Corpay, Inc. provides corporate payments services for businesses through commercial cards, AP modernization, cross-border payments, vehicle payment solutions and lodging payment services. News about the company commonly covers financial results, guidance updates, investor presentations and developments across its Corporate Payments, Vehicle Payments and Lodging Payments businesses.
Company updates also focus on Corpay Complete, spend management automation, virtual cards, fleet cards, invoice and payment automation, foreign exchange services and global bank accounts. Recent operating themes include multi-rail cross-border settlement, stablecoin and blockchain-based payment capabilities, embedded finance workflows, customer and sports-related FX partnerships, and research on payment automation and expense-management practices.
Corpay (NYSE: CPAY) has scheduled its fourth quarter and full year 2024 financial results announcement for February 5, 2025. The company will release its financial results after market close, followed by a conference call at 5:00 pm ET.
The call will be hosted by CEO Ron Clarke, CFO Tom Panther, and IR Jim Eglseder. Investors can access the call through a live webcast on the company's investor relations website or by phone using the dial-in numbers (877)-423-9813 or (201)-689-8573 with Conference ID 13751017.
A replay will be available for one week until February 12, 2025, accessible via (844)-512-2921 or (412)-317-6671 for international callers, using replay conference ID 13751017.
TA Connections, a Corpay (NYSE: CPAY) company, has announced a strategic collaboration with Uber for Business (NYSE: UBER). This collaboration introduces a new integration within TA Disruption Hub, a flight disruption management solution. The integration allows airlines to assist disrupted passengers by scheduling Uber rides, in addition to flight rebooking, meal vouchers, and accommodations. The aim is to improve customer experience during flight disruptions by providing a seamless rider experience, enabling passengers to view trip details and driver location.
This integration is designed to reduce the workload on airline customer service teams and provide greater visibility and cost control for airlines. Mike Appleton, President of TA Connections, emphasized the potential for improved passenger experience, more efficient disruption management, and reduced customer service costs. Josh Butler, Global GM of Uber for Business, highlighted the aim to ease stress for passengers and customer service teams.
TA Connections plans future integrations and services to continue improving airline operations and passenger experience.
Corpay Cross-Border has been named the official and exclusive Global Foreign Exchange (FX) Partner of UFC, the world's premier mixed martial arts organization. As part of this partnership, Corpay will serve as the Presenting Partner of select UFC Fight Nights in Asia, Australia, Europe, and the Middle East.
The partnership includes branded entitlements featuring Corpay's integration into the UFC Fight Deck LED display around the Octagon and branding at the UFC Prep Point. Corpay will also maintain visibility at UFC fight week activities, including press conferences and weigh-ins. The partnership will debut at UFC FIGHT NIGHT Riyadh in Saudi Arabia on February 1st at The Venue, Riyadh.
Corpay (NYSE: CPAY) announced that CFO Tom Panther will depart on March 15, 2025, to join the National Christian Foundation. The company has initiated an executive search for his replacement and expects a smooth transition. Panther expressed gratitude for his time at Corpay and commitment to ensuring a successful handover. The company also confirmed that its Q4 2024 organic revenue and earnings are expected to align with previously provided guidance from November 7, 2024.
Corpay (NYSE: CPAY) has completed two significant transactions: the acquisition of GPS Capital Markets, a B2B cross-border solutions provider, and the divestiture of Comdata Merchant POS Solutions to PDI Technologies. With the recent acquisitions of GPS and Paymerang, Corpay's Corporate Payments business is expected to exceed $1.5 billion in revenue in 2025. The two Corporate Payment deals will contribute over $200 million in revenue and approximately $0.50 of Cash EPS accretion in 2025. The company will provide detailed 2025 financial guidance during its Q4 earnings release in early February.
PDI Technologies has acquired Comdata Merchant Solutions from Corpay Inc. (NYSE: CPAY), specifically acquiring their Point of Sale (POS) hardware, software, and systems for truck stops and unattended commercial fueling locations. The acquisition strengthens PDI's POS portfolio while Comdata retains its fuel card and payment acceptance business serving commercial fleets. PDI will become an approved provider of Comdata transactions across its POS solutions. The deal combines PDI's existing market-tested POS retail solution with Comdata's truck stop expertise, aiming to deliver enhanced value to customers in the convenience retail and petroleum wholesale ecosystem.
Corpay Cross-Border has extended its multi-year partnership with World Aquatics as their Official FX Payments Supplier. The agreement builds upon their collaboration since 2022, providing foreign exchange payments and currency risk management solutions to World Aquatics, the global governing body of six aquatic disciplines. The extended partnership will continue to benefit World Aquatics, event hosts, and partners with access to Corpay's innovative global payments solutions. This renewal comes at a strategic time as World Aquatics expands its international events calendar and global presence.
Corpay (NYSE: CPAY) has announced its participation in two upcoming investor conferences. Tom Panther, Chief Financial Officer, and Jim Eglseder, SVP of Global Investor Relations, will attend the KBW Fintech Conference in New York on November 13, 2024, featuring a fireside chat at 3:15 PM ET. They will also participate in the UBS Global Technology and AI Conference in Scottsdale on December 3, 2024, with a fireside chat scheduled for 12:55 PM MT. Both presentations will be accessible through Corpay's investor relations website.
Corpay (NYSE: CPAY) reported third quarter 2024 financial results, achieving over $1 billion in quarterly revenue for the first time. Revenues increased 6% to $1,029.2 million, with net income rising 2% to $276.4 million. Net income per diluted share grew 7% to $3.90. Organic revenue growth was 6%, and EBITDA increased 5% to $557.7 million. Adjusted net income rose 6% to $354.5 million, with adjusted net income per diluted share up 11% to $5.00. The company closed the Paymerang acquisition and anticipates closing the GPS Capital Markets acquisition soon. For 2024, Corpay expects total revenues between $3,980 million and $4,010 million, and adjusted net income per diluted share between $18.90 and $19.10. For Q4 2024, revenue is projected between $1,040 million and $1,070 million, with adjusted net income per diluted share between $5.25 and $5.45.
Corpay (NYSE: CPAY) has released preliminary Q3 2024 financial results, with expected revenue of $1.029 billion. The company reported stable same-store sales and segment results aligned with expectations. Expected earnings per diluted share is $3.90, with adjusted earnings per diluted share at $5.00. The company reiterates its full-year adjusted EPS guidance of $19.00 and projects low double-digit organic revenue growth for Q4, with an annualized Cash EPS exit run-rate above $21.00.