FLEETCOR Technologies, Inc. reported solid third-quarter 2021 results as both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $3.52 per share outpaced the consensus estimate by 0.9% and increased 25.7% year over year. The reported figure lies within the guidance of $3.35-$3.55.
Revenues of $755.5 million beat the consensus mark by 2.3% and increased 29.1% year over year on a reported basis and 17% on a pro-forma and macro-adjusted basis.
So far this year, shares of FLEETCOR have declined 11.3% compared with 23.4% loss of the industry it belongs. The Zacks S&P 500 composite grew 24.5% in the same time frame.
Let’s check out the numbers in detail:
Revenues in Detail
Segment wise, revenues from North America came in at $520.54 million, up 35.6% year over year. Internationally, revenues of $140.05 million increased 14.9% year over year. Revenues from Brazil grew 19.2% to $94.89 million.
Product-category wise, fuel revenues of $306.8 million went up 20% year over year on a reported basis and 13% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $168.7 million increased 58% year over year on a reported basis and 22% on a pro-forma and macro-adjusted basis.
Tolls revenues of $79 million improved 17% year over year on a reported basis and 14% on a pro-forma and macro-adjusted basis.
Lodging revenues of $85.2 million grew 61% year over year on a reported basis and 40% on a pro-forma and macro-adjusted basis.
Gift revenues of $48.6 million grew 25% year over year on a reported as well as on a pro-forma and macro-adjusted basis.
Other revenues of $67.2 million increased 5% year over year on a reported and 2% on a pro-forma and macro-adjusted basis.
Operating Results
Operating income increased 28% from the prior-year quarter’s level to $338.69 million. Operating income margin came in at 44.8% from 45.2% in the prior-year quarter.
Balance Sheet & Cash Flow
FLEETCOR exited third-quarter 2021 with cash, cash equivalents and restricted cash of $2.01 billion compared with $2.06 billion at the end of the prior quarter.
The company generated $243.09 million of net cash from operating activities. Capital expenditures totaled $28.69 million.
In the reported quarter, FLEETCOR repurchased shares worth $405.69 million.
2021 Guidance
For 2021, FLEETCOR raised its guidance. Adjusted earnings per share are now anticipated between $13 and $13.10 compared with the prior guidance of $12.80-$13. The Zacks Consensus Estimate of $12.97 lies below the updated guidance.
Revenues are now anticipated in the range of $2.785-$2.805 billion compared with the prior guidance of $2.74-$2.79 billion. The Zacks Consensus Estimate of $2.77 billion lies below the updated guidance.
Adjusted tax rate is now anticipated between 22.5% and 23.5% compared with the prior guidance of 21.5-22.5%. Interest expenses are still expected between $120 million and $125 million.
Currently, FLEETCOR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) third-quarter 2021 adjusted earnings of $1.85 per share beat the Zacks Consensus Estimate by 7.6% but declined on a year-over-year basis. Revenues of $1.22 billion outpaced the consensus estimate by 3.6% and improved 14.5% year over year on a reported basis and 14% on a local-currency basis.
IQVIA’s (IQV - Free Report) third-quarter 2021 adjusted earnings per share of $2.17 beat the consensus mark by 1.9% and improved 33.1% on a year-over-year basis. Total revenues of $3.39 billion outpaced the consensus estimate by 1% and increased 21.7% year over year on a reported basis and 21.1% on constant-currency basis.
Omnicom’s (OMC - Free Report) third-quarter 2021 adjusted earnings of $1.65 per share beat the consensus mark by 20.4% and increased 36.4% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 0.6% and increased 7.1% year over year.
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FLEETCOR Technologies, Inc. reported solid third-quarter 2021 results as both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $3.52 per share outpaced the consensus estimate by 0.9% and increased 25.7% year over year. The reported figure lies within the guidance of $3.35-$3.55.
Revenues of $755.5 million beat the consensus mark by 2.3% and increased 29.1% year over year on a reported basis and 17% on a pro-forma and macro-adjusted basis.
So far this year, shares of FLEETCOR have declined 11.3% compared with 23.4% loss of the industry it belongs. The Zacks S&P 500 composite grew 24.5% in the same time frame.
Let’s check out the numbers in detail:
Revenues in Detail
Segment wise, revenues from North America came in at $520.54 million, up 35.6% year over year. Internationally, revenues of $140.05 million increased 14.9% year over year. Revenues from Brazil grew 19.2% to $94.89 million.
Product-category wise, fuel revenues of $306.8 million went up 20% year over year on a reported basis and 13% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $168.7 million increased 58% year over year on a reported basis and 22% on a pro-forma and macro-adjusted basis.
Tolls revenues of $79 million improved 17% year over year on a reported basis and 14% on a pro-forma and macro-adjusted basis.
Lodging revenues of $85.2 million grew 61% year over year on a reported basis and 40% on a pro-forma and macro-adjusted basis.
Gift revenues of $48.6 million grew 25% year over year on a reported as well as on a pro-forma and macro-adjusted basis.
Other revenues of $67.2 million increased 5% year over year on a reported and 2% on a pro-forma and macro-adjusted basis.
Operating Results
Operating income increased 28% from the prior-year quarter’s level to $338.69 million. Operating income margin came in at 44.8% from 45.2% in the prior-year quarter.
Balance Sheet & Cash Flow
FLEETCOR exited third-quarter 2021 with cash, cash equivalents and restricted cash of $2.01 billion compared with $2.06 billion at the end of the prior quarter.
The company generated $243.09 million of net cash from operating activities. Capital expenditures totaled $28.69 million.
In the reported quarter, FLEETCOR repurchased shares worth $405.69 million.
2021 Guidance
For 2021, FLEETCOR raised its guidance. Adjusted earnings per share are now anticipated between $13 and $13.10 compared with the prior guidance of $12.80-$13. The Zacks Consensus Estimate of $12.97 lies below the updated guidance.
Revenues are now anticipated in the range of $2.785-$2.805 billion compared with the prior guidance of $2.74-$2.79 billion. The Zacks Consensus Estimate of $2.77 billion lies below the updated guidance.
Adjusted tax rate is now anticipated between 22.5% and 23.5% compared with the prior guidance of 21.5-22.5%. Interest expenses are still expected between $120 million and $125 million.
Currently, FLEETCOR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) third-quarter 2021 adjusted earnings of $1.85 per share beat the Zacks Consensus Estimate by 7.6% but declined on a year-over-year basis. Revenues of $1.22 billion outpaced the consensus estimate by 3.6% and improved 14.5% year over year on a reported basis and 14% on a local-currency basis.
IQVIA’s (IQV - Free Report) third-quarter 2021 adjusted earnings per share of $2.17 beat the consensus mark by 1.9% and improved 33.1% on a year-over-year basis. Total revenues of $3.39 billion outpaced the consensus estimate by 1% and increased 21.7% year over year on a reported basis and 21.1% on constant-currency basis.
Omnicom’s (OMC - Free Report) third-quarter 2021 adjusted earnings of $1.65 per share beat the consensus mark by 20.4% and increased 36.4% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 0.6% and increased 7.1% year over year.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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