World Fuel Services 2008 Annual Report Download - page 37

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Net Income and Diluted Earnings per Share. Net income for 2008 was $105.0 million, an increase of $40.3
million, or 62.2%, as compared to 2007. Diluted earnings per share for 2008 was $3.62 per share, an increase of
$1.39 per share, or 62.3%, as compared to 2007.
2007 compared to 2006
Revenue. Our revenue for 2007 was $13.7 billion, an increase of $2.9 billion, or 27.3%, as compared to
2006. Our revenue during these years was attributable to the following segments (in thousands):
2007 2006 $ Change
Marine segment . . . . . . . . . . . . . . . . . . . . . . . . $ 7,665,801 $ 5,785,095 $1,880,706
Aviation segment . . . . . . . . . . . . . . . . . . . . . . . 5,460,838 4,579,337 881,501
Land segment . . . . . . . . . . . . . . . . . . . . . . . . . 602,916 420,704 182,212
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,729,555 $10,785,136 $2,944,419
Our marine segment contributed $7.7 billion in revenue for 2007, an increase of $1.9 billion, or 32.5%, as
compared to 2006. Of the total increase in marine segment revenue, $1.1 billion was due to an increase in the
average price per metric ton sold as a result of higher world oil prices in 2007. The remaining increase of $787.9
million was due to increased sales volume as a result of additional sales to both new and existing customers.
Our aviation segment contributed $5.5 billion in revenue for 2007, an increase of $881.5 million, or 19.2%,
as compared to 2006. Of the total increase in aviation segment revenue, $467.0 million was due to increased sales
volume primarily due to additional sales to both new and existing customers and, to a lesser extent, sales volume
from the AVCARD acquisition in December 2007. The remaining increase of $414.5 million was primarily due
to an increase in the average price per gallon sold as a result of higher world oil prices in 2007 and to, a small
degree, increased revenue related to aviation services.
Our land segment contributed $602.9 million in revenue for 2007, an increase of $182.2 million, or 43.3%,
as compared to 2006. Of the total increase in land segment revenue, $139.4 million was due to increased sales
volume to both new and existing customers and $42.8 million was due to an increase in the average price per
gallon sold.
Gross Profit. Our gross profit for 2007 was $245.3 million, an increase of $31.2 million, or 14.6%, as
compared to 2006. Our gross profit during these years was attributable to the following segments (in thousands):
2007 2006 $ Change
Marine segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $114,505 $101,177 $13,328
Aviation segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,797 106,867 15,930
Land segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,970 6,025 1,945
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $245,272 $214,069 $31,203
Our marine segment gross profit for 2007 was $114.5 million, an increase of $13.3 million, or 13.2%, as
compared to 2006. Contributing to the total increase in marine segment gross profit was approximately $12.5
million in increased sales volume and $0.8 million in increased gross profit per metric ton sold.
Our aviation segment gross profit for 2007 was $122.8 million, an increase of $15.9 million, or 14.9%, as
compared to 2006. Contributing to the total increase was $10.9 million in increased sales volume and $5.0
million in higher gross profit per gallon sold and increased gross profit related to aviation services.
Our land segment gross profit for 2007 was approximately $8.0 million, an increase of approximately $1.9
million, or 32.3%, as compared to 2006. The increase in land segment gross profit was primarily due to increased
sales volume.
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