Corpay (NYSE:CPAY) Issues FY24 Earnings Guidance

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

Shares of NYSE CPAY traded down $2.47 during midday trading on Thursday, reaching $346.50. 587,498 shares of the stock traded hands, compared to its average volume of 469,033. The company’s 50 day moving average is $324.21 and its 200 day moving average is $295.70. Corpay has a one year low of $221.37 and a one year high of $355.47. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $24.06 billion, a PE ratio of 25.26, a P/E/G ratio of 1.30 and a beta of 1.21.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, beating the consensus estimate of $4.51 by $0.04. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The business had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. During the same quarter last year, the business earned $3.85 earnings per share. Corpay’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corpay will post 17.96 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on CPAY shares. William Blair upgraded Corpay to a “strong-buy” rating in a research report on Thursday, August 8th. Bank of America raised their price objective on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets boosted their target price on Corpay from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. Morgan Stanley raised their price target on Corpay from $275.00 to $325.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Wolfe Research raised shares of Corpay from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, September 3rd. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $353.46.

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.