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TheStreet Open House

FleetCor Technologies' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: FLT

So, in summary, our Q2 results exceeded our expectations and did so almost across the board. Let me step back now from the quarter and talk just a bit about our overall global business development activity.

First off, we recently reorganized internally and tasked two of our most senior execs with new full-time, exclusive focus on BD and a transition out of their day-to-day operating assignments. So we believe this move and this focus will further step up our partner and deal pressure.

Let me comment just a bit now on shale and our status there. We're roughly a year and a half into this new relationship and we expect our global GFN system to go live in October. We hope to convert a few of their Russian markets this year and then continue a rapid rollout across Europe next year. And, although a bit slower than planned, all systems are go at this stage.

Now on to Efectivale, our recent fuel and food card acquisition in Mexico. Our early progress there is encouraging. We're moving the business portfolio to fuel and to cards, which is away from vouchers. We're rationalizing both pricing and cost, which are leading to increasing profit margins and we're even testing some new web and telesales channels to boost overall sales there and we're actually using Spanish speaking teams in our Atlanta office to drive the pilot. So, stay tuned on that. So, net net, we're very pleased with this Mexico deal and tracking ahead of plan.

Finally, let me catch up on our AllStar Business in the U.K. So that we've cleared OFT review, we are actively managing all aspects of that business. We're in the process of converting AllStar to our global [Gfm] processing platform and expect to be complete by year end.

Read the rest of this transcript for free on seekingalpha.com

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