Fleet card provider FleetCor Technologies Inc. reported double-digit second-quarter increases in revenue and profit, and it expects recent acquisitions to propel further growth throughout the rest of the year.
The Norcross, Ga.-based company on Aug. 8 reported net revenue for the quarter ended June 30 of $171.8 million, up 28% from $134.2 million a year earlier. Net income rose 48.2%, to $54.4 million from $36.7 million.
In the company's earnings announcement, company CEO Ron Clarke noted FleetCor's recent entrance into the Brazilian market with the acquisition of CTF Technologies and the completion of another acquisition of an undisclosed company in Russia.
"Both acquisitions further demonstrate our commitment to developing markets," he said.
Eric Dey, FleetCor's chief financial officer, said he expects the deals to be accretive to both revenue and profit in 2012 and to add at least 6 cents to 7 cents in adjusted net income per share, including deal and restructuring costs, for the remainder of the year.
In May, the company cited two other acquisitions, one in the United Kingdom and the other in Mexico, as the driver behind double-digit growth in first quarter earnings.