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FleetCor Reports Third Quarter 2012 Financial Results

FleetCor Technologies, Inc. (NYSE: FLT), a leading independent global provider of fuel cards and workforce payment products to businesses, today reported financial results for its third quarter ended September 30, 2012.

"The third quarter was another excellent quarter for FleetCor, which included revenue growth of 39% and adjusted net income growth of 52% over the third quarter of 2011," said Ron Clarke, chairman, and chief executive officer, FleetCor Technologies, Inc. "Our results were again driven by strong organic growth in the U.S. and the impact of acquisitions closed over the last year. Integration of our recent acquisitions in Brazil and Russia remains on track.”

Financial results for the third quarter of 2012:

GAAP Results
  • Total revenues, net in the third quarter of 2012 increased 39% to $186.9 million compared to $134.2 million in the third quarter of 2011
  • Net income in the third quarter of 2012 increased 47% to $59.6 million, or $0.69 per diluted share, compared to $40.5 million, or $0.48 per diluted share in the third quarter of 2011

Non-GAAP Results
  • Adjusted revenues 1 (revenues, net less merchant commissions) in the third quarter of 2012 increased 44% to $174.0 million compared to $120.9 million in the third quarter of 2011
  • Adjusted net income 1 in the third quarter of 2012 increased 52% to $71.6 million, or $0.83 per diluted share, compared to $47.2 million, or $0.56 per diluted share in the third quarter of 2011

Subsequent Events:

FleetCor announced that on November 7th, 2012, that it had increased the size of its credit facility by $500 million. The increased credit facility totals $1.4 billion and consists of a $550 million term loan facility and an $850 million revolving credit facility. The interest rates on the upsized facility remain unchanged.

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