Corpay, Inc. (CPAY), headquartered in Atlanta, Georgia, operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments. Valued at $24.9 billion by market cap, the company offers global payment, currency risk management, and invoice automation solutions which help businesses to control, simplify, and secure payment for vehicle related expenses, general payables, tolls, insurance, and lodging expenses. The tech giant is expected to announce its fiscal third-quarter earnings for 2024 after the market closes on Thursday, Nov. 7.
Ahead of the event, analysts expect CPAY to report a profit of $4.65 per share on a diluted basis, up 10.7% from $4.20 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect CPAY to report EPS of $17.83, up 13.1% from $15.76 in fiscal 2023. Its EPS is expected to rise 15.9% year over year to $20.67 in fiscal 2025.
CPAY stock has outperformed the S&P 500’s ($SPX) 36.8% gains over the past 52 weeks, with shares up 42.8% during this period. Similarly, it outperformed the Technology Select Sector SPDR Fund’s (XLK) 38.6% gains over the same time frame.
On Aug. 7, CPAY shares closed down marginally after reporting its Q2 results. Its adjusted EPS of $4.55 beat Wall Street expectations of $4.51. The company’s revenue was $975.7 million, surpassing Wall Street forecasts of $971.7 million. Corpay expects full-year adjusted EPS to be between $18.85 and $19.15, and expects revenue to be between $3.98 billion and $4.03 billion.
Analysts’ consensus opinion on CPAY stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 19 analysts covering the stock, 11 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and six give a “Hold.” CPAY’s average analyst price target is $349.59, indicating a potential upside of 1.7% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
