FleetCor Technologies, Inc.
) fourth quarter adjusted earnings of 82 cents breezed past the
Zacks Consensus Estimate by 17.1%. Results were up 46.4% year
over year from 56 cents earned in the year-ago quarter.
Including the impact of $10.7 from stock based compensation,
amortization of intangible assets, amortization of premium on
receivables and amortization of deferred financing costs,
FleetCor reported net income of 70 cents per share in the fourth
quarter of 2012, up 55.6% year over year
Quarterly Operational update
Operating revenues increased 47.8% year over year to $185.0
million in the fourth quarter. This was driven by solid
contribution from both international (up 92.6% year over year)
and North America (increasing 18.9% year over year) segment. It
surpassed the Zacks Consensus Estimate of $179 billion. Including
Merchant commissions, revenue came in at $202.6 million, up 45%
year over year
Total expenses in the quarter increased 27.4% year over year to
The magnitude of increase in revenue more than offset the
magnitude of increase in total expense, thereby driving operating
income higher over the year-ago numbers. Operating income
increased 71.8% year over year to $93.2 million.
Segment wise, operating income at International surged 136.2%
year over year to $37.5 million while at North America, it
increased 45.2% year over year to $55.7 million in the fourth
Earnings before interest tax, depreciation and amortization
(EBITDA) increased 68.8% year over year to $108.3 million.
Full Year Highlights
Adjusted earnings of $2.99 per share, improved 37.8% year over
year. Results exceeded the Zacks Consensus Estimate of $2.74 per
Net income for 2012 was $216.2 million or $2.52 per share as
against $147.3 million or $1.76 per share in 2011.
Operating revenues for full year 2012, increased 39% year over
year to $649.0 million.
FleetCor exited 2012 with cash, cash equivalents and restricted
cash of $337.3 million, down 1.1% year over year.
As of Dec 31, 2012, notes payable and other obligations net
current portion were $485.2 million, up 74.3% year over year.
Net cash flow from operating activities in 2012 was $135.5
million, deteriorating 51.6% year over year.
EURONET WORLDWD (EEFT): Free Stock Analysis
FLEETCOR TECH (FLT): Free Stock Analysis
(GBOOY): ETF Research Reports
MOODYS CORP (MCO): Free Stock Analysis Report
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FleetCor's capital expenditures increased 42% year over year to
$19.1 million in 2012.
FleetCor expects the revenue for 2013 to be in the range of
It projects adjusted income to be between $300 million to $310
million or $3.61 per share to $3.69 per share.
FleetCor currently carries a Zacks Rank #2 (Buy).
Groupo Financiero Adr
) with Zacks Rank #1 (Strong Buy) and
Euronet Worldwide Inc.
) with Zacks Rank #2 (Buy) are expected to report their fourth
quarter and full year 2012 results shortly.