World Fuel Services Corp. (NYSE:INT) Q2 2019 Earnings Conference Call - Final Transcript

Jul 25, 2019 • 05:00 pm ET


World Fuel Services Corp. (NYSE:INT) Q2 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services 2019 Second Quarter Earnings Conference Call. My name is Ash, and I will be coordinating the call this evening. [Operator Instructions]

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

Glenn Klevitz

Thank you, Ash. Good evening, everyone, and welcome to the World Fuel Services second quarter 2019 earnings conference call. I'm Glenn Klevitz, 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 our 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 results to materially differ from these projections can be found in 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'll begin with several minutes of prepared remarks, which will then be followed by a question-and-answer period. As with prior 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. Good afternoon, everyone. Thank you for joining us today. I am pleased to report that our second quarter results demonstrated a continuation of the earnings momentum established in the first quarter of this year. We continue to be guided by the three pillars of our shareholder value creation strategy: sharpening our portfolio through efficient capital allocation to businesses with more predictable and sustainable profit streams; driving organic growth by reliably delivering differentiated energy solutions to our expanding customer base; and maintaining our commitment to continuous cost management in order to improve our operating leverage and provide greater value to the market.

Our improved year-over-year earnings performance, together with