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Corpay, Inc. (NYSE: CPAY) is a global leader in corporate payments, assisting businesses and consumers to manage expenses efficiently and effectively. As an S&P500 company, Corpay offers a comprehensive suite of modern payment solutions that help its clients better handle vehicle-related costs, such as fueling and parking, travel expenditures like hotel bookings, and payables management, including vendor payments. These solutions aim to save clients both time and money.
Corpay recently announced the acquisition of Paymerang, a leading payment automation provider. This strategic move aims to enhance Corpay's offerings in the B2B payments sector, particularly in the education, healthcare, hospitality, and manufacturing industries. The transaction is expected to close in the second quarter of 2024, pending regulatory approvals.
Paymerang’s integration into Corpay will bring advanced financial automation solutions to the table, incorporating AI, data capture technologies, and electronic document workflows. These enhancements are set to broaden Corpay’s product line to include cross-border payments and commercial card solutions, providing significant benefits to its customers, partners, and the Richmond, VA business community.
With a commitment to innovation and client service, Corpay continues to thrive and expand its market presence, making it a pivotal player in the corporate payments industry. The company’s strategic partnerships and acquisitions, like that of Paymerang, underscore its dedication to offering cutting-edge payment solutions to its diverse client base.
Corpay Cross-Border has extended its multi-year partnership with World Aquatics as their Official FX Payments Supplier. The agreement builds upon their collaboration since 2022, providing foreign exchange payments and currency risk management solutions to World Aquatics, the global governing body of six aquatic disciplines. The extended partnership will continue to benefit World Aquatics, event hosts, and partners with access to Corpay's innovative global payments solutions. This renewal comes at a strategic time as World Aquatics expands its international events calendar and global presence.
Corpay (NYSE: CPAY) has announced its participation in two upcoming investor conferences. Tom Panther, Chief Financial Officer, and Jim Eglseder, SVP of Global Investor Relations, will attend the KBW Fintech Conference in New York on November 13, 2024, featuring a fireside chat at 3:15 PM ET. They will also participate in the UBS Global Technology and AI Conference in Scottsdale on December 3, 2024, with a fireside chat scheduled for 12:55 PM MT. Both presentations will be accessible through Corpay's investor relations website.
Corpay (NYSE: CPAY) reported third quarter 2024 financial results, achieving over $1 billion in quarterly revenue for the first time. Revenues increased 6% to $1,029.2 million, with net income rising 2% to $276.4 million. Net income per diluted share grew 7% to $3.90. Organic revenue growth was 6%, and EBITDA increased 5% to $557.7 million. Adjusted net income rose 6% to $354.5 million, with adjusted net income per diluted share up 11% to $5.00. The company closed the Paymerang acquisition and anticipates closing the GPS Capital Markets acquisition soon. For 2024, Corpay expects total revenues between $3,980 million and $4,010 million, and adjusted net income per diluted share between $18.90 and $19.10. For Q4 2024, revenue is projected between $1,040 million and $1,070 million, with adjusted net income per diluted share between $5.25 and $5.45.
Corpay (NYSE: CPAY) has released preliminary Q3 2024 financial results, with expected revenue of $1.029 billion. The company reported stable same-store sales and segment results aligned with expectations. Expected earnings per diluted share is $3.90, with adjusted earnings per diluted share at $5.00. The company reiterates its full-year adjusted EPS guidance of $19.00 and projects low double-digit organic revenue growth for Q4, with an annualized Cash EPS exit run-rate above $21.00.
Corpay, Inc. (NYSE: CPAY), a global corporate payments company, has announced it will host a conference call to discuss its third quarter 2024 financial results on Thursday, November 7, 2024, at 5:00 pm ET. The call will be hosted by Ron Clarke (CEO), Tom Panther (CFO), and Jim Eglseder (Investor Relations).
A press release with the Q3 financial results will be issued after the market close on the same day. Investors can access the call via webcast from Corpay's investor relations website or by phone. A replay will be available until November 14, 2024.
Corpay (NYSE: CPAY) has appointed Mike Jeffrey as the new USA Chief Revenue Officer (CRO), a role designed to lead the company's newly combined U.S. sales organization. Reporting directly to the CEO, Jeffrey will be responsible for new bookings in Corpay's core U.S. market, including Fleet, Payables, and Workforce Lodging businesses. He will also direct cross-sell initiatives to capitalize on the significant white space among existing customers who already purchase products from multiple Corpay divisions.
Jeffrey, a former Paychex senior sales executive with 20 years of experience, most recently served as Vice President of HCM Solution Sales. His appointment aligns with Corpay's strategic direction of scaling existing core businesses and supports the company's long-standing track record of sales success. The new CRO role aims to create a more unified, single view of the customer across all Corpay segments.
Corpay's Cross-Border business has partnered with AbbeyCross to provide FX Payments services to Emerging Markets through the ABX Platform. As one of the first non-bank providers to join, Corpay Cross-Border will offer competitive Emerging Markets foreign exchange rates and access to its global network and innovative payment solutions.
Corpay Cross-Border handles payments to 200 countries in 145+ currencies, including over 100 exotic currencies. The ABX Platform connects banks and non-bank Financial Institutions, enabling transparent and competitive rates from multiple providers. This partnership aims to enhance FX payments capabilities, improve market access, and bring transparency to emerging market payments.
Corpay's Cross-Border business has been named the Official Foreign Exchange (FX) Supplier of Everton Football Club, a founding member of the Premier League. This partnership allows Everton to use Corpay Cross Border's innovative solutions to mitigate foreign exchange exposure from their daily business operations. Everton will also have access to Corpay's award-winning platform to manage global payments from a single point.
Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed honor in the partnership, highlighting it as a step towards solidifying Corpay's position in the Premier League. Richard Kenyon, Everton's Chief Commercial and Communications Officer, welcomed the long-term partnership, noting the global exposure Corpay will receive during Everton's final season at Goodison Park and their move to a new waterfront stadium.
Corpay (NYSE: CPAY) has been named to the TIME World's Best Companies 2024 rankings, presented by TIME and Statista. This recognition highlights Corpay's success as a global corporate payments company, driven by its people and culture. The ranking is based on three key dimensions: Employee Satisfaction, Revenue Growth, and Sustainability (ESG).
Crystal Williams, Chief Human Resources Officer at Corpay, emphasized the company's focus on its employees and culture, noting their contribution to Corpay's consistent double-digit growth since going public in 2010. The company's workforce of over 10,000 employees worldwide has been instrumental in achieving this recognition.
Corpay's inclusion in this prestigious list follows other recent accolades, including being Certified™ by Great Places to Work® for 2024 and named to Newsweek's Top 100 Global Most Loved Workplaces® list in the previous year.
Corpay Cross-Border, a division of Corpay, Inc. (NYSE: CPAY), has been named the Official Foreign Exchange (FX) Partner of Manchester City, the current Premier League title holder. The partnership also includes becoming an Official Partner of Manchester City Women. This collaboration will provide Manchester City access to Corpay Cross-Border's innovative solutions for mitigating foreign exchange exposure and managing global payments from a single platform.
Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed excitement about the partnership and its alignment with Corpay's focus on global brand growth and corporate payments solutions. Kaitlyn Beale, VP of City Football Group Global Partnership Sales, welcomed Corpay as a market leader that will enhance the club's services and support its global expansion.
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