Wex: Q1 Earnings Snapshot

SOUTH PORTLAND, Maine (AP) — SOUTH PORTLAND, Maine (AP) — Wex Inc. (WEX) on Thursday reported first-quarter profit of $65.8 million.

The South Portland, Maine-based company said it had profit of $1.55 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $3.46 per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.47 per share.

The provider of fuel payment processing for fleet vehicles posted revenue of $652.7 million in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $653.5 million.

For the current quarter ending in June, Wex expects its per-share earnings to range from $3.75 to $3.85.

The company said it expects revenue in the range of $675 million to $685 million for the fiscal second quarter.

Wex expects full-year earnings in the range of $16.10 to $16.60 per share, with revenue ranging from $2.73 billion to $2.77 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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