WEX Inc. - WEX STOCK NEWS

WEX Inc. (NYSE: WEX), a global commerce platform, announced that Chair and CEO Melissa Smith will present at the UBS Global Technology and AI Conference on December 3, 2024, at 12:50 PM ET. The presentation will be accessible via live webcast on the company's Investor Relations website, with an audio replay available for up to 180 days afterward.

WEX has launched two artificial intelligence pilots within its benefits administration platform, My Benefit Express. The first pilot, Benefit Assistant, is an AI agent providing interactive support for over 1,500 benefits-related topics. The second, BeneFITwise Premier, analyzes health claims data to offer personalized financial insights and help employees optimize their benefits selection. Both pilots aim to enhance employee decision-making while reducing HR workload during open enrollment season. The HIPAA-compliant solutions are being tested with select employers to provide 24/7 support for benefits-related queries and personalized plan recommendations.

WEX has launched a new Medicare Advantage marketplace, a digital shopping solution integrated within its Medicare Advantage supplemental benefits platform. The marketplace enables members to purchase eligible over-the-counter (OTC) products and grocery items through an online portal, complementing the existing brick-and-mortar merchant network. The platform offers free and rapid shipping for various products, including prepared meals and fresh foods, along with call center support. This solution aims to increase product access for members in rural areas, those preferring digital experiences, and those needing in-home shopping options. The marketplace is customizable by plan type and provides health plan partners with data insights.

WEX and Holman have expanded their partnership through 2030, extending their 30-year collaboration in fleet mobility payments and technology solutions. The agreement renews their U.S. partnership and expands commercial fleet payments across Canada. Holman will continue using WEX's solutions for internal accounts payable and employee health benefits. WEX processed approximately $225 billion in total purchase volume in 2023 and serves over 600,000 commercial fleet customers globally, representing about 19.7 million commercial vehicles as of Q3 2024.

WEX reported Q3 2024 financial results with revenue increasing 2% year-over-year to a record $665.5 million, driven by 9% growth in Benefits segment. Net income reached $102.9 million or $2.52 per diluted share, while adjusted net income was $177.5 million or $4.35 per diluted share. The company spent $370 million on share repurchases in Q3, including a $300 million accelerated share repurchase agreement. Despite record revenue, performance fell short of expectations due to macro environment challenges, leading to reduced guidance for Q4 2024 with expected revenue between $630-640 million and adjusted net income of $3.51-3.61 per diluted share.

WEX Inc. (NYSE: WEX), a global commerce platform, has announced it will release its third quarter 2024 financial results on Thursday, October 24, 2024, before the market opens. The company will host a conference call at 10:00 AM ET on the same day to discuss the results. Melissa Smith, Chair and CEO, and Jagtar Narula, CFO, will lead the call.

Investors can access the webcast through WEX's investor relations website or by dialing in. The passcode for the call is 2902800. A replay of the webcast will be available on the company's website and via phone until October 31, 2024.

WEX has launched 10-4 by WEX, a free mobile app providing fuel discounts to independent truckers and small trucking companies in the U.S. This expands WEX's addressable market in its Mobility segment. The app requires no credit checks or applications; users simply upload their debit or credit card to start saving.

Key features include:

• Secure transactions at the pump with no fees
• Access to a growing discount network of U.S. truck stops
• Potential for significant savings on diesel fuel, which accounts for about a third of truckers' expenses

10-4 by WEX joins WEX's existing offerings for truckers, including fleet cards and factoring services. The app is available on both Google Play Store and App Store.

A new report by Frost & Sullivan, commissioned by WEX (NYSE: WEX), reveals significant progress in fleet electrification globally. 80% of commercial fleet leaders surveyed aim for 25% EVs by 2030, with almost half expecting 50% or more EVs in their fleets by that time. The study, "The Commercial EV Transition: Global Insights on a Mixed-Energy Fleet Future," covers Europe, North America, and Asia-Pacific.

The transition to mixed-energy fleets faces challenges, including balancing initial investments with operational savings. Fleet managers seek guidance on developing optimal EV adoption roadmaps. The top challenges for fleet operators are fuel costs (67%), operational expenses (66%), and profit margins (59%). The report highlights the need for adjustments in fleet management and payment systems to ensure smooth operations and viability.

A new study by Frost & Sullivan, commissioned by WEX, reveals that 80% of mixed-energy fleet operators aim for at least 25% of their fleets to be electric vehicles (EVs) by 2030. The global survey, 'The Commercial EV Transition: Global Insights on a Mixed-Energy Fleet Future,' offers insights for organizations managing mixed-energy fleets across Europe, North America, and Asia-Pacific.

Key findings include:

• Decarbonization is the primary driver of the transition
• Operational efficiency is important during the transition
• Streamlining charging and payments is essential
• Smart digital solutions could help future-proof fleets

The study highlights that the transition to mixed-energy fleets is gradual, with adoption rates varying by region, industry, and organization size. WEX, with over 600,000 commercial fleet customers worldwide, is integrating EV into its expertise to help organizations manage the mixed-energy fleet transition effectively.