Wex: 2Q Earnings Snapshot
Aug. 02, 2018
SOUTH PORTLAND, Maine (AP) _ Wex Inc. (WEX) on Thursday reported second-quarter net income of $39.3 million.
The South Portland, Maine-based company said it had profit of 90 cents per share. Earnings, adjusted for one-time gains and costs, were $2.09 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.
The provider of fuel payment processing for fleet vehicles posted revenue of $370.9 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $366 million.
For the current quarter ending in October, Wex expects its per-share earnings to range from $2.03 to $2.13.
The company said it expects revenue in the range of $363 million to $373 million for the fiscal third quarter.
Wex expects full-year earnings in the range of $7.90 to $8.15 per share, with revenue ranging from $1.45 billion to $1.48 billion.
Wex shares have risen 35 percent since the beginning of the year. The stock has risen 77 percent in the last 12 months.