongside our live slide presentation. This call is also available via webcast. To access this webcast or future webcasts, please visit World Fuel Services Corporation's website 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 we 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 these results to materially differ from these projections can be found on World Fuel's most recent Form 10-K 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. As with prior conference calls, we ask that members of the media and individual private investors on the line participate in listen-only mode.

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

Michael J. Kasbar

Thank you, Glenn, and good afternoon, everyone. Thanks for joining us today. Overall, it was a good quarter for us. We opened the year benefiting from recent improvements and cost management, a focus on rationalizing parts of our portfolio and executing in key operational areas. Ira will take us through the financials,