Aug 7 (Reuters) - Corpay ( CPAY ) forecast third-quarter

adjusted profit below Wall Street expectations on Wednesday, as

the business payments company grapples with slower recovery in

its lodging business.

The company's lodging unit, which helps businesses manage

their accommodation costs, has continued to experience softness

as fewer flight cancellations result in lower room nights.

The revenue within Corpay's ( CPAY ) lodging unit was also impacted

by a decline in homeowner insurance claims.

Revenue from the lodging unit fell 10% to $122.4 million in

the quarter, compared to last year.

Corpay ( CPAY ) forecast third-quarter adjusted per-share profit to

be between $4.90 and $5.00, compared with analysts' expectation

of $5.17 per share, according to LSEG data.

The company is also facing headwinds from slightly

unfavorable foreign exchange rates and fuel prices, it said.

Corpay ( CPAY ), however, expects revenue growth to gain pace as it

exits the year driven by sales and improving customer retention,

Chief Financial Officer Tom Panther said.

The Atlanta, Georgia-based company helps businesses and

consumers manage and pay their expenses through its payment and

spend management offerings.

Corpay ( CPAY ) now expects 2024 adjusted per-share profit to be

between $18.85 and $19.15, compared with its prior forecast of

$18.80 and $19.20 per share.

Net income attributable to Corpay ( CPAY ) rose to $251.6 million, or

$3.52 per share, in the quarter, from $239.7 million, or $3.20

per share, a year earlier.

Corpay's ( CPAY ) revenue rose 3% to $975.7 million in the three

months ended June 30.

Shares of the company have fallen 4.4% so far this year,

compared with a 9.9% gain in the benchmark S&P 500 index.