May 8 (Reuters) - Business payments firm Corpay ( CPAY )

cut its forecast for annual adjusted profit on Wednesday,

against the backdrop of unfavorable foreign exchange and higher

interest rates.

The company, formerly known as Fleetcor Technologies, now

expects an annual adjusted net income per share between $18.80

and $19.20, down from its previous forecast of $19.20 to $19.60.

Corpay ( CPAY ) said the revised outlook for the remainder of the

year reflected unfavorable foreign exchange and higher interest

rates, which significantly worsened in April.

"Our Lodging segment experienced continued softness in the

quarter, but the workforce business showed initial signs of

stability in April," Chief Financial Officer Tom Panther said in

a statement.

Corpay's ( CPAY ) lodging segment, which helps businesses manage and

control their lodging costs, posted $111.3 mln in revenue, down

9% from last year.

The company said it is taking actions to manage expenses to

offset the softness it is experiencing in its lodging segment.

Corpay ( CPAY ) forecast adjusted net income per share between $4.45

and $4.55 in the second-quarter, compared with average analysts'

expectation of $4.76 per share, according to LSEG data.

Atlanta, Georgia-based Corpay ( CPAY ) helps businesses and consumers

better manage their expenses through its payment and spend

management offerings.

Corpay's ( CPAY ) revenue came in at $935.3 million in the first

quarter, up 4% from last year.

On an adjusted basis, Corpay ( CPAY ) earned $301.3 million, or $4.10

per share, for the three months ended March 31. Analysts on

average had expected $4.09 per share.