WEX Inc. posts fifth straight quarter of double-digit revenue growth
WEX Inc. (NYSE:WEX), a global provider of corporate payment solutions, reported today its total revenue for the third quarter increased 13% to $324 million, compared to $287.8 million for Q3 2016.
Net earnings for the South Portland-based company on a GAAP basis increased $14.3 million to $34 million, compared with $19.7 million for the same period a year ago. Adjusted net income for the third quarter was reported at $61.5 million, or $1.43 per diluted share, which was slightly higher than analysts’ estimates for the quarter and 14% higher than the previous year.
In a telephone interview with Mainebiz, WEX President and CEO Melissa Smith noted that the company’s performance marked the fifth quarter in a row with double-digit revenue growth.
“We did better than expected across each piece of the business,” she said. “All of the growth is organic. Our growth engine remains strong, due to contributions from all of our business segments, and we are delivering against our strategic initiatives which have resulted in growing earnings and profitability."
She said the company’s organic growth is across diverse markets and sets the stage for a strong close to 2017 and bodes well for future revenue and earnings growth going into 2018.
"We continue to build upon our successful track record of competitive wins, reflecting the strength of our innovative product sets meeting customer needs in a diverse set of markets," she said.
In its forward-looking projections, WEX reported it expects fourth quarter revenues in the range of $317 million to $327 million. For the full year, it expects 2017 revenues to be in the range of $1.24 billion to $1.25 billion and adjusted net income to be in the range of $228 million to $231 million.
At 10 a.m., WEX’s stock was selling at $122.23 per share, according to MarketWatch, down slightly from Tuesday’s closing price of $123.59 per share.
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