Corpay jumps after Q3 profit beats expectation

Corpay

08/11/2024 17:51

** Shares of business payments firm Corpay  CPAY.N  jump as
much as 8.3%; last up 6.6% at $369.49
    ** CPAY late Thursday posted Q3 adjusted profit of $5/shr,
beating Wall Street expectations of $4.98/shr — LSEG compiled
data
    ** Co surpassed $1 bln in quarterly revenue for the first
time, driven by 25% growth in its corporate payments business
    ** Business fundamentals were quite good with same-store
sales and retention improving and sales remaining strong — CEO
Ron Clarke
    ** CPAY expects Q4 adj profit per share between $5.25 and
$5.45 vs Street expectations of $5.37
    ** JPM says stage is set for acceleration for double digit
revenue growth in Q4 and FY 2025 
    ** CPAY also added an additional $1 bln to the share
repurchase authorization
    ** As of last close, CPAY shares up 22.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))