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Dec 31, 2023
Corpay Q4 2023 Earnings Report
FLEETCOR's Q4 2023 financial results were reported, showing revenue growth and increased net income.
Key Takeaways
FLEETCOR Technologies, Inc. reported a 6% increase in revenues to $937.3 million and a 14% increase in net income to $255.9 million for the fourth quarter of 2023. The company's adjusted net income per diluted share increased by 10% to $4.44. They are planning to repurchase $800 million of shares in 2024.
Revenues increased by 6% to $937.3 million compared to Q4 2022.
Net income increased by 14% to $255.9 million compared to Q4 2022.
Adjusted net income per diluted share increased by 10% to $4.44 compared to Q4 2022.
The company plans to repurchase $800 million of shares in 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Fleetcor's 2024 outlook includes 20% sales growth, 8-10% organic revenue growth, and mid-teens adjusted net income growth. Volumes and revenue are expected to increase throughout the year.
Positive Outlook
- 20% sales growth
- Organic revenue growth of 8% to 10%
- Adjusted net income growth in the mid-teens
- Volumes and revenue should build throughout the year
- Balance sheet is in great shape with low leverage and significant liquidity
Challenges Ahead
- First quarter is impacted by negative impact from higher interest rates
- Decline in late fees from tightened credit creating headwinds to revenue and net income
- Seasonality in the first quarter, causing it to be the lowest in terms of both revenues and net income for the year
- Vehicle payments and lodging tend to have lighter first quarters due to weather and holidays
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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