Corpay (NYSE:CPAY) Issues FY24 Earnings Guidance

Corpay (NYSE:CPAY) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $18.90-19.10 for the period, compared to the consensus EPS 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.

Corpay Stock Performance

Corpay stock traded up $19.51 during trading hours on Friday, reaching $366.01. 1,210,700 shares of the company were exchanged, compared to its average volume of 486,981. The firm has a market cap of $25.41 billion, a price-to-earnings ratio of 26.11, a PEG ratio of 1.38 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.74. The stock has a 50-day moving average of $325.93 and a 200 day moving average of $296.43. Corpay has a 12 month low of $221.37 and a 12 month high of $375.35.

Corpay (NYSE:CPAY) last announced its earnings results on Wednesday, August 7th. The company reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business earned $3.85 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. As a group, research analysts anticipate that Corpay will post 17.96 earnings per share for the current year.

Wall Street Analyst Weigh In

CPAY has been the subject of several research reports. Jefferies Financial Group increased their price objective on Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Barclays upped their target price on Corpay from $385.00 to $415.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Wolfe Research upgraded Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company upped their target price on Corpay from $285.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Raymond James cut their target price on Corpay from $330.00 to $311.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $356.79.

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.