GA-based FleetCor Technologies (FLT), a major provider of fuel cards and workforce payment products to businesses, reported first quarter (1Q/17) profits jumped 11.3% year-on-year (YOY) as domestic and international transactions also posted double-digit YOY gains in 1Q/17, according to CardData.
FleetCor says its fundamentals were strong, organic revenue growth was approximately 10% in the quarter, on a constant fuel price, currency, and spread basis.
Meanwhile, the Company signed a definitive agreement to acquire Cambridge Global Payments, a major B2B international payments provider.
Cambridge, founded in 1992, processes over $20 billion in B2B cross-border payments annually, helping 13,000 business clients make international payments to suppliers and employees. Cambridge’s proprietary technology serves the needs of SMB and mid-cap businesses, enabling its clients the flexibility of making wire, EFT, draft and check payments in over 140 currencies. Cambridge is headquartered in Toronto, Canada.
FLT revenues for 1Q/17 were up 25.6% to $520.4 million, compared to $515.0 million for 4Q/16 and $414.3 million for 1Q/16.
FLT net income for the first quarter was up 11.3% YOY to $123.7 million, compared to $95.4 million for the prior quarter and $111.1 million for the year ago quarter.
North America transactions for 1Q/17 were up 9.0% YOY to 474.0 million, compared to 501.5 million for 4Q/16 and 434.5 million for 1Q/16.
International transactions for the first quarter grew 24.0% YOY to 270.9 million, compared to 274.4 million for the prior quarter and 218.4 million for the year ago quarter.
Looking forward FLT projects second quarter revenues to be about the same as the 1Q/17.