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FleetCor Reports Second Quarter 2013 Financial Results

FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel cards and workforce payment products to businesses, today reported financial results for its second quarter ended June 30, 2013.

"We are extremely pleased with our second quarter results which include adjusted revenue growth of 31% and adjusted net income per share growth of 35%,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc. “We are also delighted to announce the signing of two new partner agreements, Husky Oil of Canada and Visa Europe, along with an expansion of our Shell relationship to the U.S.”

Financial Results for Second Quarter 2013:

GAAP Results
  • Total revenues increased 29% to $220.9 million compared to $171.8 million last year
  • Net income increased 34% to $73.1 million compared to $54.4 million last year
  • Net income per diluted share increased 36% to $0.87 compared to $0.63 last year

Non-GAAP Results
  • Adjusted revenues 1 (revenues, net less merchant commissions) increased 31% to $201.3 million compared to $154.2 million last year
  • Adjusted net income 1 increased 33% to $84.0 million compared to $63.0 million last year
  • Adjusted net income per diluted share 1 increased 35% to $1.00 compared to $0.73 last year

2013 Outlook:

FleetCor Technologies, Inc. is raising its financial guidance for 2013 as follows:
  • Revenues, net between $825 million and $835 million, up from our previous guidance range of $810 million to $820 million
  • Adjusted net income between $322 million and $327 million, up from our previous guidance range of $310 million to $320 million; and
  • Adjusted net income per diluted share between $3.82 and $3.87, up from our previous guidance range of $3.70 to $3.80

The Company's full-year guidance assumptions for the remainder of 2013 are as follows:
  • Fuel prices and foreign exchange rates at July levels
  • Market spreads equal to historical average
  • Full year tax rate of 30.0%
  • Fully diluted shares outstanding of 84.7 million shares
  • No impact related to acquisitions or material new partnership agreements not already disclosed

“Given our strong second quarter results and business trends, we are raising our financial guidance for 2013, despite the greater than expected currency headwinds,” said Eric Dey, chief financial officer, FleetCor Technologies, Inc. "Also, our updated financial guidance at the mid-point of the range represents a 29% increase in adjusted net income per diluted share versus prior year.”

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