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FLEETCOR (FLT) Beats on Q1 Earnings & Revenues, Cancels View
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FLEETCOR Technologies, Inc. reported solid first-quarter 2020 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $3.00 per share outpaced the consensus estimate by 8.3% and increased 12.4% year over year. Revenues of $661.09 million beat the consensus mark by 5.2% but increased 6.3% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
The quarterly performance was mainly driven by solid show in January and February. However, the momentum was affected in March due to coronavirus-related shut downs globally. Decline in macro-economic environment unfavorably impacted revenues by almost $6 million compared with the prior-year quarter. Further, the company’s Cambridge business witnessed a $90 million, bad debt loss in the reported quarter, resulting from a large client entering voluntary bankruptcy.
So far this year, shares of FLEETCOR have lost 13.5%, compared with decline of 7.9% for the industry it belongs to and 11.5% decrease of the Zacks S&P 500 composite.
Revenues in Detail
Segment-wise, revenues from North America came in at $434.69 million, up 9.6% year over year. Internationally, revenues of $127.42 million increased 6.9% year over year. Revenues from Brazil declined 6.4% to $98.98 million.
Product category-wise, fuel revenues of $292.1 million went up 3% year over year on a reported basis and 2% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $119.9 million increased 24% year over year on a reported basis and 20% on a pro-forma and macro-adjusted basis.
Tolls revenues of $83 million declined 7% year over year on a reported basis but improved 10% on a pro-forma and macro-adjusted basis.
Lodging revenues of $57 million increased 36% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
Gift revenues of $42.4 million decreased 12% year over year on a reported basis as well as on a pro-forma and macro-adjusted basis.
Other revenues of $66.7 million increased 5% year over year on a reported basis and remained flat on a pro-forma and macro-adjusted basis.
Operating Results
Operating income decreased 29.3% from the prior-year quarter to $200.98 million. Operating income margin declined to 30.4% from 45.7% in the prior-year quarter.
FleetCor Technologies Inc Price, Consensus and EPS Surprise
FLEETCOR exited first-quarter 2020 with cash, cash equivalents and restricted cash of approximately $1.55 billion compared with $1.68 billion at the end of the prior quarter.
The company generated $420.03 million of net cash from operating activities. Capital expenditures totaled $18.26 million. In the reported quarter, FLEETCOR repurchased shares worth $530.24 million.
2020 Guidance
Considering the uncertainty prevailing in the market due to the coronavirus outbreak, FLEETCOR has suspended its full-year 2020 guidance.
Currently, FLEETCOR carries a Zacks Rank #4 (Sell).
S&P Global Inc.(SPGI - Free Report) reported first-quarter 2020 adjusted earnings per share of $2.73, which beat the consensus mark by 15.7% and improved 29.4% year over year on the back of revenue growth, benefits of productivity initiatives and reduced business travel.
IQVIA Holdings Inc. (IQV - Free Report) reported first-quarter 2020 adjusted earnings per share of $1.50, which beat the consensus mark by 1.4% but decreased 1.9% on a year-over-year basis. The reported figure was within the guided range of $1.46-$1.51
Insperity, Inc.(NSP - Free Report) reported first-quarter 2020 adjusted earnings of $1.70 per share, which beat the consensus mark by 5.6% but decreased 14.1% year over year. The reported figure matched the higher end of the guided range of $1.61-$1.70.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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FLEETCOR (FLT) Beats on Q1 Earnings & Revenues, Cancels View
FLEETCOR Technologies, Inc. reported solid first-quarter 2020 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $3.00 per share outpaced the consensus estimate by 8.3% and increased 12.4% year over year. Revenues of $661.09 million beat the consensus mark by 5.2% but increased 6.3% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
The quarterly performance was mainly driven by solid show in January and February. However, the momentum was affected in March due to coronavirus-related shut downs globally. Decline in macro-economic environment unfavorably impacted revenues by almost $6 million compared with the prior-year quarter. Further, the company’s Cambridge business witnessed a $90 million, bad debt loss in the reported quarter, resulting from a large client entering voluntary bankruptcy.
So far this year, shares of FLEETCOR have lost 13.5%, compared with decline of 7.9% for the industry it belongs to and 11.5% decrease of the Zacks S&P 500 composite.
Revenues in Detail
Segment-wise, revenues from North America came in at $434.69 million, up 9.6% year over year. Internationally, revenues of $127.42 million increased 6.9% year over year. Revenues from Brazil declined 6.4% to $98.98 million.
Product category-wise, fuel revenues of $292.1 million went up 3% year over year on a reported basis and 2% on a pro-forma and macro-adjusted basis.
Corporate Payments revenues of $119.9 million increased 24% year over year on a reported basis and 20% on a pro-forma and macro-adjusted basis.
Tolls revenues of $83 million declined 7% year over year on a reported basis but improved 10% on a pro-forma and macro-adjusted basis.
Lodging revenues of $57 million increased 36% year over year on a reported basis and 5% on a pro-forma and macro-adjusted basis.
Gift revenues of $42.4 million decreased 12% year over year on a reported basis as well as on a pro-forma and macro-adjusted basis.
Other revenues of $66.7 million increased 5% year over year on a reported basis and remained flat on a pro-forma and macro-adjusted basis.
Operating Results
Operating income decreased 29.3% from the prior-year quarter to $200.98 million. Operating income margin declined to 30.4% from 45.7% in the prior-year quarter.
FleetCor Technologies Inc Price, Consensus and EPS Surprise
FleetCor Technologies Inc price-consensus-eps-surprise-chart | FleetCor Technologies Inc Quote
Balance Sheet & Cash Flow
FLEETCOR exited first-quarter 2020 with cash, cash equivalents and restricted cash of approximately $1.55 billion compared with $1.68 billion at the end of the prior quarter.
The company generated $420.03 million of net cash from operating activities. Capital expenditures totaled $18.26 million. In the reported quarter, FLEETCOR repurchased shares worth $530.24 million.
2020 Guidance
Considering the uncertainty prevailing in the market due to the coronavirus outbreak, FLEETCOR has suspended its full-year 2020 guidance.
Currently, FLEETCOR carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
S&P Global Inc.(SPGI - Free Report) reported first-quarter 2020 adjusted earnings per share of $2.73, which beat the consensus mark by 15.7% and improved 29.4% year over year on the back of revenue growth, benefits of productivity initiatives and reduced business travel.
IQVIA Holdings Inc. (IQV - Free Report) reported first-quarter 2020 adjusted earnings per share of $1.50, which beat the consensus mark by 1.4% but decreased 1.9% on a year-over-year basis. The reported figure was within the guided range of $1.46-$1.51
Insperity, Inc.(NSP - Free Report) reported first-quarter 2020 adjusted earnings of $1.70 per share, which beat the consensus mark by 5.6% but decreased 14.1% year over year. The reported figure matched the higher end of the guided range of $1.61-$1.70.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>