Corpay (NYSE:CPAY) Releases FY 2024 Earnings Guidance

Corpay (NYSE:CPAY) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 18.800-19.200 for the period, compared to the consensus earnings per share estimate of 19.390. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $4.1 billion. Corpay also updated its FY24 guidance to $18.80-19.20 EPS.

Corpay Stock Performance

Shares of CPAY traded down $0.23 during midday trading on Wednesday, hitting $304.49. 688,860 shares of the company’s stock traded hands, compared to its average volume of 438,723. Corpay has a 1 year low of $220.39 and a 1 year high of $319.94. The firm has a market cap of $21.98 billion, a PE ratio of 23.07, a P/E/G ratio of 1.14 and a beta of 1.21. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.40.

Corpay (NYSE:CPAY) last posted its earnings results on Wednesday, February 7th. The company reported $4.17 EPS for the quarter, topping the consensus estimate of $4.16 by $0.01. Corpay had a return on equity of 37.56% and a net margin of 26.13%. The firm had revenue of $937.32 million for the quarter, compared to analyst estimates of $968.39 million. Equities research analysts predict that Corpay will post 18.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Barclays boosted their target price on Corpay from $340.00 to $355.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Jefferies Financial Group increased their price objective on Corpay from $340.00 to $355.00 and gave the company a buy rating in a report on Friday, April 12th. Robert W. Baird boosted their price target on shares of Corpay from $355.00 to $376.00 and gave the company an outperform rating in a research report on Thursday, April 4th. Finally, Citigroup lifted their price target on Corpay from $325.00 to $355.00 and gave the stock a buy rating in a research report on Wednesday, April 17th.

Corpay Company Profile

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.