Aviation Business Journal Third Quarter 2011 - (Page 39)

Services Corporation By Paul Seidenman & David J. Spanovich Services Corporation. Paul Stebbins and Michael Kasbar, the founders of Trans-Tec, continue an active role with WFS as chairman and chief executive officer; and president and chief operating officer, respectively. WFS has been listed on the New York Stock Exchange since 1986, when it was still International Recovery Corporation. In fact, its INT ticker symbol reflects the former corporate name. Ranking 133 on the Fortune 500 list of companies in 2010, WFS reported revenues that year of $19.131 billion, and a net income of $147 million, according to its 2010 Annual Report. That was a 25 percent increase over the $117 million net income reported the previous year on revenues of $11.295 billion. Drawing from a global supplier network now numbering 8,000, WFS sold a total of 10.5 billion gallons of fuel to 8,500 customers last year. As of year-end 2010, the company employed 1,500, working out of a total of 48 offices throughout the world, and delivering services at 6,000 locations in 200 countries and territories. In 2010, WFS’s aviation fuel segment, alone, accounted for 2.9 billion gallons--up from 2.0 billion in 2009--with total deliveries at 3,000 airports worldwide. As the annual report illustrates, of the three market segments (aviation, marine, and land transport), aviation fuel contributed most to the company’s 2010 gross profit at $215 million. Hiller pointed out that the company does not break out any percentages of its fuel sales relative to any specific user, such as commercial, corporate, or government aircraft operators. However, he did report that the lion’s share of the company’s aviation fuel revenue derives from commercial air carrier sales. branded outlets are supplied by our group,” Hiller noted. Outside the United States, WFS also serves the business aviation market. “Although there is a growing trend toward establishing FBOs outside North America, in many of these markets, WFS has the proper offering to support commercial, retail, and contract into-plane fueling activity,” he said. As of year-end 2010, the company employed 1,500, working out of a total of 48 offices throughout the world, and delivering services at 6,000 locations in 200 countries and territories. “While sales to the commercial airline market account for the majority of our aviation fuel sales, general aviation is a growing part of our business, especially given our recent acquisition of Western Petroleum, the Hiller Group, and Ascent,” he said. “World Fuel Services Corp. is a valueadded fuel supplier, and has built a very strong presence in the general aviation market though a network of over 1,100 FBOs, which we supply.” In the United States, Hiller reported, that includes Jet A and LL 100 avgas sales to all FBOs under the ConocoPhillips, Chevron/Texaco and Exxon brands, including the Exxon premier AVITAT brand. “The majority of ConocoPhillips’ Phillips 66 Through its strategic acquisitions, WFS is taking a bullish position on the general aviation market, which Hiller believes is in a recovering mode. In that regard, he predicted that in the US, the market will undergo a “steady, but slow” rebound, with a greater growth trajectory in China, other parts of Asia, and Latin America. One area that he said will account for some of that growth will be pilot training. “If you look at the demographics, you will see a tremendous demand for new pilots within the next few years as more commercial airline pilots retire,” said Hiller. “This will drive Continued on page 41 Aviation Business Journal | 3rd Quarter 2011 39

Table of Contents for the Digital Edition of Aviation Business Journal Third Quarter 2011

Aviation Business Journal Third Quarter 2011

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