(Reuters) – Business payments firm Corpay reported an 18% jump in its fourth-quarter profit on Wednesday, driven by a strong performance in the corporate and lodging segments as customers ramped up spending.
The lodging unit offers tools that help the company’s customers manage hotel booking expenses for employees on business trips.
Through its corporate segment, the company offers tools that allow businesses to make payments to their vendors.
Businesses maintained robust budgets, encouraged by a resilient U.S. economy and hopes of favorable policies such as tax cuts under President Donald Trump.
The Atlanta, Georgia-based company reported 38% growth in revenue in its corporate payments unit, while lodging payments posted a 1% rise.
Excluding one-time costs, it earned $383.2 million, or $5.36 per share, for the three months ended December 31, compared with $326.1 million, or $4.44 per share, a year earlier.
(Reporting by Jaiveer Singh Shekhawat and Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
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