FleetCor Technologies Q2 Profit Rises

(RTTNews) - FleetCor Technologies Inc. (FLT) reported second-quarter net income of $88.5 million or $1.03 per share, up from $73.1 million or $0.87 per share last year.

Adjusted earnings rose to $1.27 per share from $1.00 per share last year.

Total revenues increased 24 percent to $273.5 million compared to $220.9 million last year. Revenues, less merchant commissions, increased 26 percent to $253.2 million from $201.3 million last year.

Analysts polled by Thomson Reuters expected the company to report profit of $1.25 per share on revenues of 273.7 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the full year 2014, the company now expects total revenues between $1,082 million and $1,097 million, up from previous guidance range of $1,075 million and $1,095 million. The company now expects adjusted earnings between $5.04 and $5.10 per share, up from previous guidance range of $4.97 and $5.07 per share.

Analysts currently expect earnings of $5.05 per share on revenues of $1.10 billion.