FleetCor Withdraws FY20 Outlook Due To COVID-19 Impact

(RTTNews) - FleetCor Technologies Inc. (FLT) on Thursday withdrew its financial outlook for the full year 2020.

Financial Chief Eric Dey said, "We have been closely monitoring the impact that the COVID-19 outbreak has had on our global business. As a result of the unprecedented conditions across all of our markets, we have decided to suspend our full-year 2020 guidance, there is simply too much uncertainty regarding the resumption of business activity around the world to accurately predict what our volumes could be in the second quarter and rest of the year."

Earlier, the company had expected full-year 2020 revenues of $2.90 billion to $2.96 billion and adjusted earnings of $13.35 to $13.75 per share. Analysts currently estimate earnings of $11.68 per share and revenues of $2.62 billion.

Dey also said that the company expects second quarter to be the lowest in terms of volume and revenue.

Meanwhile, the company reported a first-quarter profit of $147.06 million or $1.67 per share, down from last year's profit of $172.11 million or $1.93 per share.

On an adjusted basis, FleetCor Technologies earnings were $264.50 million or $3.00 per share for the period. Analysts polled by Thomson Reuters had expected earnings of $2.83 per share. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.3% to $661.09 million from $621.83 million last year. Analysts had a consensus revenue estimate of $648.5 million for the quarter.