FleetCor Q3 Profit Tops Estimates; Raises 2014 Guidance - Quick Facts

(RTTNews) - FleetCor Technologies, Inc. (FLT), a global provider of fuel cards and workforce payment products to businesses, reported that its third-quarter net income increased to $95.51 million or $1.11 per share from $78.62 million or $0.93 per share, last year. Adjusted net income was $117.63 million or $1.37 per share, for the quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.34 for the quarter. Analysts' estimates typically exclude special items.

Revenues, net was $295.28 million, compared to $225.15 million, a year ago. Adjusted revenues (revenues, net less merchant commissions) increased 30% to $270.3 million compared to $208.2 million in the third quarter of 2013. Analysts expected revenue of $282.74 million for the quarter.

For fiscal 2014 FleetCor raised its financial guidance. The company now expects total revenues between $1.10 billion and $1.11 billion, up from the previous guidance range of $1.08 billion and $1.10 billion. Adjusted net income per share is now expected to be between $5.07 and $5.11, up from the previous guidance range of $5.04 and $5.10. Analysts expect the company to report fiscal 2014 earnings per share of $5.08 on revenue of $1.10 billion.