ATLANTA - Corpay, Inc. (NYSE: CPAY), a global corporate payments company, announced today that its Chief Financial Officer, Tom Panther, is set to leave the company on March 15, 2025, to join the National Christian Foundation as their CFO. The S&P 500-listed firm has begun the process of finding a new CFO to take his place.
Panther has expressed his gratitude for the opportunity to work with Corpay's employees and believes the company is well-positioned for future success in the corporate payments sector. He has pledged to support a smooth transition to the next CFO. Ron Clarke, Chairman and CEO of Corpay, thanked Panther for his contributions and wished him success in his future endeavors.
In addition to this executive change, Corpay anticipates its fourth-quarter 2024 organic revenue and earnings to align with the previously issued guidance on November 7, 2024. According to InvestingPro data, eight analysts have revised their earnings estimates upward for the upcoming period, with the company maintaining a strong gross profit margin of 78%. The company's forward-looking statements reflect its expectations for future performance based on preliminary information and management's current assumptions and plans.
This press release contains forward-looking statements, which are not guarantees of future performance and are subject to uncertainties and other variables. Investors are cautioned not to rely unduly on these statements, which are based on current expectations and are subject to changes in economic, market, and company-specific conditions.
Corpay is known for providing payment solutions that help businesses manage expenses such as vehicle-related costs, travel expenses, and accounts payable. These services aim to save time and reduce spending for customers. The company has demonstrated strong financial performance, with a 52.2% stock return over the past year. InvestingPro subscribers can access detailed analysis and 10 additional ProTips about Corpay's financial health and growth prospects through the comprehensive Pro Research Report.
The information provided in this article is based on a press release statement from Corpay, Inc.
In other recent news, corporate payments leader Corpay has made significant strategic moves. The company completed the acquisition of GPS Capital Markets, a cross-border payment solutions provider, and Paymerang, which are expected to contribute over $200 million in revenue and add approximately $0.50 to Cash EPS accretion in 2025. Corpay also divested its Comdata Merchant POS Solutions to PDI (OTC:IDXG) Technologies in an effort to streamline its business model.
Recent financial results for Corpay showed third-quarter revenue of approximately $1.029 billion and earnings per share of $3.90. However, this fell short of analysts' expectations, which projected an adjusted EPS of $4.90-$5.00 and revenue between $1.015-1.035 billion. BMO Capital Markets, CFRA, and Baird maintained positive ratings on the company, while Mizuho (NYSE:MFG) maintained a Neutral stance, and Wolfe Research upgraded its rating to Peer Perform.
These developments, including acquisitions, divestitures, and financial results, indicate a dynamic period for Corpay. Analysts from various firms have provided their perspectives on these developments, reinforcing the complexity and importance of these recent events in shaping Corpay's future.
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