FleetCor Technologies (NYSE:FLT)
FleetCor Technologies, a global provider of fuel cards and workforce payment products to businesses company yesterday reported their fiscal fourth quarter 2016 financial results. FleetCor reported fourth quarter adjusted earnings of $1.90 per share which beat analyst estimates of $1.86 per share. FleetCor reported fourth quarter revenues of $515 million which beat analyst estimates of $505.4 million.
FleetCor Technologies CEO’s Comments
Q4 revenue and adjusted net income per share finished above the high end of our guidance range, and Q4 new sales bookings recovered quite nicely,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We are expecting 2017 to be a great year, with organic revenue growth accelerating to 10%, and adjusted net income projected to grow 19%, at the mid-point of the guidance range. Business Wire
FLT Technical Analysis
FLT opened trading yesterday at $148.62, which was down from the previous day’s trading close of $148.75. Shares closed trading yesterday at $151.25 and spiked up after market to $163.59, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see that the last time FLT traded above these levels we have to go back to November 1st, 2016 when it traded at $172.68.
Taking a closer look at the daily chart we can see that before the spike up FLT had been in an overall downward trend dating back to October 31st, 2016 when it traded at $175.30. FLT has a float of 85.56 million shares and traded 1.70 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see FLT open trading on Thursday above $159.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $1.00 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
FleetCor Technologies, Inc. provides fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services. It sells a range of customized fleet and lodging payment programs; and offers card products to purchase fuel, lodging, food, toll, transportation, and related products and services at participating locations.
The company also offers telematics solution that allows fleet operators to monitor the capacity utilization and movement of vehicles and drivers; vehicle maintenance services; prepaid fuel and food vouchers, and cards; and workforce payment product related to public transportation and toll vouchers. In addition, it provides proprietary equipment that reduces unauthorized and fraudulent transactions to over-the-road trucking fleets, shipping fleets, and other operators of heavily industrialized equipment, including sea-going vessels, mining equipment, agricultural equipment, and locomotives.
Further, the company owns and operates proprietary closed-loop networks, such as fleet card, truck stop and fuel merchant, lodging, fueling, fleet management telematics, fuel and food card, voucher, fuel control, maintenance and repair, toll, and distribution networks through which it electronically connects to merchants, and captures, analyzes, and reports customized information.
Additionally, it uses third-party networks to deliver its payment programs and services; and provides a range of services, such as issuing and processing, as well as specialized information services. The company sells its products and services directly to businesses, commercial fleets, retailers, oil companies, petroleum marketers, and government entities in North America, Latin America, Europe, Australia, and New Zealand. It has strategic relationships with oil and leasing companies, petroleum marketers, value-added resellers, and others. FleetCor Technologies, Inc. was founded in 1986 and is headquartered in Norcross, Georgia.