Source: Investing Published 03/12/2024, 03:57
ATLANTA – Corby (NYSE: CPAY), a global enterprise payments company, today announced that its Chief Financial Officer, Tom Panther, will leave the company on March 15, 2025 to join the National Christian Foundation as its Chief Financial Officer. The S&P 500 company has begun the search for a new CFO to replace him.
Panther expressed his gratitude for the opportunity to work with Corby’s employees and expressed his confidence that the company is well-positioned for future success in the enterprise payments space. He also pledged to support a smooth transition to the new CFO. Ron Clark, Corby’s Chairman and Chief Executive Officer, thanked Panther for his contributions and wished him success in his future endeavors.
In addition to this executive change, Corby expects its organic revenue and earnings for the fourth quarter of 2024 to align with the guidance it issued on November 7, 2024. According to InvestingPro, eight analysts have revised their earnings estimates upward for the coming period.
with the company maintaining a strong gross profit margin of 78%. The company’s forward-looking statements reflect its expectations of future performance based on preliminary information, management’s current assumptions and plans.
This press release contains forward-looking statements.
which are not guarantees of future performance and are subject to uncertainties and other variables. Investors are advised not to place undue reliance on these statements.
which are based on current expectations and are subject to changes in economic, market and company-specific conditions.
Corby is known for providing payment solutions that help businesses manage expenses such as vehicle-related costs, travel expenses and accounts payable. These services aim to save time and reduce spending for customers. The company has demonstrated strong financial performance, with a return on equity of 52.2% over the past year. InvestingPro subscribers can access a detailed analysis and 10 additional tips on Corby’s financial health and growth prospects in the Pro comprehensive research report.
The information in this article is based on a press release from Corby.
In other recent news, Corby, a leader in institutional payments, has made significant strategic moves. The company acquired GPS Capital Markets, a provider of cross-border payment solutions, and Paymerang. Analysts expect these acquisitions to generate over $200 million in revenue and add approximately $0.50 to cash earnings per share in 2025. Corby also sold its merchant point-of-sale solutions business Comdata to PDI Technologies in an effort to simplify its business model.
Corby’s latest financial results showed third-quarter revenue of about $1.029 billion and earnings per share of $3.90. However, this came in below analysts’ expectations.
who had expected adjusted earnings per share of $4.90-5.00 and revenue of $1.015-1.035 billion. BMO Capital Markets, CFRA and Baird maintained positive ratings on the company.
while Mizuho maintained a neutral stance and Wolfe Research upgraded its rating to perform similar to peers.
These developments, including acquisitions, divestitures and financial results, point to a dynamic period for Corby. Analysts from across the firm provided their perspectives on these developments.
reinforcing the complexity and importance of these recent events in shaping Corby’s future.
