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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.
Revenue by Segment
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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