Corpay Inc. (NYSE: CPAY), a leading corporate payments company, saw its stock soar by 5.16% on November 8, 2024, after reporting strong financial results for the third quarter of 2024 and providing an optimistic outlook for the next year.
The company's Q3 earnings call highlighted several positive developments that fueled investor enthusiasm. Corpay surpassed the $1 billion mark in quarterly revenue for the first time, reporting $1.29 billion in revenue, up 7% excluding Russia. The company's EBITDA margins also improved to 54.2%, reflecting an increase of approximately 100 basis points sequentially.
Additionally, Corpay's corporate payment sales growth was robust at 28% for the quarter, leading the company's overall sales growth. The company expects organic revenue growth to accelerate further to 13% in Q4, with EBITDA margins projected to increase to 55.6%.
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