Corpay Reports 18% Jump in Q4 Profit, Driven by Corporate and Lodging Units
Atlanta-based financial technology company Corpay experienced a 18% increase in quarterly earnings, attributed to robust performance in its corporate and lodging segments.
Customers have increased spending as businesses continue to maintain strong budgets. The lodging unit provides tools for managing hotel booking expenses for business travelers. The corporate segment enables businesses to streamline payments to vendors.
Corporate payments revenue surged by 38%, while lodging payments saw a modest 1% increase. Excluding one-time expenses, Corpay's net income reached $383.2 million, translating to $5.36 earnings per share. This represents a significant improvement compared to the previous year's $326.1 million and $4.44 earnings per share.