Corpay (NYSE: CPAY) CFO Peter Walker announced at the Deutsche Bank Tech Conference that the company expects to maintain its growth momentum through the second half of 2023, attributing this to strong customer activity and sales performance. Corpay achieved its fourth consecutive quarter of “beat and raise” performance, with five successive quarters of double-digit organic growth.
In the first two quarters of 2023, Corpay’s corporate payments segment delivered 16% organic growth, supported by a $600 billion total addressable market. The middle-market cross-border opportunity is estimated at $160 billion. The company also reported 8% organic growth in vehicle payments for Q2, with expectations for high-single-digit growth moving forward.
Walker highlighted Corpay’s integration of Alpha Group, with 80% of its corporate payments migrated to a unified platform, which is anticipated to enhance operational efficiency. Additionally, the firm anticipates adjusted EPS growth of 27% to 28% this year, with a target of $50 in EPS, while focusing on both organic growth and potential acquisitions within corporate payments.
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