FleetCor Technologies, Inc. (FLT) Releases FY17 Earnings Guidance
FleetCor Technologies, Inc. (NYSE:FLT) issued an update on its FY17 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $8.38-$8.48 for the period, compared to the Thomson Reuters consensus estimate of $8.39. The company issued revenue guidance of $2.225-$2.255 billion, compared to the consensus revenue estimate of $2.23 billion.
FleetCor Technologies (NYSE:FLT) last released its earnings results on Monday, October 30th. The business services provider reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.04. The company had revenue of $577.90 million during the quarter, compared to analysts’ expectations of $576.78 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. FleetCor Technologies’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period last year, the business earned $1.92 EPS.
FleetCor Technologies announced that its Board of Directors has approved a stock repurchase plan on Thursday, August 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several brokerages have commented on FLT. SunTrust Banks, Inc. set a $180.00 price objective on shares of FleetCor Technologies and gave the company a buy rating in a research note on Tuesday, October 24th. Morgan Stanley lifted their price objective on shares of FleetCor Technologies from $184.00 to $189.00 and gave the company an overweight rating in a research note on Wednesday, October 18th. Zacks Investment Research upgraded shares of FleetCor Technologies from a hold rating to a buy rating and set a $180.00 price objective for the company in a research note on Monday, October 9th. Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $185.00 target price on shares of FleetCor Technologies in a research note on Tuesday, September 26th. Finally, Citigroup Inc. reiterated a buy rating and issued a $180.00 target price (up from $165.00) on shares of FleetCor Technologies in a research note on Thursday, July 13th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $180.08.
In related news, CEO Andrew Blazye sold 8,353 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $144.00, for a total value of $1,202,832.00. Following the completion of the sale, the chief executive officer now owns 24,766 shares of the company’s stock, valued at approximately $3,566,304. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 15,758 shares of company stock valued at $2,274,115. 4.60% of the stock is owned by insiders.
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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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