Corpay Q3 2021 Earnings Report
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.
Corpay
Corpay
Corpay Revenue by Segment
Corpay 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.
- A tax rate of 22.5% to 23.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income