WEX Inc. Reports Earnings of 98 Cents per Share

WEX Inc. ($WEX) reported first-quarter earnings of 98 cents per share which was two cents better than estimates. Revenue rose 18% to $165.4 million.

“We kicked off 2013 with first quarter revenue and adjusted net income exceeding our guidance, increasing 18% and 8%, respectively, over last year driven by strong transaction growth, exceptional credit loss performance and investments in our business to support future growth,” said Michael E. Dubyak, WEX chairman and chief executive officer. “Year to date we have made strides in executing on all fronts of our multi-pronged strategy. We advanced our international presence within Asia-Pac, Brazil and Europe as a result of investments in WEX Travel, our virtual payment solution for the travel industry, and further diversified our business all while expanding our Americas Fleet business with some marquee wins. With positive momentum in the business and a robust pipeline of opportunities, we have also positioned WEX for future success as we leverage our investments in our burgeoning growth platforms.”

For Q2, WEX expects earnings to range between 98 cents and $1.05 per share. For the entire year, the company sees earnings ranging between $4.20 to $4.35 per share. Wall Street had been expecting $4.46 per share. The stock is off 7% this morning.

Posted by on May 1st, 2013 at 10:01 am


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