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Sep 30, 2023
Corpay Q3 2023 Earnings Report
FLEETCOR reported a good quarter with revenue and adjusted net income per share growth.
Key Takeaways
FLEETCOR Technologies Inc. reported a 9% increase in revenues to $970.9 million and a 9% increase in net income to $271.5 million for Q3 2023. Organic revenue growth was 10%, driven by a 20% increase in corporate payments. The company completed the acquisition of PayByPhone.
Revenues increased 9% to $970.9 million in the third quarter of 2023, compared to $893.0 million in the third quarter of 2022.
Net income increased 9% to $271.5 million in the third quarter of 2023, compared to $248.9 million in the third quarter of 2022.
Adjusted net income per diluted share increased 6% to $4.49 in the third quarter of 2023, compared to $4.24 per diluted share in the third quarter of 2022.
Organic revenue growth was 10% for the quarter, driven by 20% growth in corporate payments.
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 expects fourth quarter revenue and adjusted net income per share to grow approximately 10% and 11%, respectively.
Positive Outlook
- Total revenues between $3,774 million and $3,804 million.
- Net income between $977 million and $1,001 million.
- Net income per diluted share between $13.14 and $13.44.
- Adjusted net income between $1,252 million and $1,276 million.
- Adjusted net income per diluted share between $16.82 and $17.12.
Challenges Ahead
- Weighted average U.S. fuel prices of $3.96 per gallon.
- Market fuel spreads unfavorable to the fourth quarter of 2022.
- Foreign exchange rates equal to the monthly average for October 2023.
- Fourth quarter revenues of $953 million to $983 million
- Adjusted net income per diluted share of $4.34 to $4.64.
Revenue & Expenses
Visualization of income flow from segment revenue to net income