GA-based FleetCor Technologies, a major provider of fuel cards and workforce payment products to businesses, reported total revenues increased 53% to $451.5 million in the 3Q/15 compared to $295.3 million in 3Q/14.
GAAP net income1 increased 22% to $116.8 million or $1.24 per diluted share in the third quarter of 2015 compared to GAAP net income of $95.5 million or $1.11 per diluted share in the third quarter of 2014.
• Adjusted revenues1 (revenues, net less merchant commissions) increased 55% to $419.8 million in the third quarter of 2015
compared to $270.3 million in the third quarter of 2014.
• Adjusted net income1 increased 34% to $157.6 million in the third quarter of 2015 compared to $117.6 million in the third quarter of 2014.
• Adjusted net income per diluted share1 increased 22% to $1.67 in the third quarter of 2015 compared to $1.37 in the third quarter of 2014.
For fiscal year 2015, FleetCor Technologies, Inc. financial guidance and assumptions are as follows:
• Total revenues between $1,680 million and $1,720 million;
• Adjusted net income between $580 million and $590 million; and
• Adjusted net income per diluted share between $6.18 and $6.26;
FleetCor’s fiscal-year guidance assumptions for 2015 are as follows:
• Weighted average fuel prices of approximately $2.45 for the fourth quarter of 2015 in the U.S. compared to approximately $3.30 per gallon average in the U.S. in the fourth quarter of 2014, down approximately 25%.
• Market spreads lower in the fourth quarter of 2015 compared to the record spreads in the fourth quarter of 2014.
• Foreign exchange rates equal to the October 1 through October 12 average, a negative impact to revenue of approximately $15 million to $18 million compared to the fourth quarter of 2014.
• SVS business is retained for the remainder of the year.
• Fully diluted shares outstanding of 94.3 million shares.
• Full year tax rate of approximately 31.5% to 32.0%.
• No impact related to acquisitions or material new partnership agreements not already disclosed.
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