FLEETCOR (FLT) Tops Q4 Earnings Estimates, Lags Revenues
Zacks Investment Research | Feb 10, 2020 06:34AM ET
FLEETCOR Technologies, Inc. (NYSE:FLT) reported mixed fourth-quarter 2019 results wherein earnings surpassed the Zacks Consensus Estimate but revenues missed the same.
Adjusted earnings of $3.17 per share outpaced the consensus estimate by 0.9% and increased 14% year over year. Revenues of $681.05 million missed the consensus mark by 0.7% but increased 9% year over year on a reported basis and 10% on a pro-forma and macro-adjusted basis.
Organic revenues rose 10% in the reported quarter, driven by solid double-digit growth across the company’s product categories namely fuel, corporate payments, tolls and lodging. Its fuel card business was up 9%, corporate payments increased 14%, toll business grew 17% and lodging business increased 14% organically.
In the reported quarter, new sales or new bookings increased 13%, client revenue retention remained steady at over 91% and the company’s same-store sales were impacted mainly by the weak trucking vertical.
Over the past year, shares of FLEETCOR have gained 41.2%, compared with the 41.5% growth of the industry it belongs to and 21.9% increase in the Zacks S&P 500 composite.
Revenues in Detail
Segment-wise, revenues from North America came in at $451 million, up 6.5% year over year. Internationally, revenues of $247.88 million increased 12.7% year over year.
Product category-wise, fuel revenues of $299.3 million were almost flat year over year on a reported basis and improved 9% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $140.3 million increased 21% year over year on a reported basis and 14% on a pro-forma and macro-adjusted basis.
Tolls revenues of $93.3 million improved 8% year over year on a reported basis and 17% on a pro-forma and macro-adjusted basis.
Lodging revenues of $64.2 million increased 48% year over year on a reported basis and 14% on a pro-forma and macro-adjusted basis.
Gift revenues of $47.7 million decreased 1% year over year on a reported basis and 6% on a pro-forma and macro-adjusted basis.
Other revenues of $54.1 million increased 7% year over year on a reported basis and 12% on a pro-forma and macro-adjusted basis.
Operating Results
Operating income increased 12.7% from the prior-year quarter to $320.80 million. Operating income margin rose to 45.9% from 44.3% in the prior-year quarter.
FleetCor Technologies, Inc. Price, Consensus and EPS Surprise
Get The News You Want
Zacks Investment Research
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.