World Fuel Services Corp. (NYSE:INT) Q2 2019 Earnings Conference Call - Final Transcript
Jul 25, 2019 • 05:00 pm ET
Michael J. Kasbar
all changed with fracking and the bottom falling out in Q4 of '14 and Q1 of '15. So we repositioned. I mean that was kind of painful, but we're still not done. These things, unfortunately, take a little bit of time. But the land model, we talk a lot about this in the company. And the word that we use is convergence. There's a lot of commonality. There are certainly differences within these end markets, but the foundational pieces of moving a molecule and the logistics, certainly, the underwriting, the risk management, we've set up centers of excellence. And both John and Mike Crosby have done phenomenal jobs of creating excellence within supply, and it's really not that different as you cut across the businesses and physical operations. So we're seeing some leveraging across all of these businesses, and it's just a matter of time. We're trying to pick it up as we transition and pivot and exit some businesses that are perfectly good businesses, but looking to get the focus on core business activities and leverage a common platform.
So thanks for the question because it gives me an opportunity to really talk about the longer-term journey of where we are going. And marine and aviation, we've got a significant position in aviation. We're one of a handful of companies that have a truly global offering. So we do have some market presence that the entire aviation team and the rest of the functional team that is very tightly engaged with them should be extremely proud of. And marine as well. I mean we're a major participant there. We're just a little further down the road on aviation.
Land is the dark horse, if you will. And that's coming on. It's been rough dealing that, but we are making progress and now putting together the diesel business with gas and power and renewables. And sustainability is kind of exciting, because it's an endless customer list. So we're still working out platforms, and all of that takes time and money, but the team has certainly come together, which is extremely encouraging.
So in any case, I don't want to take up too much time, but that is really the strategy. And there is commonality. We are leveraging the geographic footprint, the functional team is a common functional team. And in any case, I guess, I'll stop there. I don't know, Ira, if you've got anything you want to add to that?
Ira M. Birns
No, I think that's fulsome answer.
Michael J. Kasbar
Okay. All right, Ben.
Okay. Thanks. So I take from that, that, yes, there are opportunities to profitably and organically grow the marine and land businesses over time. I know that maybe last quarter, or it was two quarters ago, you began talking a little bit again about the possibility of making acquisitions should the opportunity present itself, specifically targeting the land segment. I'm curious if you might be able to dive down a little bit within that. And first of all, say,