FleetCor Technologies, Inc. (NYSE: FLT) stock lost over 0.1% in the after-hours session (As of 5:28PM EDT on August 3rd, 2017; Source: Google finance). The Nextraq business was sold on July 17th, 2017 and is not included in the company’s rest of year guidance. The impact of removing Nextraq is an approximate reduction of $0.08 in adjusted net income per diluted share. Further, FLT assumes that the Cambridge Global Payments acquisition would close by September 1st, and is included in guidance. The impact of the Cambridge acquisition in the company’s second half guidance is over $0.04 to $0.05 in adjusted net income per diluted share, net of deal related expenses.
FleetCor Technologies, Inc. reported the adjusted earnings per share of $1.99, in the second quarter of FY 17 while the adjusted revenue growth of 29.5 percent to $541.2 million in the second quarter of FY 17.
For the full year 2017, FleetCor Technologies expects the earnings in the range of $8.24 to $8.44 per share, and the revenue is expected to be in the range of $2.19 billion to $2.25 billion. Meanwhile, FLT has authorized an increase in the size of the company’s previously announced share repurchase program by an additional $250 million and an extension of the program by an additional 18 months. With the increase, and giving effect to the company’s $240 million of previous repurchases, FleetCor Technologies may repurchase up to $510 million in shares of its common stock at any time prior to February 1st, 2019. Furthermore, FLT has also announced that as part of this repurchase program it has entered into an Accelerated Share Repurchase (ASR) program with Bank of America, N.A. to repurchase $250 million of common stock. The repurchase is expected to be funded with a combination of debt and cash. FLT expects that all repurchases under the ASR will be completed by the end of the third quarter of 2017.
Additionally, FleetCor Technologies has announced the successful upsizing of its senior secured credit facilities of approximately $709 million and extension of the credit facilities as well. The lenders have agreed to an amendment that increases the Term A Loan to $2.690 billion, increases the Revolver Loans to $1.285 billion and increases the Term B Loan to $350 million. FLT stock has risen 1.65% in a year (source: Google Finance).