World Kinect Corp Files Q3 2024 10-Q

TL;DR

WKC Q3 10-Q filed. Financials for petroleum products biz out.

AI Summary

World Kinect Corp filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in its wholesale petroleum and petroleum products 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 standing and future prospects in the petroleum products market.

Risk Assessment

Risk Level: medium — The company operates in the volatile petroleum products market, which is subject to significant price fluctuations and geopolitical risks.

Key Numbers

• 33178 — ZIP Code (Company's business and mailing address)
• 305-428-8000 — Phone Number (Company's business phone)

Key Players & Entities

• WORLD KINECT CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241025 (date) — Filing date
• MIAMI (location) — City of company headquarters
• FL (location) — State of company incorporation and headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value WKC New York Stock Exchange

Filing Documents

• wkc-20240930.htm (10-Q) — 1621KB
• ex311_2024q3.htm (EX-31.1) — 11KB
• ex312_2024q3.htm (EX-31.2) — 11KB
• ex321_2024q3.htm (EX-32.1) — 9KB
• wkc-20240930_g1.jpg (GRAPHIC) — 78KB
• 0001628280-24-043777.txt ( ) — 8785KB
• wkc-20240930.xsd (EX-101.SCH) — 41KB
• wkc-20240930_cal.xml (EX-101.CAL) — 73KB
• wkc-20240930_def.xml (EX-101.DEF) — 217KB
• wkc-20240930_lab.xml (EX-101.LAB) — 615KB
• wkc-20240930_pre.xml (EX-101.PRE) — 430KB
• wkc-20240930_htm.xml (XML) — 1635KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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) September 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 373.8 $ 304.3 Accounts receivable, net of allowance for credit losses of $ 20.2 million and $ 18.3 million as of September 30, 2024 and December 31, 2023, respectively 2,476.1 2,735.5 Inventories 619.9 664.6 Prepaid expenses 89.8 77.6 Short-term derivative assets, net 188.2 275.4 Other current assets 423.0 446.4 Total current assets 4,170.7 4,503.8 Property and equipment, net 505.6 515.3 Goodwill 1,181.7 1,238.0 Identifiable intangible assets, net 266.3 299.7 Other non-current assets 860.3 818.6 Total assets $ 6,984.6 $ 7,375.3 Liabilities: Current liabilities: Current maturities of long-term debt $ 85.0 $ 78.8 Accounts payable 2,750.8 3,097.6 Short-term derivative liabilities, net 90.4 128.2 Accrued expenses and other current liabilities 657.0 745.0 Total current liabilities 3,583.1 4,049.7 Long-term debt 798.0 809.1 Other long-term liabilities 552.4 566.9 Total liabilities 4,933.6 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, 58.1 and 59.8 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 0.6 0.6 Capital in excess of par value 64.3 109.6 Retained earnings 2,120.6 1,981.6 Accumulated other comprehensive income (loss) ( 141.1 ) ( 148.9 ) Total World Kinect shareholders' equity 2,044.4 1,943.0 Noncontrolling interest 6.6 6.7 Total equity 2,051.0 1,949.6 Total liabilities and equity $ 6,984.6 $ 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

View Full Filing

View this 10-Q filing on SEC EDGAR