World Kinect Corporation reported its financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, revenue was $9,761 million, a 19% decrease year-over-year, while gross profit increased 11% to $259 million. The company recorded a net loss of $101 million, resulting in a diluted loss per common share of $1.77, a 206% decrease from the prior year.
Despite the GAAP loss, adjusted diluted earnings per common share for the fourth quarter increased by 15% to $0.62. This quarter's results included impacts from the Brazil divestiture, exit activities, and impairments, reflecting the company's ongoing strategic transformation efforts.
For the full year 2024, World Kinect Corporation reported revenue of $42,168 million, a 12% decrease from 2023, and gross profit of $1,026 million, down 3%. Net income for the full year was $68 million, an increase of 26%, with diluted earnings per common share at $1.13, up 32%. Adjusted diluted earnings per common share for the full year increased by 12% to $2.18.
The company generated $260 million in operating cash flow during 2024 and returned $139 million to shareholders through dividends and share repurchases, marking a 47% increase year-over-year. Management emphasized its commitment to medium-term objectives, focusing on strategic actions to drive growth and improve profitability through operating efficiencies.
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