Corpay lifts annual forecasts, to sell non-core UK vehicle payments business

• The company said it expects annual revenue between $5.29 billion and $5.33 billion, higher than its prior forecast of $5.25 billion to $5.33 billion.
• It raised its full-year adjusted earnings forecast to a range of $27.15 to $27.55 per share, compared with its earlier outlook of $26.30 to $27.10 per share.
• Separately, Corpay said it had agreed to sell its non-core U.K.-based vehicle payments business epyx, along with r2c Online and Business Gateway, to OEConnection as part of its efforts to simplify its portfolio and focus on corporate payments.

Aug. 5 (Reuters) - Business payments platform Corpay CPAY.N raised its full-year forecasts and reported higher second-quarter profit on Wednesday, helped by continued growth in its corporate and vehicle payment divisions.

Despite economic uncertainty and elevated interest rates, business spending held up through the April-June quarter, supporting demand for corporate payment and spend-management services like Corpay.

Here are more details:

• On an adjusted basis, Corpay's profit for the quarter ended June 30 rose to $464.4 million, or $7 per share, from $366.4 million, or $5.13, during the same period last year.
• Quarterly revenue at the company's corporate payments business, which automates and manages vendor payments, rose 41.7% to $548.7 million from the year-ago period.
• The vehicle payments segment saw a 13.3% year-on-year rise in quarterly revenue to $580.2 million. Corpay's total revenue surged 21.8% to $1.34 billion.