Q1 profit swings $47M on marine volatility; exits land ops, faces $150M Danish tax exposure

Filed April 24, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 25, 2025 · ~2 min read

Key Changes

• high

  Net income swung to $26.2M from a $21.1M loss year-over-year, driven by an 86% surge in marine gross profit ($30.7M increase) as bunker fuel prices and volatility spiked. Aviation added $22.6M (20%) from the Universal TSS acquisition and European strength, while land declined $12.5M (16%) on the Watson Fuels sale and weak natural gas markets.

  MD&A: Segment Results verify on EDGAR →
• high

  Danish tax audit exposure rose to $150.1M ($121.5M final assessments for 2013-2019, $28.6M proposed for 2020-2021) from $138M proposed last year, with interest potentially material. Finnish regulators found a subsidiary breached E.U. market manipulation rules and will recommend a penalty to the Market Court; amount undetermined.

  Notes: Contingencies verify on EDGAR →
• high

  Operating cash flow swung to negative $46.4M from positive $114.4M, a $160.8M deterioration, as rising fuel prices drove inventory and derivative collateral requirements. The company drew $102.8M on its credit facility and repurchased $75M of stock (up from $10M prior year).

  MD&A: Liquidity verify on EDGAR →