Fleetcor Technologies, Inc. (FLT) Tops Q2 EPS by 5c

Fleetcor Technologies, Inc. (NYSE: FLT) reported Q2 EPS of $2.28, $0.05 better than the analyst estimate of $2.23. Revenue for the quarter came in at $525.1 million versus the consensus estimate of $537.93 million.

“The COVID-19 pandemic had a significant impact on our results in the second quarter of 2020, but we are pleased with our ability to manage our operating expenses during the quarter to help cushion our profit decline. Other bright spots were that our client retention remained stable at 91%, credit losses finished on plan and we generated approximately $200 million of free cash flow in the quarter,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.

“We believe the long term prospects for our essential services payments business remains sound, and we will continue to re-position our portfolio by creating bigger businesses with scale, and likely more adjacencies. We believe if we keep advancing our three priorities…our portfolio, our businesses, and our capabilities…that it will drive our long term 15%-20% profit growth targets,” concluded Clarke.

GUIDANCE:

“We have continued to closely monitor the impact that the COVID-19 pandemic has had our on global businesses. As a result of the uncertain pace of recoveries across our markets, we have not reinstated our full-year 2020 outlook. We expect that the second half of the year volume will continue to improve as the economy improves. However, we expect second half revenues to recover more slowly than volume, because larger enterprise accounts with lower rates will recover faster than our SMB portfolio. We also expect that the macro will continue to be a drag on revenue due to lower expected fuel prices and foreign exchange rates compared with last year,” concluded Dey.

For earnings history and earnings-related data on Fleetcor Technologies, Inc. (FLT) click here.

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