May 8 (Reuters) - Business payments firm Corpay 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 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 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 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 helps businesses and consumers better manage their expenses through its payment and spend management offerings.

Corpay's revenue came in at $935.3 million in the first quarter, up 4% from last year.

On an adjusted basis, Corpay 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. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)