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Corpay (CPAY) Earnings & Revenues Surpass Estimates in Q2
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Corpay (CPAY - Free Report) reported impressive second-quarter 2024 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
CPAY’s earnings per share of $4.6 beat the consensus estimate by a slight margin and increased 8.6% on a year-over-year basis. The total revenues of $975.7 million surpassed the consensus estimate marginally and increased 2.9% from the year-ago quarter.
The stock has gained 3.9% over the past year compared with the 10.7% rise of the industry it belongs to and 17.5% growth of the Zacks S&P 500 composite.
Revenues from Corporate payments amounted to $288.5 million, up 17% year over year, outpacing our estimate of $265.4 million.
Vehicle payments’ revenues of $510.3 billion decreased marginally from the year-ago quarter. This figure beat our estimate of $508.1 million.
Lodging payments posted revenues of $122.4 million, declining 10% from the year-ago quarter. The reported figure lagged our prediction of $131 million.
Margins
EBITDA gained 4.1% from the year-ago quarter to $517.7 million, missing our expectation of $520.8 million. The EBITDA margin of 53.1%, up 70 basis points from the second quarter of 2023, missing our estimated 53.7%.
Balance Sheet & Cash Flow
CPAY exited the second quarter of 2024 with cash and cash equivalents of $1.4 billion compared with $1.3 billion in the first quarter of 2024. The long-term debt of $4.8 billion compared with $4.9 billion in the preceding quarter.
Corpay generated $540.9 million in cash from operating activities in the quarter. Capital expenditure amounted to $44.9 million.
FY24 Outlook
For fiscal 2024, CPAY expects revenues between $3.97 billion and $4.02 billion compared with the $3.96-$4.04 billion mentioned in the preceding quarter. The mid-point ($3.99 billion) of the guided range is lower than the consensus estimate of $4 billion.
The guidance for adjusted net income per diluted share is updated to $18.85-$19.15 from the $18.80-$19.20 provided in the preceding quarter. The mid-point ($19 per share) of the guided range meets the Zacks Consensus Estimate.
WCN’s adjusted earnings (excluding 17 cents from non-recurring items) of $1.2 per share beat the Zacks Consensus Estimate by 5.1% and increased 21.6% on a year-over-year basis. Revenues of $2.2 billion surpassed the consensus estimate by 1.4% and rose 11.2% from the year-ago quarter.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported mixed first-quarter fiscal 2025 results.
BAH’s quarterly adjusted earnings per share of $1.4 missed the Zacks Consensus Estimate by 9.2% and decreased 6.1% from the year-ago quarter. The company reported revenues of $2.9 billion, which beat the consensus estimate marginally and increased 10.8% on a year-over-year basis. Revenues, excluding billable expenses, were $2 billion, up 8.4% on a year-over-year basis.
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Corpay (CPAY) Earnings & Revenues Surpass Estimates in Q2
Corpay (CPAY - Free Report) reported impressive second-quarter 2024 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.
CPAY’s earnings per share of $4.6 beat the consensus estimate by a slight margin and increased 8.6% on a year-over-year basis. The total revenues of $975.7 million surpassed the consensus estimate marginally and increased 2.9% from the year-ago quarter.
The stock has gained 3.9% over the past year compared with the 10.7% rise of the industry it belongs to and 17.5% growth of the Zacks S&P 500 composite.
Corpay, Inc. Price and EPS Surprise
Corpay, Inc. price-eps-surprise | Corpay, Inc. Quote
Segmental Results
Revenues from Corporate payments amounted to $288.5 million, up 17% year over year, outpacing our estimate of $265.4 million.
Vehicle payments’ revenues of $510.3 billion decreased marginally from the year-ago quarter. This figure beat our estimate of $508.1 million.
Lodging payments posted revenues of $122.4 million, declining 10% from the year-ago quarter. The reported figure lagged our prediction of $131 million.
Margins
EBITDA gained 4.1% from the year-ago quarter to $517.7 million, missing our expectation of $520.8 million. The EBITDA margin of 53.1%, up 70 basis points from the second quarter of 2023, missing our estimated 53.7%.
Balance Sheet & Cash Flow
CPAY exited the second quarter of 2024 with cash and cash equivalents of $1.4 billion compared with $1.3 billion in the first quarter of 2024. The long-term debt of $4.8 billion compared with $4.9 billion in the preceding quarter.
Corpay generated $540.9 million in cash from operating activities in the quarter. Capital expenditure amounted to $44.9 million.
FY24 Outlook
For fiscal 2024, CPAY expects revenues between $3.97 billion and $4.02 billion compared with the $3.96-$4.04 billion mentioned in the preceding quarter. The mid-point ($3.99 billion) of the guided range is lower than the consensus estimate of $4 billion.
The guidance for adjusted net income per diluted share is updated to $18.85-$19.15 from the $18.80-$19.20 provided in the preceding quarter. The mid-point ($19 per share) of the guided range meets the Zacks Consensus Estimate.
Currently, CPAY carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Waste Connections, Inc. (WCN - Free Report) reported solid second-quarter 2024 results.
WCN’s adjusted earnings (excluding 17 cents from non-recurring items) of $1.2 per share beat the Zacks Consensus Estimate by 5.1% and increased 21.6% on a year-over-year basis. Revenues of $2.2 billion surpassed the consensus estimate by 1.4% and rose 11.2% from the year-ago quarter.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported mixed first-quarter fiscal 2025 results.
BAH’s quarterly adjusted earnings per share of $1.4 missed the Zacks Consensus Estimate by 9.2% and decreased 6.1% from the year-ago quarter. The company reported revenues of $2.9 billion, which beat the consensus estimate marginally and increased 10.8% on a year-over-year basis. Revenues, excluding billable expenses, were $2 billion, up 8.4% on a year-over-year basis.