Corpay Q2 2022 Earnings Report
Key Takeaways
FLEETCOR Technologies Inc. reported strong Q2 2022 financial results, with a 29% increase in total revenues to $861.3 million and a 32% increase in adjusted net income per share to $4.17. The company has updated its fiscal year 2022 financial guidance, expecting continued positive trends.
Total revenues increased by 29% to $861.3 million compared to Q2 2021.
Net income increased by 34% to $262.2 million compared to Q2 2021.
Adjusted net income increased by 22% to $326.1 million compared to Q2 2021.
The company updated its fiscal year 2022 financial guidance, anticipating revenues between $3,380 million and $3,420 million.
Corpay
Corpay
Corpay Revenue by Segment
Corpay Revenue by Geographic Location
Forward Guidance
The company expects third quarter revenues between $870 million and $890 million, and adjusted net income per diluted share between $4.15 and $4.25. For fiscal year 2022, FLEETCOR Technologies, Inc. updated financial guidance is as follows: Total revenues between $3,380 million and $3,420 million; Net income between $962 million and $982 million; Net income per diluted share between $12.42 and $12.62; Adjusted net income between $1,230 million and $1,250 million; and Adjusted net income per diluted share between $15.85 and $16.05.
Positive Outlook
- The outlook for the second half of the year remains positive.
- Fundamental trends from the first half of the year are expected to continue.
- Net benefits from higher fuel prices.
- Net benefits from higher fuel spreads.
- Net benefits from lower share count.
Challenges Ahead
- Headwinds from foreign exchange rates.
- Headwinds from higher interest rates.
- Weighted average U.S. fuel prices equal to $4.46 per gallon.
- Assumes average LIBOR rates of 2.2% and 3.2% for the next two quarters, respectively.
- A tax rate of 26.5% to 27.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income