World Kinect Corp Files Q2 2024 10-Q
Ticker: WKC · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 789460
| Field | Detail |
|---|---|
| Company | World Kinect Corp (WKC) |
| Form Type | 10-Q |
| Filed Date | Jul 26, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, petroleum
TL;DR
WKC 10-Q filed for Q2 2024. Financials out.
AI Summary
World Kinect Corp filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first six months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in its petroleum and petroleum products wholesale business.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for World Kinect Corp, crucial for understanding the company's current operational health and future prospects in the petroleum wholesale sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting period for this 10-Q filing.)
- 20240726 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- WORLD KINECT CORP (company) — Filer
- 0000789460 (company) — Central Index Key
- 305-428-8000 (dollar_amount) — Business Phone
- 20240630 (date) — Period of Report
- 20240726 (date) — Filing Date
FAQ
What is the primary business of World Kinect Corp?
World Kinect Corp is primarily involved in the wholesale of petroleum and petroleum products, as indicated by its SIC code [5172].
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024, which includes the second quarter and the first six months of the fiscal year.
When was World Kinect Corp incorporated?
World Kinect Corp was incorporated in Florida (FL).
What was the company's former name?
The company was formerly known as WORLD FUEL SERVICES CORP, with a name change date of 19951031.
What is the company's fiscal year end?
World Kinect Corp's fiscal year ends on December 31.
Filing Stats: 4,756 words · 19 min read · ~16 pages · Grade level 7.5 · Accepted 2024-07-26 11:57:31
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value WKC New York Stock Exchange
Filing Documents
- wkc-20240630.htm (10-Q) — 1566KB
- ex311_2024q2.htm (EX-31.1) — 11KB
- ex312_2024q2.htm (EX-31.2) — 11KB
- ex321_2024q2.htm (EX-32.1) — 9KB
- wkc-20240630_g1.jpg (GRAPHIC) — 78KB
- 0001628280-24-033111.txt ( ) — 8637KB
- wkc-20240630.xsd (EX-101.SCH) — 40KB
- wkc-20240630_cal.xml (EX-101.CAL) — 73KB
- wkc-20240630_def.xml (EX-101.DEF) — 212KB
- wkc-20240630_lab.xml (EX-101.LAB) — 605KB
- wkc-20240630_pre.xml (EX-101.PRE) — 424KB
- wkc-20240630_htm.xml (XML) — 1610KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Notes to the Condensed Consolidated Financial Statements 6 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35 PART II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 37 Item 6. Exhibits 37
— Financial Information
Part I — Financial Information
Financial Statements
Item 1. Financial Statements WORLD KINECT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - In millions, except per share data) June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 524.6 $ 304.3 Accounts receivable, net of allowance for credit losses of $ 20.1 million and $ 18.3 million as of June 30, 2024 and December 31, 2023, respectively 2,592.0 2,735.5 Inventories 646.7 664.6 Prepaid expenses 83.3 77.6 Short-term derivative assets, net 188.4 275.4 Other current assets 360.6 446.4 Total current assets 4,395.6 4,503.8 Property and equipment, net 495.3 515.3 Goodwill 1,174.9 1,238.0 Identifiable intangible assets, net 275.8 299.7 Other non-current assets 847.6 818.6 Total assets $ 7,189.2 $ 7,375.3 Liabilities: Current liabilities: Current maturities of long-term debt $ 81.4 $ 78.8 Accounts payable 2,975.9 3,097.6 Short-term derivative liabilities, net 101.2 128.2 Accrued expenses and other current liabilities 660.4 745.0 Total current liabilities 3,818.9 4,049.7 Long-term debt 797.8 809.1 Other long-term liabilities 535.1 566.9 Total liabilities 5,151.8 5,425.7 Commitments and contingencies Equity: World Kinect shareholders' equity: Preferred stock, $ 1.00 par value; 0.1 shares authorized, none issued — — Common stock, $ 0.01 par value; 100.0 shares authorized, 59.1 and 59.8 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 0.6 0.6 Capital in excess of par value 87.0 109.6 Retained earnings 2,097.0 1,981.6 Accumulated other comprehensive income (loss) ( 152.3 ) ( 148.9 ) Total World Kinect shareholders' equity 2,032.3 1,943.0 Noncontrolling interest 5.1 6.7 Total equity 2,037.4 1,949.6 Total liabilities and equity $ 7,189.2 $ 7,375.3 The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 1 WORLD KINECT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unau