Corpay (NYSE:CPAY) Updates FY24 Earnings Guidance

Corpay (NYSE:CPAY) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $18.90-19.10 for the period, compared to the consensus earnings per share estimate of $18.96. The company issued revenue guidance of $3.98-4.01 billion, compared to the consensus revenue estimate of $3.99 billion. Corpay also updated its FY 2024 guidance to 18.900-19.100 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CPAY shares. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a report on Tuesday, September 3rd. Wells Fargo & Company increased their target price on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $310.00 price target on shares of Corpay in a report on Thursday, August 8th. Keefe, Bruyette & Woods increased their price objective on shares of Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, William Blair upgraded Corpay to a “strong-buy” rating in a research note on Thursday, August 8th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $356.79.

Corpay Stock Performance

Shares of NYSE:CPAY traded up $19.51 on Friday, hitting $366.01. 1,210,700 shares of the company were exchanged, compared to its average volume of 486,981. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.02 and a current ratio of 1.02. The company’s 50 day moving average price is $325.93 and its two-hundred day moving average price is $296.43. Corpay has a one year low of $221.37 and a one year high of $375.35. The firm has a market capitalization of $25.41 billion, a price-to-earnings ratio of 26.11, a PEG ratio of 1.38 and a beta of 1.21.

Corpay (NYSE:CPAY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating the consensus estimate of $4.51 by $0.04. Corpay had a return on equity of 38.93% and a net margin of 26.41%. The firm had revenue of $975.70 million during the quarter, compared to analysts’ expectations of $973.84 million. During the same quarter in the prior year, the firm posted $3.85 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts expect that Corpay will post 17.96 earnings per share for the current year.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.