Corpay, a business payments platform, has raised its full-year forecasts and reported higher second-quarter profit. The company’s corporate and vehicle payment divisions saw continued growth, despite economic uncertainty and elevated interest rates.
Financial Performance
On an adjusted basis, Corpay’s profit for the quarter ended June 30 rose to $464.4 million, or $7 per share, from $366.4 million, or $5.13, during the same period last year. Quarterly revenue at the company’s corporate payments business rose 41.7% to $548.7 million, while the vehicle payments segment saw a 13.3% year-on-year rise in quarterly revenue to $580.2 million.
Corpay’s total revenue surged 21.8% to $1.34 billion. The company expects annual revenue between $5.29 billion and $5.33 billion, higher than its prior forecast of $5.25 billion to $5.33 billion. It also raised its full-year adjusted earnings forecast to a range of $27.15 to $27.55 per share.
Business Sale
Separately, Corpay said it had agreed to sell its non-core U.K.-based vehicle payments business epyx, along with r2c Online and Business Gateway, to OEConnection as part of its efforts to simplify its portfolio and focus on corporate payments.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
