FleetCor's 4Q Earnings Exceed Expectations

FleetCor Technologies reported $302 million in fourth-quarter net income earlier this month, which exceeded Wall Street expectations, reports the Associated Press.

The Peachtree Corners, Ga.-based provider of fleet fuel cards and workforce payment products said it had net income of $3.33. Earnings adjusted for non-recurring gains came in at $2.78 per share.

During the quarter that ended Jan. 31, FleerCor posted revenue of $643.4 million, which also beat expectations. The company reported its results on Feb. 6. On Feb. 7, FleetCor shares increased to $218.07 from the $205.18 close the earlier day.

"All-in-all, Q4 maybe one of our best quarters ever," said Ron Clarke, chairman and CEO. "Revenue was way above expectations accelerating organic fuel card revenue growth back to 9%. Profit is at the top of our guidance range, record sales and continued healthy client same-store sales and retention levels."