BUZZ-Corpay jumps after Q3 profit beats expectation
Corpay, Inc. Common Stock CPAY | 346.25 346.25 | +0.93% 0.00% Pre |
Dow Jones Industrial Average DJI | 43297.03 | +0.91% |
S&P 500 index SPX | 6040.04 | +1.10% |
NASDAQ IXIC | 20031.13 | +1.35% |
** Shares of business payments firm Corpay CPAY.N jump as much as 8.3%; last up 6.6% at $369.49
** CPAY late Thursday posted Q3 adjusted profit of $5/shr, beating Wall Street expectations of $4.98/shr — LSEG compiled data
** Co surpassed $1 bln in quarterly revenue for the first time, driven by 25% growth in its corporate payments business
** Business fundamentals were quite good with same-store sales and retention improving and sales remaining strong — CEO Ron Clarke
** CPAY expects Q4 adj profit per share between $5.25 and $5.45 vs Street expectations of $5.37
** JPM says stage is set for acceleration for double digit revenue growth in Q4 and FY 2025
** CPAY also added an additional $1 bln to the share repurchase authorization
** As of last close, CPAY shares up 22.6% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))
