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Sep 30, 2021
Corpay Q3 2021 Earnings Report
FLEETCOR's Q3 2021 financial results were reported, with record profits and revenue.
Key Takeaways
FLEETCOR reported record third quarter profits and revenue, with adjusted EPS growing 25% and revenue growing 29%. Organic revenue growth was 17%, with corporate payments growing 22%. The company increased its full-year guidance, expecting continued growth into 2022.
Total revenue increased by 29% to $755.5 million compared to Q3 2020.
Net income increased by 24% to $234.0 million compared to Q3 2020.
Adjusted net income increased by 22% to $294.4 million compared to Q3 2020.
The company increased the mid-point of its full-year guidance to $13.05.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
FLEETCOR expects fourth quarter revenue and adjusted EPS to grow both sequentially and year-over-year, contributing to full year growth rates of 17% and 18% at the mid-point, respectively.
Positive Outlook
- Total revenues between $2,785 million and $2,805 million.
- GAAP net income between $837 million and $847 million.
- GAAP net income per diluted share between $9.90 and $10.00.
- Adjusted net income between $1,100 million and $1,110 million.
- Adjusted net income per diluted share between $13.00 and $13.10.
Challenges Ahead
- Weighted U.S. fuel prices equal to $3.27 per gallon.
- Market spreads slightly unfavorable to the 2020 average.
- Foreign exchange rates equal to the seven-day average as of October 17, 2021.
- Interest expense between $120 million and $125 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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