FleetCor Technologies, Inc. (NYSE: FLT), a leading independent global provider of fuel cards and specialized payment products to businesses, today reported financial results for its first quarter ended March 31, 2012.
"We are very pleased with our first quarter results which include reported revenue growth of 32% and adjusted net income growth of 29%," said Ron Clarke, chairman, and chief executive officer, FleetCor Technologies, Inc. "Our strong first quarter results were helped by two key strategic acquisitions at the end of last year which included a new served segment for FleetCor in the UK and entry into the Latin American market in Mexico. In addition, we have just announced that we signed an arrangement agreement to acquire CTF Technologies, the leading fuel payment platform provider in Brazil. This acquisition is consistent with our global acquisition strategy of identifying attractive assets with performance upside, particularly in emerging markets.”
Financial results for the first quarter of 2012:
- Total revenues, net in the first quarter of 2012 increased 32% to $146.2 million compared to $111.0 million in the first quarter of 2011
- Net income in the first quarter of 2012 increased 30% to $42.1 million, or $0.49 per diluted share, compared to $32.3 million, or $0.39 per diluted share in the first quarter of 2011
- Adjusted revenues 1 (revenues, net less merchant commissions) in the first quarter of 2012 also increased 32% to $135.8 million compared to $102.7 million in the first quarter of 2011
- Adjusted net income 1 in the first quarter of 2012 increased 29% to $50.8 million, or $0.60 per diluted share, compared to $39.2 million, or $0.47 per diluted share in the first quarter of 2011
- Revenues, net between $615 million and $625 million
- Adjusted Net Income between $217 million and $222 million
- Adjusted Net Income per diluted share between $2.55 and $2.60
- An increase in the average diluted shares outstanding, from 85.2 million shares in the prior guidance to 85.9 million shares. The increase in diluted shares is primarily due to the increase in the Company’s share price in the first quarter.
- Fuel prices flat to 2011 average fuel price
- A 0.2% increase in our effective tax rate from 30.1% in 2011 to 30.3% in 2012
- Foreign exchange rates materially consistent with those prevailing at the time we initially provided guidance
- No impact from future acquisitions or material new partnership agreements
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