Key facts
- Corpay's second-quarter adjusted profit rose to $464.4 million, or $7 per share.
- Corporate payments revenue increased 41.7% to $548.7 million.
- Vehicle payments revenue grew 13.3% to $580.2 million.
- Total revenue increased 21.8% to $1.34 billion.
- Annual revenue forecast raised to $5.29-$5.33 billion.
- Full-year adjusted earnings forecast increased to $27.15-$27.55 per share.
- Corpay is selling its UK vehicle payments business, epyx, and related entities to OEConnection.
Business payments platform Corpay has raised its full-year financial forecasts and reported an increase in second-quarter profit, benefiting from sustained growth in its corporate and vehicle payment divisions. The company's adjusted profit for the quarter ended June 30 rose to $464.4 million, or $7 per share, compared to $366.4 million, or $5.13 per share, in the same period last year.
Corpay's corporate payments business, which focuses on automating vendor payments, saw its quarterly revenue climb 41.7% to $548.7 million. The vehicle payments segment also experienced a 13.3% year-on-year increase in revenue, reaching $580.2 million. Overall, Corpay's total revenue surged by 21.8% to $1.34 billion.
Looking ahead, Corpay now expects annual revenue to be between $5.29 billion and $5.33 billion, an upward revision from its previous forecast. The company also increased its full-year adjusted earnings per share outlook to a range of $27.15 to $27.55, up from $26.30 to $27.10.
In a separate development, Corpay announced an agreement to sell its non-core U.K.-based vehicle payments business, epyx, along with r2c Online and Business Gateway, to OEConnection. This move is part of Corpay's strategy to streamline its portfolio and concentrate on its corporate payments operations.