Business payments firm Fleetcor cuts full-year profit forecast
Nov 8 (Reuters) - Business payments firm Fleetcor Technologies lowered its full-year adjusted profit forecast on Wednesday, against the backdrop of an uncertain economy, alongside costs tied to its recent acquisition and divestiture.
The company now expects 2023 adjusted profit to be between $16.82 and $17.12 per share, compared with its prior forecast range of $17.09 and $17.35 per share.
"Our guidance for the rest of the year has been updated to reflect our updated macro outlook for the remainder of the year, as well as our recent acquisition and divestiture," said CFO Tom Panther in a statement.
The company's fleet segment, its biggest by revenue, lets governments and business entities who operate vehicle fleets track and manage payments for fuel.
Fleetcor's adjusted net income per share increased to $4.49 in the third quarter, compared with $4.24 a year earlier.
Its revenue climbed 9% to $970.9 million in the three months ended Sept. 30.
Shares of the company were roughly flat in extended trading after the results. (Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
