FLEETCOR Technologies, Inc (FLT) has reported 80.62 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $95.42 million, or $1 a share in the quarter, compared with $52.83 million, or $0.56 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $180.52 million, or $1.90 a share compared with $160.20 million or $1.70 a share, a year ago. Revenue during the quarter grew 19.59 percent to $514.95 million from $430.60 million in the previous year period. Total expenses were 58.06 percent of quarterly revenues, down from 66.06 percent for the same period last year. This has led to an improvement of 800 basis points in operating margin to 41.94 percent.
Operating income for the quarter was $215.98 million, compared with $146.15 million in the previous year period.
“Q4 revenue and adjusted net income per share finished above the high end of our guidance range, and Q4 new sales bookings recovered quite nicely,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We are expecting 2017 to be a great year, with organic revenue growth accelerating to 10%, and adjusted net income projected to grow 19%, at the mid-point of the guidance range.”
FLEETCOR Technologies, Inc forecasts revenue to be in the range of $2,170 million to $2,230 million for fiscal year 2017. Fleetcor Technologies projects net income to be in the range of $118 million to $124 million for the first-quarter. For financial year 2017, Fleetcor Technologies projects net income to be in the range of $550 million to $570 million. Fleetcor Technologies expects adjusted net income to be in the range of $173 million to $179 million for the first-quarter. For the financial year 2017, Fleetcor Technologies expects adjusted net income to be in the range of $770 million to $790 million. The company expects diluted earnings per share to be in the range of $1.24 to $1.30 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $5.78 to $5.98. On an adjusted basis, the company expects diluted earnings per share to be in the range of $1.82 to $1.88 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $8.10 to $8.30 on adjusted basis.
Working capital remains negative
Working capital of FLEETCOR Technologies, Inc was negative $759.70 million on Dec. 31, 2016 compared with negative $302.85 million on Dec. 31, 2015. Current ratio was at 0.77 as on Dec. 31, 2016, down from 0.87 on Dec. 31, 2015. Days sales outstanding went up to 160 days for the quarter compared with 134 days for the same period last year.
Debt increases substantially
FLEETCOR Technologies, Inc has witnessed an increase in total debt over the last one year. It stood at $3,858.23 million as on Dec. 31, 2016, up 31.46 percent or $923.23 million from $2,935 million on Dec. 31, 2015. Total debt was 40.23 percent of total assets as on Dec. 31, 2016, compared with 37.19 percent on Dec. 31, 2015. Debt to equity ratio was at 1.25 as on Dec. 31, 2016, up from 1.04 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
