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 fourth quarter and fiscal year ended December 31, 2012.
"2012 was another excellent year for FleetCor, which included revenue growth of 36% and adjusted net income growth of 41% over 2011. We also completed developing market acquisitions in Brazil and Russia, and went live with our GFN platform in Asia for Shell during the fourth quarter,” said Ron Clarke, chairman, and chief executive officer, FleetCor Technologies, Inc. “We are also well positioned to kick off 2013 as we have nearly $1 billion in liquidity to continue our global business development efforts.”
Financial Results for Fourth Quarter 2012:
- Total revenues, net, in the fourth quarter of 2012 increased 45% to $202.6 million compared to $140.2 million in the fourth quarter of 2011
- Net income in the fourth quarter of 2012 increased 59% to $60.1 million, or $0.70 per diluted share, compared to $37.8 million, or $0.45 per diluted share in the fourth quarter of 2011
- Adjusted revenues 1 (revenues, net less merchant commissions) in the fourth quarter of 2012 increased 47% to $185.0 million compared to $125.5 million in the fourth quarter of 2011
- Adjusted net income 1 in the fourth quarter of 2012 increased 49% to $70.7 million, or $0.82 per diluted share, compared to $47.3 million, or $0.56 per diluted share in the fourth quarter of 2011
- Total revenues, net in 2012 increased 36% to $707.5 million compared to $519.6 million in 2011
- Net income in 2012 increased 47% to $216.2 million, or $2.52 per diluted share, compared to $147.3 million, or $1.76 per diluted share in 2011
- Adjusted revenues 1 (revenues, net less merchant commissions) in 2012 increased 39% to $649.0 million compared to $468.4 million in 2011
- Adjusted net income 1 for 2012 increased 41% to $256.0 million, or $2.99 per diluted share, compared to $181.7 million, or $2.17 per diluted share in 2011
- Revenues, net, between $790 million and $810 million
- Adjusted Net Income between $300 million and $310 million
- Adjusted Net Income per diluted share between $3.61 and $3.69
- Fuel prices equal to the 2012 average
- Market spreads equal to the 2012 average
- Foreign exchange rates equal to the 2012 average
- Fully diluted shares outstanding of 84.2 million shares
- No impact related to future acquisitions or material new partnership agreements
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