FleetCor Technologies, Inc. (FLT) Posts Earnings Results, Beats Estimates By $0.04 EPS
FleetCor Technologies, Inc. (NYSE:FLT) released its quarterly earnings data on Monday. The business services provider reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.04, Bloomberg Earnings reports. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The company had revenue of $577.90 million during the quarter, compared to the consensus estimate of $576.78 million. During the same period last year, the firm earned $1.92 EPS. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year.
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Several brokerages recently issued reports on FLT. William Blair reissued an “outperform” rating on shares of FleetCor Technologies in a report on Wednesday, July 12th. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the company a “buy” rating in a report on Monday, August 7th. Jefferies Group LLC reissued a “buy” rating and set a $197.00 price target on shares of FleetCor Technologies in a report on Saturday, September 16th. Finally, Zacks Investment Research raised shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Monday, October 9th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $180.08.
FleetCor Technologies announced that its board has authorized a stock repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, CEO Andrew Blazye sold 4,963 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $145.00, for a total value of $719,635.00. Following the completion of the transaction, the chief executive officer now owns 27,287 shares of the company’s stock, valued at $3,956,615. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 15,758 shares of company stock valued at $2,274,115 in the last three months. Company insiders own 4.60% of the company’s stock.
FleetCor Technologies Company Profile
FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.
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