World Fuel Services 2015 Annual Report Download - page 50

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45
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(In millions, except earnings per share data)
For the Year ended December 31,
2015
2014
2013
Revenue $ 30,379.7 $ 43,386.4 $ 41,561.9
Cost of revenue 29,519.2 42,572.8 40,809.1
Gross profit 860.5 813.6 752.8
Operating expenses:
Compensation and employee benefits 365.8 319.8 288.0
Provision for bad debt 7.5 3.8 11.7
General and administrative 240.0 220.9 188.6
613.3 544.5 488.3
Income from operations 247.2 269.1 264.5
Non-operating (expenses) income, net:
Interest expense and other financing costs, net (29.9) (25.2) (17.3)
Other income (expense), net 2.0 25.6 (0.4)
(27.9) 0.4 (17.7)
Income before income taxes 219.3 269.5 246.7
Provision for income taxes 36.3 51.1 39.5
Net income including noncontrolling interest 183.0 218.4 207.2
Net (loss) income attributable to noncontrolling interest (3.9) (3.3) 4.1
Net income attributable to World Fuel $ 186.9 $ 221.7 $ 203.1
Basic earnings per common share $ 2.66 $ 3.13 $ 2.85
Basic weighted average common shares 70.2 70.8 71.2
Diluted earnings per common share $ 2.64 $ 3.11 $ 2.83
Diluted weighted average common shares 70.7 71.3 71.8
Comprehensive income:
Net income including noncontrolling interest $ 183.0 $ 218.4 $ 207.2
Other comprehensive (loss) income:
Foreign currency translation adjustments (49.6) (30.9) (13.2)
Cash Flow hedges, net of income tax of $0.8 for 2015 0.6 — (0.1)
(49.0) (30.9) (13.3)
Comprehensive income including noncontrolling interest 134.0 187.5 193.9
Comprehensive income (loss) attributable to noncontrolling interest 0.1 (3.3) 4.1
Comprehensive income attributable to World Fuel $ 133.9 $ 190.8 $ 189.8
The accompanying notes are an integral part of these consolidated financial statements.