World Fuel Services Corp. (NYSE:INT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


World Fuel Services Corp. (NYSE:INT) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the World Fuel Services 2020 Second Quarter Earnings Conference Call. My name is Kevin, and I will be coordinating the call this evening. [Operator Instructions] As a reminder, this conference is being recorded, Thursday, July 30, 2020.

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 begin your conference.

Glenn Klevitz

Thank you, Kevin. Good evening, everyone, and welcome to the World Fuel Services Second Quarter 2020 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 the World Fuel Services Corporation 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.

You should now 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 performance and plans 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 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 [Operator Instructions]

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

Michael J. Kasbar

Thank you, Glenn, and good evening, everyone. We are speaking to you today for our second quarterly earnings call during the COVID-19 pandemic. First, I want to say how proud I am and how well our global team has continued to operate our day-to-day business activities with nearly all of our employees working from home or on the frontline delivering fuel. It is a testament to their professionalism and passion for the business. As I've said previously, we took swift action at the beginning of the pandemic to activate our safety procedures and protocols. And fortunately, we have had very