FleetCor Technologies, Inc. (FLT) Wednesday reported an increase in profit for the second quarter, helped mainly by higher revenues. The company also raised its outlook for the fiscal year 2012.
Net income for the quarter increased to $54.4 million or $0.63 per share from $36.7 million or $0.44 per share in the same period last year.
Adjusted earnings were $63 million or $0.73 per share, compared to $47.8 million or $0.57 per share last year.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.65 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $171.8 million, up 28 percent from $134.2 million last year.
Adjusted revenues was $154.3 million, compared to $119.3 million last year. Analysts expected revenues of $159.40 million.
Looking ahead to the fiscal year 2012, the company lifted its earnings outlook to a range of $2.74 to $2.78 per share. This compares to the previous guidance range of $2.55 to $2.60 per share.
Revenues are currently forecast in the range of $665 million to $675 million, up from $615 million to $625 million, announced previously.
Analysts currently expect the company to report full-year earnings of $2.58 per share on revenues of $624.95 million.
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