Core Insights - World Kinect (WKC) is expected to report quarterly earnings of $0.55 per share, reflecting a 1.9% increase year-over-year, while revenues are forecasted to decline by 12% to $10.56 billion [1] - The consensus EPS estimate has been revised upward by 13.8% in the last 30 days, indicating a reassessment by analysts [2] - Analysts emphasize the importance of earnings estimate revisions in predicting investor reactions and stock price performance [3] Revenue Estimates - Revenue from Aviation is projected to be $4.89 billion, down 16.8% from the previous year [5] - Revenue from Land is expected to reach $3.25 billion, reflecting an 11.4% decrease year-over-year [5] - Revenue from Marine is forecasted at $2.11 billion, indicating a 13.9% decline compared to the same quarter last year [5] Volume Estimates - The consensus estimate for Aviation volume is 1,858.18 million gallons, up from 1,784 million gallons year-over-year [6] - Land volume is expected to be 1,537.39 million gallons, down from 1,619.3 million gallons in the previous year [6] - Marine volume is projected at 1,054.66 million gallons, a decrease from 1,129.7 million gallons reported last year [6] Income Estimates - Estimated income from operations for Aviation is $60.70 million, slightly up from $58.10 million in the same quarter last year [7] - Projected income from operations for Marine is $18.08 million, down from $19.30 million year-over-year [7] Stock Performance - World Kinect shares have decreased by 2.6% over the past month, contrasting with a 4.7% increase in the Zacks S&P 500 composite [8] - With a Zacks Rank of 2 (Buy), WKC is anticipated to outperform the overall market in the near term [8]

Core Insights - The article compares World Kinect (WKC) and Ormat Technologies (ORA) to determine which stock is more attractive to value investors [1][3] Valuation Metrics - WKC has a forward P/E ratio of 11.16, while ORA has a forward P/E of 29.71, indicating WKC is potentially undervalued [5] - WKC's PEG ratio is 0.92, suggesting a favorable valuation relative to its expected earnings growth, whereas ORA's PEG ratio is 2.97 [5] - WKC has a P/B ratio of 0.80, compared to ORA's P/B of 1.53, further supporting WKC's valuation attractiveness [6] Earnings Outlook - WKC is noted for having an improving earnings outlook, which enhances its appeal in the Zacks Rank model [7]

Core Insights - The article compares World Kinect (WKC) and TC Energy (TRP) to determine which stock offers better value for investors [1] - A strong Zacks Rank combined with a good Value grade is highlighted as an effective strategy for identifying value stocks [2] Valuation Metrics - WKC has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while TRP has a Zacks Rank of 3 (Hold) [3] - WKC's forward P/E ratio is 11.53, significantly lower than TRP's forward P/E of 17.95 [5] - WKC's PEG ratio is 0.95, compared to TRP's PEG ratio of 4.49, suggesting WKC is more favorably valued in terms of expected earnings growth [5] - WKC's P/B ratio is 0.81, while TRP's P/B ratio is 1.77, indicating WKC is undervalued relative to its book value [6] - These metrics contribute to WKC receiving a Value grade of A, whereas TRP has a Value grade of C [6] Conclusion - WKC exhibits stronger estimate revision activity and more attractive valuation metrics than TRP, making it the preferred choice for value investors at this time [7]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach may involve investing in bargain stocks that have recently shown price momentum [2] Group 2: World Kinect (WKC) Stock Analysis - World Kinect (WKC) has a four-week price change of 3.8%, indicating growing investor interest [3] - WKC gained 6.8% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [4] - The stock has a beta of 1.28, suggesting it moves 28% higher than the market in either direction [4] Group 3: Valuation and Earnings Estimates - WKC has a Momentum Score of B, indicating a favorable time to invest [5] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [6] - WKC is trading at a Price-to-Sales ratio of 0.04, meaning investors pay only 4 cents for each dollar of sales, indicating a reasonable valuation [6] Group 4: Additional Investment Opportunities - Besides WKC, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [7] - Zacks offers over 45 Premium Screens to help identify potential winning stock picks based on various investing styles [8]

World Kinect (WKC) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors of ...

PART I. Financial Information This section provides comprehensive financial data, including unaudited statements, management's discussion, market risk disclosures, and controls and procedures [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements: balance sheets, income statements, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Summary | Metric | Sep 30, 2024 (Millions $) | Dec 31, 2023 (Millions $) | Change (Millions $) | | :----- | :------------------------ | :------------------------ | :------------------ | | Total Assets | 6,984.6 | 7,375.3 | (390.7) | | Total Liabilities | 4,933.6 | 5,425.7 | (492.1) | | Total Equity | 2,051.0 | 1,949.6 | 101.4 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) This section outlines the company's financial performance, including revenue, gross profit, operating income, and net income over specified periods Condensed Consolidated Statements of Income and Comprehensive Income Summary | Metric | 3 Months Ended Sep 30, 2024 (Millions $) | 3 Months Ended Sep 30, 2023 (Millions $) | 9 Months Ended Sep 30, 2024 (Millions $) | 9 Months Ended Sep 30, 2023 (Millions $) | | :----- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Revenue | 10,490.9 | 12,245.3 | 32,407.5 | 35,707.6 | | Gross Profit | 268.1 | 281.4 | 767.5 | 825.8 | | Income from Operations | 72.3 | 73.3 | 180.7 | 213.3 | | Net Income Attributable to World Kinect | 33.5 | 34.9 | 169.2 | 87.7 | | Basic EPS | 0.57 | 0.58 | 2.84 | 1.42 | | Diluted EPS | 0.57 | 0.58 | 2.82 | 1.41 | [Condensed Consolidated Statements of Shareholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) This section details changes in shareholders' equity, including common shares, retained earnings, and comprehensive income components Condensed Consolidated Statements of Shareholders' Equity Summary | Metric | Dec 31, 2023 (Millions $) | Sep 30, 2024 (Millions $) | | :----- | :------------------------ | :------------------------ | | Common Shares | 59.8 | 58.1 | | Common Stock Amount | 0.6 | 0.6 | | Capital in Excess of Par Value | 109.6 | 64.3 | | Retained Earnings | 1,981.6 | 2,120.6 | | Accumulated Other Comprehensive Income (Loss) | (148.9) | (141.1) | | Total World Kinect Shareholders' Equity | 1,943.0 | 2,044.4 | - Net income for the nine months ended September 30, 2024, was **$169.1 million**, contributing to the increase in retained earnings[7](index=7&type=chunk) - Cash dividends declared totaled **$28.6 million** for the nine months ended September 30, 2024[7](index=7&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports cash inflows and outflows from operating, investing, and financing activities over specified periods Condensed Consolidated Statements of Cash Flows Summary | Cash Flow Category | 9 Months Ended Sep 30, 2024 (Millions $) | 9 Months Ended Sep 30, 2023 (Millions $) | Change (Millions $) | | :----------------- | :--------------------------------------- | :--------------------------------------- | :------------------ | | Operating Activities | 139.6 | 266.8 | (127.2) | | Investing Activities | 98.9 | (77.4) | 176.3 | | Financing Activities | (162.6) | (140.4) | (22.2) | | Net Increase (Decrease) in Cash | 69.5 | 37.2 | 32.3 | | Cash and Cash Equivalents, End of Period | 373.8 | 335.6 | 38.2 | - Proceeds from the sale of business (Avinode) contributed **$200.1 million** to investing activities in 2024[11](index=11&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of accounting policies, financial instruments, segment performance, and other critical financial information [Note 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies](index=8&type=section&id=Note%201.%20Basis%20of%20Presentation,%20New%20Accounting%20Standards,%20and%20Significant%20Accounting%20Policies) This note describes the company's business, the basis of financial statement presentation, and recently adopted or issued accounting standards - World Kinect Corporation is a global energy management company providing fulfillment and related services across aviation, marine, and land-based transportation sectors, and supplies natural gas and power[13](index=13&type=chunk)[71](index=71&type=chunk) - ASU 2023-07 (Segment Reporting) is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024[14](index=14&type=chunk) - ASU 2023-09 (Income Taxes) is effective for fiscal years beginning after December 15, 2024[16](index=16&type=chunk) [Note 2. Accounts Receivable](index=9&type=section&id=Note%202.%20Accounts%20Receivable) This note provides details on accounts receivable, including net balances, allowance for credit losses, and activities related to receivables purchase agreements Accounts Receivable Balances | Metric | Sep 30, 2024 (Millions $) | Dec 31, 2023 (Millions $) | | :----- | :------------------------ | :------------------------ | | Accounts Receivable, net | 2,476.1 | 2,735.5 | | Allowance for Credit Losses | 21.5 | 20.8 | - **97%** of accounts receivable were outstanding less than 60 days as of September 30, 2024[19](index=19&type=chunk) Receivables Purchase Agreement Activity | RPA Activity | 9 Months Ended Sep 30, 2024 (Millions $) | 9 Months Ended Sep 30, 2023 (Millions $) | | :----------- | :--------------------------------------- | :--------------------------------------- | | Receivables Sold | 8,900 | 7,700 | | Fees Recognized | 29.5 | 30.7 | [Note 3. Acquisitions and Divestitures](index=10&type=section&id=Note%203.%20Acquisitions%20and%20Divestitures) This note details significant acquisition and divestiture activities, including the sale of the Avinode Group and its financial impact - Sale of Avinode Group and aviation FBO software products completed on May 1, 2024[23](index=23&type=chunk) Avinode Group Divestiture Financial Impact | Metric | Amount (Millions $) | | :----- | :------------------ | | Cash Proceeds (net of cash sold) | 200.1 | | Pre-tax Gain on Sale | 96.0 | | Related Tax Expense | 11.2 | [Note 4. Goodwill](index=10&type=section&id=Note%204.%20Goodwill) This note presents the carrying amounts of goodwill by segment and explains changes, including adjustments from divestitures Goodwill by Segment | Segment | Dec 31, 2023 (Millions $) | Sep 30, 2024 (Millions $) | Change (Millions $) | | :------ | :------------------------ | :------------------------ | :------------------ | | Aviation | 398.3 | 337.0 | (61.3) | | Land | 839.7 | 844.7 | 5.0 | | Total Goodwill | 1,238.0 | 1,181.7 | (56.3) | - Goodwill adjustment for the Avinode sale was **$(59.5) million**[24](index=24&type=chunk) [Note 5. Derivative Instruments](index=11&type=section&id=Note%205.%20Derivative%20Instruments) This note describes the company's use of derivative instruments to manage exposures to commodity prices, foreign currency, and interest rate risks - Derivative instruments are used to hedge risks related to commodity prices, foreign currency exchange rates, and interest rates[26](index=26&type=chunk) Notional Value of Derivative Instruments | Derivative Type | Notional Value (Millions $) as of Sep 30, 2024 | | :-------------- | :--------------------------------------------- | | Commodity contracts (Long) | 84.5 | | Commodity contracts (Short) | (87.2) | | Foreign currency contracts (Sell USD, buy other) | (757.1) | | Foreign currency contracts (Buy USD, sell other) | 821.8 | | Interest rate swap | 300.

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Financial Data and Key Metrics Changes - Total volume decreased slightly year-over-year to $4.4 billion, with consolidated gross profit declining 5% to $268 million, primarily due to lower gross profit in the Land segment [12][11] - Operating cash flow was negative $39 million, attributed to increased capital requirements associated with seasonal business activity [19] - Interest expense decreased by 16% year-over-year to $24 million, with expectations for further decline in the fourth quarter [18] Business Line Data and Key Metrics Changes - Aviation segment gross profit increased by 3% year-over-year to $3 million, despite a 1% decrease in volume [13] - Marine business generated an 8% year-over-year increase in gross profit, with operating margin improving by 450 basis points [7] - Land segment volumes decreased by 3% year-over-year, with a 16% decline in gross profit, although there was a 26% sequential increase in gross profit [14][15] Market Data and Key Metrics Changes - Natural gas and power represented 33% of volume in Q3, flat with Q2 and up from 31% in Q3 2023 [14] - The North American fuel business showed improvement, contributing to better outcomes compared to the previous quarter [28] Company Strategy and Development Direction - The company is focused on implementing a more leverageable business model and capital allocation strategy that prioritizes predictable returns [5] - There is a clear path to improving operating efficiency and margins in the Land business through consolidation and standardization [9] - The company aims to achieve medium-term operating margin targets by refining and optimizing its portfolio of activities [15][21] Management's Comments on Operating Environment and Future Outlook - Management noted that while some market headwinds persisted, the Land segment rebounded significantly from the previous quarter [4] - The company remains optimistic about improving Land results in the fourth quarter and beyond, with expectations for year-over-year gross profit to be flat to slightly up [15] - Management emphasized the importance of the aviation segment in decarbonizing the industry and highlighted the strategic significance of sustainable aviation fuel (SAF) [35][38] Other Important Information - The company repurchased $28 million of shares in the third quarter, increasing total year-to-date repurchases to $57 million [19] - The company announced a $200 million increase to its share repurchase authorization [19] Q&A Session Summary Question: Are there other pieces of the business that could be monetized like Avinode? - Management indicated that while Avinode was an outlier, there are opportunities to refine other parts of the business and reallocate capital into core activities [23][24] Question: Are there more acquisition opportunities due to the freight recession? - Management noted that there are greater opportunities for inorganic growth as interest rates decline, making more sellers available [25][26] Question: What factors impacted the Land business performance? - Management explained that while some areas improved, challenges in Brazil and specific North American markets continued to affect performance [28] Question: How will the company achieve the 30% operating margin target in Land? - Management highlighted that both market normalization and controllable strategic moves will be crucial in reaching this target [30][31] Question: What was the gross profit contribution from low carbon initiatives in Q3? - Management reported that low carbon initiatives contributed 11% to gross profit in the most recent quarter [34] Question: How is the company positioned in the natural gas market, particularly with data centers? - Management confirmed engagement with data center operators, indicating a growing demand for energy consumption [36]

World Kinect (WKC) came out with quarterly earnings of $0.62 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company that services ships, jets and trucks would post earnings of $0.56 per share when it actually produced earnings of $0.48, delivering a surprise of -14.29%.Over the last four quarters, the company has surpassed consensus EPS estimates just on ...

Exhibit 99.1 World Kinect Corporation Reports Third Quarter 2024 Results MIAMI—October 24, 2024—World Kinect Corporation (NYSE: WKC) today reported financial results for the third quarter of 2024. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|--------------------------|--------|--------------------------|-------------------------------------|-------|---------------------------------|-------|---------------------------|------ ...