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Why FleetCor Technologies (FLT) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of FleetCor Technologies Inc. (FLT - Get Report) are higher by 4.68% to $120.32 after the company reported its first quarter 2014 financial results.

GAAP results show total revenues increased 31% to $253.9 million, compared to $193.7 million in the first quarter of last year.

Net income jumped 16% to $75.1 million, compared to $64.7 million in the first quarter of 2013. Net income per diluted share was up 14% to 88 cents, compared to 77 cents a year ago.

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Non-GAAP results show adjusted revenues increased 31% to $236.3 million, compared to $179.8 million in the first quarter of 2013; adjusted net income was up 28% to $96.1 million, compared to $75.2 million in the first quarter of 2013, and adjusted net income per diluted share climbed 25% to $1.12, compared to 90 cents in the first quarter of 2013.

For the fiscal year 2014, the company raised its financial guidance: Total revenues between $1,075 million and $1,095 million, up from our previous guidance range of$1,070 million and $1,090 million

Also, adjusted net income between $422 million and $432 million, up from the previous guidance range of $418 million and $428 million, and adjusted net income per diluted share between $4.97 and $5.07, up from the previous guidance range of $4.90 and $5.00.

TheStreet Ratings team rates FLEETCOR TECHNOLOGIES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate FLEETCOR TECHNOLOGIES INC (FLT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth greatly exceeded the industry average of 18.2%. Since the same quarter one year prior, revenues rose by 26.1%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
  • FLEETCOR TECHNOLOGIES INC has improved earnings per share by 14.3% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, FLEETCOR TECHNOLOGIES INC increased its bottom line by earning $3.37 versus $2.51 in the prior year. This year, the market expects an improvement in earnings ($4.95 versus $3.37).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the IT Services industry average, but is less than that of the S&P 500. The net income increased by 13.4% when compared to the same quarter one year prior, going from $60.07 million to $68.12 million.
  • Net operating cash flow has significantly increased by 63.85% to $167.67 million when compared to the same quarter last year. In addition, FLEETCOR TECHNOLOGIES INC has also vastly surpassed the industry average cash flow growth rate of -21.39%.
  • The gross profit margin for FLEETCOR TECHNOLOGIES INC is rather high; currently it is at 50.31%. Regardless of FLT's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, FLT's net profit margin of 26.66% significantly outperformed against the industry.
  • You can view the full analysis from the report here: FLT Ratings Report
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