FLEETCOR Technologies, Inc. (FLT) has reported an 11.34 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $123.69 million, or $1.31 a share in the quarter, compared with $111.09 million, or $1.17 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $780 million, or $8.21 a share compared with $800 million or $8.41 a share, a year ago. Revenue during the quarter grew 25.63 percent to $520.43 million from $414.26 million in the previous year period. Total expenses were 62.52 percent of quarterly revenues, up from 57.53 percent for the same period last year. That has resulted in a contraction of 499 basis points in operating margin to 37.48 percent.
Operating income for the quarter was $195.07 million, compared with $175.96 million in the previous year period.
"We reported good first quarter results, driven by strong fundamentals, and organic revenue growth of approximately10% in the quarter, on a constant fuel price, currency, and spread basis," said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. "We also announced our intention to acquire Cambridge Global Payments, a leading B2B international payments provider, expanding our presence in the global corporate payments space."
For fiscal year 2017, Fleetcor Technologies projects revenue to be in the range of $2,175 million to $2,235 million. Fleetcor Technologies expects net income to be in the range of $553 million to $573 million and forecasts adjusted net income to be in the range of $780 million to $800 million. The company forecasts diluted earnings per share to be in the range of $5.83 to $6.03 and forecasts diluted earnings per share to be in the range of $8.21 to $8.41 on adjusted basis.
Working capital remains negative
Working capital of Fleetcor Technologies was negative $618.57 million on Mar. 31, 2017 compared with negative $183.43 million on Mar. 31, 2016. Current ratio was at 0.82 as on Mar. 31, 2017, down from 0.92 on Mar. 31, 2016. Days sales outstanding went down to 284 days for the quarter compared with 295 days for the same period last year.
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