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FleetCor Reports Third Quarter 2013 Financial Results

Stocks in this article: FLT

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

"We are pleased to report another quarter of strong results, which include adjusted net income per diluted share growth of 30%,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc. “We are also delighted to announce the closing of two new acquisitions in October, Epyx in the U.K. and Nextraq in the U.S., along with the closing of the DB Trans acquisition in Brazil, which was previously announced.”

Financial Results for Third Quarter 2013:

GAAP Results

  • Total revenues increased 20% to $225.2 million compared to $186.9 million last year
  • Net income increased 32% to $78.6 million compared to $59.6 million last year
  • Net income per diluted share increased 35% to $0.93 compared to $0.69 last year

Non-GAAP Results 1

  • Adjusted revenues 1 (revenues, net less merchant commissions) increased 20% to $208.2 million compared to $174.0 million last year
  • Adjusted net income 1 increased 28% to $91.4 million compared to $71.6 million last year
  • Adjusted net income per diluted share 1 increased 30% to $1.08 compared to $0.83 last year

Included in GAAP net income and adjusted net income for the third quarter of 2013 was the impact of a one-time income tax benefit of $3.8 million or $0.05 per share that resulted from UK legislation passed in the quarter.

2013 Outlook:

FleetCor Technologies, Inc. is raising its financial guidance for 2013 as follows:

  • Revenues, net between $875 million and $880 million;
  • Adjusted net income between $339 million and $341 million;
  • Adjusted net income per diluted share between $4.01 and $4.03.

The Company's full-year guidance assumptions for the remainder of 2013 are as follows:

  • Fuel prices and foreign exchange rates at current levels
  • Market spreads equal to historical average
  • Full year tax rate of 30%
  • Fully diluted shares outstanding of 84.7 million shares
  • Approximately $0.02 of adjusted net income per diluted share related to the Nextraq and Epyx acquisitions announced today, net of deal and integration expenses in the fourth quarter
  • No impact related to acquisitions or material new partnership agreements not already disclosed

“Given the strong performance in the third quarter and recently completed acquisitions, we are raising our 2013 full year adjusted net income per share guidance by $0.12 from $3.90 to $4.02 at the midpoint,” said Eric Dey, chief financial officer, FleetCor Technologies, Inc. "Our full year guidance includes the impact of the acquisitions just announced, net of deal and integration expenses that we expect to incur in the fourth quarter, and a one-time tax benefit of $0.05 recorded in the third quarter related to a reduction in the U.K. corporate tax rate.”

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