Aviation, marine, and land fuel provider World Fuel Services spent 2018 sailing away from stormy weather. The oil supply glut of 2014 eased, with prices beginning to recover. Meanwhile, a string of recent acquisitions and the appointment of former IBM CIO Jeff Smith as COO shored up the company’s strategic bulwarks. Revenue rose 18% to $39.8 billion, and the company logged $128 million in net income, compared with a $170.3 million net loss in 2017. The turnaround was mainly due to record aviation fuel results and a rebound in profitability for its marine segment. Setting course for 2019, World Fuel paid down $225.5 million in long-term debt. U.S. sanctions on Iran’s oil exports should also bring smoother waters.
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