Summary
FleetCor Technologies, Inc. (CPAY) reported its quarterly results for the period ending September 30, 2011. The company demonstrated strong top-line growth, with revenues increasing by 20.2% year-over-year for the third quarter and 15.9% for the first nine months. This growth was driven by robust performance in both its North America and International segments, fueled by organic growth, favorable fuel prices, and positive foreign exchange rates. The company also successfully integrated its recent acquisition in Mexico. Profitability also saw a significant increase, with net income rising by 21.3% for the quarter and 21.2% for the nine-month period. This improved profitability was supported by revenue growth, although partially offset by increased general and administrative expenses, including higher stock-based compensation and public company costs. The company also benefited from lower interest expenses due to debt refinancing and the maturity of an interest rate swap. FleetCor's financial position remains solid, with significant cash and cash equivalents and available borrowing capacity, positioning it well for continued growth and potential future acquisitions.
Financial Highlights
47 data points| Revenue | $134.21M |
| Gross Profit | $70.78M |
| Operating Income | $61.72M |
| Interest Expense | $3.13M |
| Net Income | $40.51M |
| EPS (Basic) | $0.50 |
| EPS (Diluted) | $0.48 |
| Shares Outstanding (Basic) | 81K |
| Shares Outstanding (Diluted) | 84K |
Key Highlights
- 1Consolidated revenues increased by 20.2% to $134.2 million for the three months ended September 30, 2011, compared to $111.7 million in the prior year period.
- 2Net income grew by 21.3% to $40.5 million for the three months ended September 30, 2011, compared to $33.4 million in the prior year period.
- 3The company successfully refinanced its debt, entering into a new $900 million Credit Facility, which led to a decrease in interest expense.
- 4Acquisition of a prepaid fuel card and food voucher company in Mexico was completed and is contributing to the International segment's revenue.
- 5Strong organic growth was observed in both North America and International segments, supported by favorable fuel prices and foreign exchange rates.
- 6General and administrative expenses increased significantly (45.5% for the quarter), primarily due to higher non-cash stock compensation expense and public company costs.
- 7The company maintains a healthy liquidity position with $137.3 million in unrestricted cash and cash equivalents and substantial available borrowing capacity.