ATLANTA - Corpay, Inc. (NYSE:CPAY) reported second quarter adjusted earnings per share of $4.55, beating analyst estimates of $4.51. Revenue came in at $975.7 million, slightly above the consensus of $973.6 million.
CPAY shares were down 2.69% in aftermarket trading Wednesday.
The corporate payments company saw revenue increase 3% YoY to $975.7 million in Q2. Net income attributable to Corpay rose 5% to $251.6 million.
"Our results were slightly ahead of our expectations," said Ron Clarke, chairman and CEO of Corpay. "Our most recent business trends, including same store sales, new sales and customer retention, all meaningfully improved in the second quarter, which bodes well for our 2024 exit."
Corporate Payments revenue continued to grow in the high teens, increasing 17% YoY to $288.5 million. Vehicle Payments revenue was flat at $510.3 million, while Lodging Payments revenue declined 10% to $122.4 million.
For the third quarter, Corpay expects adjusted EPS of $4.90-$5.00, below the $5.18 consensus estimate. Q3 revenue guidance of $1.015-1.035 billion also fell short of analysts' $1.049 billion projection.
The company narrowed its full year 2024 outlook, now forecasting adjusted EPS of $18.85-$19.15 on revenue of $3.975-4.025 billion. This compares to prior guidance of $18.80-$19.25 EPS on revenue of $3.97-4.03 billion.
Corpay completed its acquisition of Paymerang on July 1, which is expected to contribute $25-35 million in revenue for the remainder of 2024.
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