World Kinect Corporation attributes marine segment's Q2 profit plunge to tax settlement, inventory location issues

Marine fuels and lubricants specialist World Kinect Corporation (WKC) recently reported its financial results for the second quarter of 2025.

WKC posted a gross profit of US$232 million in Q2 2025, though a GAAP net loss of US$339 million was incurred during the same period. The company also reported adjusted net income of US$33 million and adjusted gross operating profit of US$87 million.

WKC's marine segment reported gross profit of US$27 million, a decrease of 26 per cent, principally due to what it said was an "unfavourable transaction tax settlement" recorded in the second quarter and weaker performance at certain marine physical inventory locations.

Also in Q2 2025, WKC's marine segment recorded a US$32 million asset impairment related to an underperforming physical inventory location that the company said, "no longer aligns with [its] long-term strategic objectives."

The marine segment's total revenue for Q2 2025 peaked at US$9.04 billion (US$10.97 billion in Q2 2024) while that for the first half of 2025 was US$18.5 billion (US$21.92 billion in H1 2024).