Fuel and commercial payments company FLEETCOR reported Thursday (Feb. 4) as part of its fourth quarter and fiscal year 2020 earnings results that revenues dropped 12 percent from Q4 2019 to Q4 2020 although the firm’s top- and bottom-line results for Q4 2020 exceeded analysts’ expectations.
“Q4  finished better than expected, with improving trends across the board,” FLEETCOR Chairman and CEO Ron Clarke said in the release. “Our 2021 set-up looks good, with the potential for high-teens revenue and profit growth from Q2 on. We are particularly excited about our [small- to medium-sized business (SMB)] online bill pay acquisition, which creates the opportunity to accelerate both our corporate payments and fuel card growth over the mid-term.”
As for its overall results, FLEETCOR reported adjusted net income per diluted share of $3.01 on revenues of $617.3 million for Q4 2020. The results exceeded analyst expectations of $2.81 per share in earnings on $603.24 million in revenues.
FLEETCOR said it anticipates Q1 adjusted net income per diluted share to be likely in the range of $2.60 to $2.80, noting that its revenue and net income tends to be its lowest for the year due to seasonality at that time.
“The quarter will also be affected by the normalization of certain expenses, and incremental growth investments, including those for the Roger acquisition,” according to the release.
“Clearly there is still tremendous uncertainty on the path and pace of recovery for 2021, much of it predicated on widespread vaccinations and a corresponding economic recovery. Based on what we know today, and our expectation that activity will continue to improve throughout the year, our outlook for 2021 is for organic revenue growth to be in the 9 percent to 13 percent range, and adjusted net income to be up a corresponding amount, excluding acquisitions,” FLEETCOR Chief Financial Officer Charles Freund said in the release.