Economic recovery and fuel prices aid 2021 revenue
Fleetcor ended the fourth quarter of 2021 on a high note as revenue increased 30.0% when compared with the previous period. Overall, for the year, Fleetcor generated $2.8 billion in revenue, an increase of 19.0% from 2020. Additionally, domestic revenue accounted for 63.0% of total revenue, rising from 61.0% in 2020. This is a result of an economic recovery as many businesses restarted operations following the COVID-19 (coronavirus) pandemic. Furthermore, the company states that the impact of fuel prices and its latest acquisitions helped aid revenue growth throughout the year.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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