Shares of FleetCor Technologies touched a new record high Friday after the company reported late Thursday Q2 results that narrowly beat forecasts, raised its FY16 guidance and said it acquired Travelcard Nederland from LeasePlan Corp for an undisclosed amount.
The provider of fuel card and payments products said Q2 adjusted EPS was $1.56 per share, up from $1.48 per share and two cents above the consensus compiled by Capital IQ. Revenues rose 3% year-over-year to $417.9 million and were just above the $415.9 million mean estimate.
For FY16, the company expects adjusted EPS of $6.61 to $6.75, up from a prior view of $6.43 to $6.63 a share, yet below the $6.76 per share consensus.
FY16 revenues are expected at $1.74 billion to $1.78 billion, compared to a prior outlook for $1.73 billion to $1.78 billion, but below the $1.79 billion mean estimate.
Separately, FleetCor also said it won a contract to manage a commercial fuel card program for Speedway. Under the terms of the agreement, the company will provide services in support of Speedway’s SuperFleet program, including transaction processing and overall program management before the end of the year. FLT was up over 4% in recent trade, with a new 52-week range of $107.56 to $168.51.
