Wex: Q1 Earnings Snapshot

SOUTH PORTLAND, Maine (AP) — SOUTH PORTLAND, Maine (AP) — Wex Inc. (WEX) on Thursday reported first-quarter net income of $68 million.

The South Portland, Maine-based company said it had net income of $1.56 per share. Earnings, adjusted for one-time gains and costs, were $3.31 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.20 per share.

The provider of fuel payment processing for fleet vehicles posted revenue of $612 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $603 million.

For the current quarter ending in June, Wex expects its per-share earnings to range from $3.45 to $3.55.

The company said it expects revenue in the range of $613 million to $623 million for the fiscal second quarter.

Wex expects full-year earnings in the range of $13.85 to $14.25 per share, with revenue ranging from $2.45 billion to $2.49 billion.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WEX at https://www.zacks.com/ap/WEX

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