FleetCor 4th-Quarter Profit up 59% on Stronger Revenue, Margins

       By Nathalie Tadena 

    FleetCor Technologies Inc.'s (FLT) fourth-quarter earnings jumped 59% as the commercial fuel cards company reported double-digit revenue gains in North America and abroad, as well as stronger margins.

    Shares were up 7% to $63.73 after hours as results beat analyst expectations and as the company offered upbeat guidance for the full-year. The stock has climbed 69% over the past 12 months, through the close.

    The company projects 2013 adjusted earnings between $3.61 and $3.69 a share, topping the $3.40 a share estimate from analysts polled by Thomson Reuters. It forecast full-year revenue between $790 million to $810 million, while analysts had expected $776 million.

    "We have great momentum heading into 2013 and we are projecting another double-digit revenue and profit year despite uncertainty around the macroeconomic environment including fuel prices, fuel price spreads and FX rates," said Chief Financial Officer Eric Dey.

    The company, which provides fuel cards and workforce payment products to businesses, has posted strong revenue growth for several quarters and has been expanding into developing markets, such as Brazil and Russia.

    FleetCor reported a profit of $60.1 million, or 70 cents a share, up from $37.8 million, or 45 cents a share, a year earlier. Excluding stock-based compensation and amortization, per-share earnings rose to 82 cents from 56 cents.

    Revenue increased 45% to $202.6 million. Adjusted revenue, which excludes merchant commissions, rose 47% to $185 million.

    Analysts had expected earnings of 75 cents a share and revenue of $179 million.

    Operating margin widened to 46% from 38.7%

    North America revenues improved 19%, while international revenues increased 93%.

    Write to Nathalie Tadena at nathalie.tadena@dowjones.com