MIAMI--(BUSINESS WIRE)--May 29, 2019--
World Fuel Services Corporation (NYSE: INT) today announced that its
Board of Directors has approved a $100 million increase to the company’s
share repurchase program announced in October 2017, increasing the
available authorization remaining under the program to approximately
$150 million.
Share repurchases may be made from time to time in the open market or
through privately negotiated transactions. The timing and amount of
shares to be repurchased under the program will depend on market
conditions, share price, securities law and other legal requirements and
factors. The program does not require the purchase of any minimum number
of shares, has no expiration date and may be suspended or discontinued
at any time without prior notice.
In addition, the Board of Directors also declared the company’s
quarterly cash dividend which, as previously announced, has been
increased to $0.10 per share and will be payable on July 5, 2019 to
shareholders of record on June 10, 2019.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy
management company involved in providing energy procurement advisory
services, supply fulfillment and transaction and payment management
solutions to commercial and industrial customers, principally in the
aviation, marine and land transportation industries. World Fuel Services
sells fuel and delivers services to its clients at more than 8,000
locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com.
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding share repurchases. These forward-looking statements
are qualified in their entirety by cautionary statements and risk factor
disclosures contained in the Company’s Securities and Exchange
Commission (“SEC”) filings, including the Company’s most recent Annual
Report on Form 10-K filed with the SEC. Actual results may differ
materially from any forward-looking statements due to risks and
uncertainties, including, but not limited to: our ability to generate
expected cash from operations, the availability and price of our stock
on the open market, our ability to effectively leverage technology and
operating systems and realize the anticipated benefits, our ability to
successfully execute and achieve efficiencies and other benefits related
to our transformation initiatives, our ability to achieve the expected
level of benefit from our restructuring activities and cost reduction
initiatives, unanticipated tax liabilities or adverse results of tax
audits, assessments, or disputes, the loss of, or reduced sales, to a
significant government customer such as the North Atlantic Treaty
Organization, our ability to successfully implement our growth strategy,
our ability to effectively integrate acquired businesses and recognize
the anticipated benefits, risks related to the complexity of U.S. Tax
Reform and our ability to accurately predict its impact on our returns
and future earnings, our ability to capitalize on new market
opportunities and changes in supply and other market dynamics in the
regions where we operate, potential liabilities and the extent of any
insurance coverage, the outcome of pending litigation and other
proceedings, the impact of quarterly fluctuations in results,
particularly as a result of seasonality, the creditworthiness of our
customers and counterparties and our ability to collect accounts
receivable, fluctuations in world oil prices or foreign currency,
changes in political, economic, regulatory, or environmental conditions,
adverse conditions in the markets or industries in which we or our
customers and suppliers operate, supply disruptions, border closures and
other logistical difficulties that can arise when sourcing and
delivering fuel in areas that are actively engaged in war or other
military conflicts, our failure to effectively hedge certain financial
risks associated with the use of derivatives, non-performance by
counterparties or customers on derivatives contracts, uninsured losses,
the impact of natural disasters, adverse results in legal disputes, our
ability to retain and attract senior management and other key employees
and other risks detailed from time to time in our SEC filings. New risks
emerge from time to time and it is not possible for management to
predict all such risk factors or to assess the impact of such risks on
our business. Accordingly, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, changes in expectations, future events, or otherwise,
except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005217/en/
Source: World Fuel Services Corporation
Ira M. Birns, Executive Vice President &
Chief Financial Officer
Glenn Klevitz
Vice President, Treasurer & Investor Relations
305-428-8000
