World Fuel Services Corporation (INT) easily beat the Zacks Consensus Estimate for the second quarter as its land fuel products segment saw record gross profit. The company has surprised 4 quarters in a row by an average of 54.17%. INT has a stellar 5-year average return on equity (ROE) of 16.31%.

Company Description

World Fuel Services sells marine, aviation and land fuel products and services at more than 6,000 locations Incorporatedluding airports, seaports and tanker truck loading terminals, in over 190 countries.

Customers include international container and tanker fleets as well as the United States and foreign governments. It also services commercial airlines, cargo carriers and corporate aviation customers.

Land Segment Posts Record Results

On Aug 6, World Fuel Services reported second-quarter results which blew past the Zacks Consensus Estimate by 25.64%. Earnings per share were 98 cents compared to the Zacks Consensus Estimate of 78 cents.

The land segment saw record results, with a gross profit that rose 146% to $11.5 million from the second quarter of 2008. It continued to gain momentum in the third quarter.

Marine and aviation both saw decreases in gross profit compared to a year ago, of 9% and 12%, respectively.

“Our marine business performed well in a challenging global shipping market while we increased volumes sequentially in our aviation business for the first time in over a year,” said Michael J. Kasbar, president and COO.

Zacks Consensus Estimates Rise

Covering analysts are bullish on the remainder of 2009. The third quarter Zacks Consensus Estimate rose 4 cents to 82 cents in the last week with 1 analyst raising and 2 lowering out of 4 total analysts during that time period.

The full-year Zacks Consensus Estimate jumped 5.7% to $3.35 from $3.17 per share in the last 7 days. 4 out of 5 covering analysts raised estimates during that time.

Value Fundamentals

World Fuel Services is a Zacks #1 Rank (strong buy) stock. It is trading at 13.5x forward earnings and has a price-to-book of 1.99. The company sports a PEG ratio of 1.0.

Zacks Investment Research
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