ATLANTA - FLEETCOR Technologies, Inc., a global payments company, is set to undergo a significant rebranding effort as it changes its name to Corpay. Starting March 25, 2024, the company's stock will trade on the New York Stock Exchange under the new ticker symbol CPAY. This move is aimed at better aligning the company's identity with its suite of corporate payment solutions.
The rebranding to Corpay reflects the company's evolution and its focus on providing integrated payment solutions to businesses. While the corporate payments segment will operate under the new Corpay brand, FLEETCOR will retain its established brands for vehicle and lodging payment services. Ron Clarke, Chairman and CEO of FLEETCOR, expressed that the new name encapsulates the company's core offering of corporate payment solutions.
Corpay, a member of the S&P 500, boasts a global customer base of over 800,000 businesses and reported revenues of $3.75 billion in 2023. The company has also been recognized as the leading B2B commercial Mastercard (NYSE:MA) issuer in North America and was named to Newsweek's list of Top 100 Most Loved Workplaces.
The company provides a range of payment solutions designed to help businesses manage expenses related to vehicles, travel, and vendor payments. These solutions are geared towards simplifying payment processes, allowing customers to exert greater control over expenditures, and ultimately leading to cost savings.
The information presented in this article is derived from the company's press release.
InvestingPro Insights
In light of FLEETCOR Technologies' rebranding to Corpay, investors are closely monitoring the company's financial health and market position. With a solid market capitalization of $20.57 billion, Corpay is a significant player in the payment solutions sector. The company's P/E ratio stands at 21.24, reflecting investor confidence in its earnings potential, despite being considered high relative to near-term earnings growth. This is further emphasized by a high Price / Book multiple of 6.24, indicating that the market values the company's assets quite favorably.
Corpay's revenue growth remains robust, with a 9.65% increase over the last twelve months as of Q1 2023, and a gross profit margin of 78.18%, showcasing the company's ability to maintain profitability amidst its operational expenses. With analysts predicting profitability this year and considering the company's profitable performance over the last twelve months, investors may find reassurance in Corpay's financial stability.
One key InvestingPro Tip to consider is that 13 analysts have revised their earnings downwards for the upcoming period, which could suggest that investors should keep an eye on future earnings reports. Additionally, Corpay does not pay a dividend to shareholders, which may influence the investment strategies of income-focused investors. For those interested in a deeper analysis, there are additional InvestingPro Tips available at InvestingPro, which can provide further guidance on the company's financials and market expectations. Be sure to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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