GA-based FleetCor Technologies (FLT), a major provider of fuel cards and workforce payment products to businesses, reported total revenues increased 14.3% year-on-year (YOY) for the fourth quarter (4Q/15) as net income declined sharply by -51.8% YOY, due to two one-off expenses.
North America transactions soared 57.7% YOY while international transactions declined 5.8% YOY.
FLT revenues for 4Q/15 were $430.6 million, compared to $451.5 million for 3Q/15 and $376.6 million for 4Q/14.
For full year 2015, total revenue grew 42%, organic revenue grew approximately 10%, and adjusted net income per share grew 22%.
FLT net income for the fourth quarter was $52.8 million, compared to $116.8 million for the prior quarter and $109.5 million for the year ago quarter.
Included in 4Q/15 net income for the quarter was a $40.0 million non-cash impairment charge related to a minority investment in Masternaut and a $34.4 million increase in non-cash stock based compensation expense compared to 2014.
North America transactions for 4Q/15 were 522.3 million, compared to $371.5 million for 3Q/15 and $331.2 million for 4Q/14.
International transactions for the fourth quarter were 45.8 million, compared to $45.6 million for the prior quarter and $48.6 million for the year ago quarter.
Looking forward FLT projects total 2016 revenues between $1,730 million and $1,780 million. Also,
continued weakness in the Company’s Brazilian and Russian businesses.
4Q/14: $376.7 million
1Q/15: $416.4 million
2Q/15: $404.6 million
3Q/15: $451.5 million
4Q/15: $430.6 million
4Q/14: $109.5 million
1Q/15: $94.2 million
2Q/15: $98.7 million
3Q/15: $116.8 million
4Q/15: $52.8 million
NORTH AMERICA TRANSACTIONS
4Q/14: 331.2 million
1Q/15: 384.5 million
2Q/15: 389.4 million
3Q/15: 371.5 million
4Q/15: 522.3 million
4Q/14: 48.6 million
1Q/15: 46.8 million
2Q/15: 45.7 million
3Q/15: 45.6 million
4Q/15: 45.8 million
Source: FleetCor Technologies
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.