Overview
World Kinect Q2 revenue misses analyst expectations, per LSEG data
Adjusted EPS for Q2 beats analyst estimates, per LSEG data
Co repurchased $35 mln of common stock and completed UK land fuels sale
Outlook
Company continues reshaping land business for medium-term performance
World Kinect focuses on optimizing finance and accounting operations
Company committed to building a more focused and efficient operating model
Result Drivers
AVIATION SEGMENT - Gross profit increased by 8% due to higher contributions from operated airport locations in Europe and business aviation activities
LAND SEGMENT - Gross profit decreased by 17% due to the sale of the U.K. land business and exit from certain North American operations
MARINE SEGMENT - Gross profit decreased by 26% due to an unfavorable tax settlement and weaker performance at certain inventory locations
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$9.04 bln
$9.32 bln (2 Analysts)
Q2 Adjusted EPS
Beat
$0.59
$0.48 (3 Analysts)
Q2 EPS
-$6.06
Q2 Gross Profit
$232 mln
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", no "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for World Kinect Corp is $32.00, about 13.5% above its July 30 closing price of $27.67
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nBw88Nh7fa
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)