FLEETCOR Technologies, Inc. reported solid third-quarter 2022 results as both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 95 cents from non-recurring items) of $4.24 per share outpaced the consensus estimate by 1.2% and increased 20.5% year over year. The reported figure lies within the guided range of $4.15-$4.25.
Revenues of $893 million beat the consensus mark by 1.8% and increased 18.2% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis. The reported figure exceeded the guided range of $870-$890 million.
Shares of FLEETCOR have lost 26.3% over the past year compared with the 17.8% fall of the industry it belongs to.
Let’s check out the numbers in detail:
Revenues in Detail
Product-category-wise, fuel revenues of $361.8 million went up 18% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $196.9 million increased 17% year over year on a reported basis and 21% on a pro-forma and macro-adjusted basis.
Tolls revenues of $88.6 million improved 12% year over year on a reported basis and 12% on a pro-forma and macro-adjusted basis.
Lodging revenues of $126 million grew 48% year over year on a reported basis and 28% on a pro-forma and macro-adjusted basis.
Gift revenues of $52 million grew 7% year over year on a reported and 9% on a pro-forma and macro-adjusted basis.
Other revenues of $67.7 million climbed 1% year over year on a reported and 6% on a pro-forma and macro-adjusted basis.
Operating Results
Operating income increased 15% from the prior-year quarter’s level to $389.2 million. Operating income margin fell 43.6% from 44.8% in the prior-year quarter.
Balance Sheet & Cash Flow
FLEETCOR exited third-quarter 2022 with cash, cash equivalents and restricted cash of $1.32 billion compared with $1.42 billion at the end of the prior quarter.
FLT provided $396.8 million of net cash from operating activities. Capital expenditures totaled $41 million.
In the reported quarter, FLEETCOR repurchased shares worth $500.34 million.
2022 Guidance
Adjusted earnings per share are still anticipated between $15.85 and $16.05. The midpoint of the guided range ($15.95) meets the Zacks Consensus Estimate.
Revenues are now anticipated between $3.40 billion and $3.42 billion, comparing favorably with the prior-guided range of $3.38 billion and $3.42 billion. The midpoint of the updated guided range ($3.41) is above the Zacks Consensus Estimate of $3.40 billion.
Interest expenses are now expected between $157 million and $167 million compared with the prior-guided range of $145-$155 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.
Recent Releases
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been steady over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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FLEETCOR Technologies, Inc. reported solid third-quarter 2022 results as both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 95 cents from non-recurring items) of $4.24 per share outpaced the consensus estimate by 1.2% and increased 20.5% year over year. The reported figure lies within the guided range of $4.15-$4.25.
Revenues of $893 million beat the consensus mark by 1.8% and increased 18.2% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis. The reported figure exceeded the guided range of $870-$890 million.
Shares of FLEETCOR have lost 26.3% over the past year compared with the 17.8% fall of the industry it belongs to.
Let’s check out the numbers in detail:
Revenues in Detail
Product-category-wise, fuel revenues of $361.8 million went up 18% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $196.9 million increased 17% year over year on a reported basis and 21% on a pro-forma and macro-adjusted basis.
Tolls revenues of $88.6 million improved 12% year over year on a reported basis and 12% on a pro-forma and macro-adjusted basis.
Lodging revenues of $126 million grew 48% year over year on a reported basis and 28% on a pro-forma and macro-adjusted basis.
Gift revenues of $52 million grew 7% year over year on a reported and 9% on a pro-forma and macro-adjusted basis.
Other revenues of $67.7 million climbed 1% year over year on a reported and 6% on a pro-forma and macro-adjusted basis.
Operating Results
Operating income increased 15% from the prior-year quarter’s level to $389.2 million. Operating income margin fell 43.6% from 44.8% in the prior-year quarter.
Balance Sheet & Cash Flow
FLEETCOR exited third-quarter 2022 with cash, cash equivalents and restricted cash of $1.32 billion compared with $1.42 billion at the end of the prior quarter.
FLT provided $396.8 million of net cash from operating activities. Capital expenditures totaled $41 million.
In the reported quarter, FLEETCOR repurchased shares worth $500.34 million.
2022 Guidance
Adjusted earnings per share are still anticipated between $15.85 and $16.05. The midpoint of the guided range ($15.95) meets the Zacks Consensus Estimate.
Revenues are now anticipated between $3.40 billion and $3.42 billion, comparing favorably with the prior-guided range of $3.38 billion and $3.42 billion. The midpoint of the updated guided range ($3.41) is above the Zacks Consensus Estimate of $3.40 billion.
Interest expenses are now expected between $157 million and $167 million compared with the prior-guided range of $145-$155 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.
Recent Releases
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been steady over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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