FleetCor Technologies, Inc. (FLT, Financial) provides payment processing services to vehicle fleet operators and large oil companies worldwide. Although FleetCor reported good quarterly results and raised its full-year earnings guidance, macroeconomic concerns, including weak fuel prices and a stronger U.S. dollar, outweighed these results and caused the stock price to drop. Without these macroeconomic headwinds, company management estimated that earnings growth would have been 39% instead of the 16% reported. As these headwinds eventually subside, we believe its earnings will improve meaningfully.
From the Baron Asset Fund shareholder letter Q3 2015 by Andrew Peck.
