Corpay's quarterly profit jumps on strength in corporate payments segment
Resilient U.S. business and consumer spending, supported by a strong labor market and rising wages, has enabled the front-loading of purchases ahead of the imposition of import duties. The company's corporate payments business, which automates and manages vendor payments, saw its revenue reach $352.7 million, a 33% increase from the previous year, driven by higher client spending volumes across all regions. On an adjusted basis, Corpay reported a profit of $322.9 million, or $4.51 per share, for the quarter ended March 31, compared to $301.3 million, or $4.10 per share, during the same period last year.