Fleetcor ( (CPAY) ) has released its Q3 earnings. Here is a breakdown of the information Fleetcor presented to its investors.
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Corpay, Inc., a global S&P 500 corporate payments company, offers modern payment solutions to help businesses and consumers manage expenses efficiently, focusing on vehicle-related, travel, and accounts payable services.
In its third-quarter 2024 earnings report, Corpay announced a significant milestone by surpassing $1 billion in quarterly revenue, driven by an 18% organic growth in corporate payments. The company highlighted strong business fundamentals, with improving same-store sales and retention rates.
Corpay’s financial performance in the third quarter showed a 6% revenue increase to $1,029.2 million compared to the previous year. Net income rose by 2% to $276.4 million, while diluted earnings per share saw a 7% increase to $3.90. The company also reported a 5% rise in EBITDA to $557.7 million and an 11% increase in adjusted net income per diluted share to $5.00. Strategic acquisitions, such as Paymerang, are on track to deliver expected synergies.
Looking forward, Corpay remains optimistic about accelerating revenue growth in the fourth quarter and into 2025, despite a slightly lowered revenue guidance for the year due to fuel prices and foreign exchange rates. The company anticipates 13% revenue growth and 21% earnings growth for the upcoming quarter, with continued segment-specific growth and acquisition synergies.
