Corpay (NYSE:CPAY) Updates Q3 2024 Earnings Guidance

Corpay (NYSE:CPAY) updated its third quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.900-5.000 for the period, compared to the consensus earnings per share estimate of 5.170. The company issued revenue guidance of $1.0 billion-$1.0 billion, compared to the consensus revenue estimate of $1.1 billion. Corpay also updated its FY 2024 guidance to 18.850-19.150 EPS.

Corpay Stock Down 0.3 %

Shares of Corpay stock traded down $0.69 during trading hours on Wednesday, hitting $270.28. The company’s stock had a trading volume of 496,671 shares, compared to its average volume of 467,541. Corpay has a 1-year low of $220.39 and a 1-year high of $319.94. The firm has a fifty day moving average price of $272.16. The firm has a market cap of $18.99 billion, a P/E ratio of 20.11, a PEG ratio of 1.09 and a beta of 1.20. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.48.

Corpay (NYSE:CPAY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.04. Corpay had a net margin of 26.29% and a return on equity of 36.97%. The company had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. During the same period last year, the business earned $3.85 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Corpay will post 17.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CPAY. Wells Fargo & Company began coverage on shares of Corpay in a research report on Wednesday, June 5th. They issued an equal weight rating and a $285.00 target price for the company. Barclays dropped their target price on shares of Corpay from $355.00 to $350.00 and set an overweight rating for the company in a research report on Monday, May 13th. Royal Bank of Canada reiterated a sector perform rating and set a $310.00 target price on shares of Corpay in a research report on Friday, June 21st. JPMorgan Chase & Co. decreased their price objective on shares of Corpay from $330.00 to $326.00 and set an overweight rating on the stock in a report on Friday, July 12th. Finally, Bank of America raised their target price on shares of Corpay from $326.00 to $331.00 and gave the company a buy rating in a research note on Friday, June 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Corpay currently has a consensus rating of Moderate Buy and a consensus target price of $333.91.

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.