WEX CEO predicts another 'milestone year' on heels of strong second quarter
WEX Inc. (NYSE: WEX), a global provider of corporate payment solutions based in Portland, beat market expectations on second-quarter earnings per share and revenue.
Total revenues for the second quarter increased 19% over a year earlier to $441.8 million, exceeding the $439.96 million Zacks Investment Research consensus forecast.
Earnings, adjusted for one-time gains and costs, were $2.28 a share, up 10% per diluted share from the same period a year ago and slightly above the $2.26 a share projected in a Zacks analyst poll.
"During the second quarter, WEX made continued progress in shaping 2019 to be another significant milestone yet," said Melissa Smith, WEX's president and CEO, in a statement. "We are capitalizing on the extraordinary progress we have made in recent years and building on our strong foundation for sustainable growth."
She added: "Our recent strategic acquisitions, significant new wins and the conversion of both the Shell and Chevron portfolios positions us well to accelerate our growth and profitability throughout the remainder of the year and beyond."
For the full year, the company expects revenues in the range of $1.72 billion to $1.75 billion, and adjusted net income in the range of $399 million to $410 million, or $9.10 to $9.35 per diluted share.
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