Corpay (NYSE:CPAY) Updates 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 Trading Up 5.6 %

NYSE CPAY traded up $19.51 during trading hours on Friday, reaching $366.01. The company’s stock had a trading volume of 1,210,700 shares, compared to its average volume of 486,981. The firm has a fifty day simple moving average of $325.93 and a 200-day simple moving average of $296.43. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.02 and a quick ratio of 1.02. Corpay has a 52 week low of $221.37 and a 52 week high of $375.35. The stock has a market cap of $25.41 billion, a P/E ratio of 26.11, a P/E/G ratio of 1.38 and a beta of 1.21.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $4.55 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The company had revenue of $975.70 million for the quarter, compared to analyst estimates of $973.84 million. During the same quarter in the previous year, the business earned $3.85 earnings per share. Corpay’s revenue was up 2.9% compared to the same quarter last year. Equities analysts forecast that Corpay will post 17.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

CPAY has been the topic of several recent research reports. Jefferies Financial Group lifted their target price on Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday. Wolfe Research raised shares of Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. William Blair upgraded shares of Corpay to a “strong-buy” rating in a report on Thursday, August 8th. Finally, BMO Capital Markets upped their price objective on shares of Corpay from $350.00 to $390.00 and gave the company an “outperform” rating in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Corpay presently has a consensus rating of “Moderate Buy” and an average 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.