Fleetcor has published its third quarter results, with an 18% year-on-year increase in revenues to $893m for Q3 2022.
Coming in ahead of expectations, Fleetcor’s Q3 results also included EBITDA in excess of $450m, with organic revenue growth of 13%. The company onboarded 60,000 new clients during the quarter. However, it did announce that it will be selling its Russia business due to the ongoing sanctions.
Corpay saw strong growth in Fleetcor’s Q3 2022 results
The results included an update on corporate payments division Corpay, which combines its prior acquisitions – including Cambridge Global Payments and AFEX. This saw revenues increase 17%, or 21% in organic terms, which the company attributed to strong cross-border and direct new sales. Its non-partner business saw particularly strong growth of 24%, while cross-border increased 30%.
The company also provided an update on its acquisition of UK cross-border payments player Global Reach, which it expects to complete by the end of the year.
The positive results caused Fleetcor to raise its full-year revenue guidance to $3.4bn, including absorbing around $8m in macroeconomic headwinds. It also expects its EBITDA margin to see growth of 200-300 bps versus the previous year.
The company also provided a preview of its 2023 expectations. CEO Ron Clarke warned of a “quite challenging” environment, however he did say that the company saw demand for its services increase during periods of high inflation and cost-consciousness. On this basis, the company is expecting revenue growth of 10% for the year.