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Mar 31, 2021
Corpay Q1 2021 Earnings Report
FLEETCOR's financial performance reflected a mix of pandemic-related softness and strategic gains.
Key Takeaways
FLEETCOR Technologies reported first quarter 2021 financial results with revenue in line with expectations and adjusted net income per share slightly better than the original outlook due to credit performance. While revenue and adjusted EPS decreased compared to the previous year, new sales increased and retention improved.
Total revenues decreased by 8% to $608.6 million compared to the first quarter of 2020.
Net income increased by 25% to $184.2 million compared to the first quarter of 2020.
Adjusted net income decreased by 8% to $242.1 million compared to the first quarter of 2020.
Adjusted net income per diluted share decreased by 6% to $2.82 compared to $3.00 in the first quarter of 2020.
Corpay
Corpay
Corpay Revenue by Segment
Corpay Revenue by Geographic Location
Revenue by Segment
Corporate Payments Revenue
CapyFin.comLodging Payments Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
US Revenue
CapyFin.comBrazil Revenue
CapyFin.comUK Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
FLEETCOR is maintaining its full year revenue guidance and raising its adjusted net income per diluted share guidance $0.12 to $12.42 at the mid-point. For the second quarter, the Company is expecting adjusted net income per diluted share to be in the range of $2.80 to $3.00.
Positive Outlook
- Volumes should continue to recover and build throughout the year as economies around the world reopen.
- Company expects to return to growth in both revenue and earnings per share next quarter.
- Full year revenue guidance between $2,600 million and $2,700 million is maintained.
- Adjusted net income per diluted share guidance raised $0.12 to $12.42 at the mid-point.
- Second quarter adjusted net income per diluted share expected to be in the range of $2.80 to $3.00.
Challenges Ahead
- First quarter results were affected by softness due to the COVID-19 pandemic.
- Responses to virus variants and the state of vaccine rollouts differ by geography.
- Macroeconomic environment was effectively neutral for the quarter.
- Higher fuel prices were offset by compressed spreads and lower foreign exchange rates, particularly in Brazil.
- Market spreads significantly unfavorable to the 2020 average.
Revenue & Expenses
Visualization of income flow from segment revenue to net income