WEX Inc. Earns $1.29 Per Share

More good earnings news today. This morning, WEX Inc. ($WEX) reported Q3 earnings of $1.29 per share. That’s 10 cents more than estimates. Three months ago, WEX said that earnings for Q3 would be between $1.16 and $1.23 per share.

Quarterly revenue jumped 19% to $191.5 million. These are very good numbers. The shares are currently up 5% this morning. WEX’s CEO had good things to say in today’s report.

“We continue to experience momentum throughout our business, driven by the solid execution of our long-term strategy. For the quarter, revenue increased 19% year-over-year and was towards the high-end of our guidance, while adjusted net income, increasing 20%, exceeded our expectations. Our results were driven by robust volume growth, Other Payments growth, foreign exchange rate contributions and expense management,” commented Michael E. Dubyak, WEX’s chairman and chief executive officer.

“We continue to see ongoing expansion in our domestic fleet business as we realize synergies from Fleet One and further bolster our competitive position. Furthermore, investments in our virtual card product are continuing to generate positive returns as we penetrate attractive geographies including Europe, Asia Pacific and South America. Looking towards the future, we expect to continue to leverage the foundations we are building and our dynamic pipeline to drive growth as we close out the year,” concluded Mr. Dubyak.

For Q4, WEX sees earnings coming in between $1.04 and $1.12 per share. Wall Street had been expecting $1.11 per share. WEX also raised their full-year guidance range to $4.37 to $4.44 per share. The earlier range was $4.27 to $4.37 per share.

Posted by Eddy Elfenbein on October 30th, 2013 at 10:57 am

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