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Corpay’s Q2 fuel transaction revenue up 1% to $510M

North American fleet business ‘presented a drag on growth,’ CEO says

Corpay’s fleet card program saw increased sales internationally in countries such as Australia, the United Kingdom and Brazil. (Photo: Jim Allen/FreightWaves)

Corpay’s commercial fuel card payments business posted second-quarter revenue of $510 million, a 1% year-over-year increase compared to 2023.

The fuel card payments segment was mixed, according to CEO Ron Clarke.

“Organic revenue growth for the quarter was up 6%, but clearly a tale of two cities. Our corporate payments business, Brazil business and international fleet business performed exceptionally well, while our lodging and North America fleet businesses were not as good. It presented a drag on growth,” Clarke said during a call with analysts Wednesday after the market closed.

Corpay (NYSE: CPAY), previously known as FleetCor Technologies, is an Atlanta-based provider of fuel card and payment products for commercial transportation and other industries.


The company posted a second-quarter year-over-year revenue increase of 3% to $975.7 million and adjusted quarterly earnings per share of $4.55, an 8% year-over-year increase. 

Corpay beat Wall Street’s revenue estimates of $971.7 million and beat analysts’ estimated earnings per share of $4.51.

The company reiterated the full-year 2024 guidance it provided in May at the end of the first quarter, with revenue ranging from $3.9 billion to $4 billion and earnings per share from $18.85 to $19.15.

For the third quarter, Corpay expects earnings per share to range from $4.90 to $5 and revenue in the range of $1.01 billion to $1.03 billion.


“The main message to take away here is that Corpay is headed to a better place,” Clarke said. “We’re leaving behind some challenges, the Russian divestiture, fed hikes, the fleet pivot, lodging softness. Our expected arrival to the better place is Q4.”

In 2022, Corpay changed its North American fuel fleet sales strategy by pivoting from small micro accounts to bigger-company prospects. Last year, Corpay also completed the sale of its commercial fleet payments business in Russia.  

The U.S. is Corpay’s largest market, with revenue totaling $529 million in the second quarter, a 1% year-over-year decrease. Revenue in Brazil increased 18% year over year to $149 million, and revenue was up 12% year over year in the United Kingdom to $124 million.

“For the North American fleet [segment], the focus has been on shifting to higher-quality, more stable revenue streams, which has improved retention and same-store sales,” Clarke said. “The new products and channels are showing early signs of success, which gives us confidence in future growth.”

CorpayQ2/24Q2/23Y/Y % Change
Total revenue$975.7M$948.1M3%
Vehicle payments revenue$510.3M$509.6M1%
Net revenue per fuel transaction$2.46$3.31-1%
Number of fleet transactions112.9M128.4M-16%
Adjusted earnings per share$4.55$4.198%
Corpay’s key second-quarter performance indicators.

Noi Mahoney

Noi Mahoney is a Texas-based journalist who covers cross-border trade, logistics and supply chains for FreightWaves. He graduated from the University of Texas at Austin with a degree in English in 1998. Mahoney has more than 20 years experience as a journalist, working for newspapers in Maryland and Texas. Contact nmahoney@freightwaves.com