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WEX Inc. (NYSE: WEX) is a global leader in corporate payment solutions designed to enhance business efficiency, security, and cost control. Founded in 1983 with a focus on fleet card payments, WEX has since diversified its offerings to encompass a wide array of corporate payment solutions, serving millions of cardholders across various sectors, including travel, healthcare, and employee benefits.
The company operates in three main segments: Mobility, Benefits, and Corporate Payments. The Mobility segment, which generates the highest revenue, offers fleet vehicle payment solutions, transaction processing, and information management services for both commercial and government fleets. The Corporate Payments segment provides business-to-business payment processing and transaction monitoring services. The Benefits segment focuses on healthcare payment products and a consumer-directed software platform.
WEX has a significant presence across North and South America, Europe, Australia, New Zealand, and Asia, employing over 2,000 associates. The company is committed to delivering exceptional payment security and control, ensuring that businesses of all sizes can operate efficiently and profitably.
Recent achievements highlight WEX's commitment to innovation and industry leadership. The company has filed a federal lawsuit against HP Inc. and Hewlett-Packard Development Company, L.P. for trademark infringement. This legal action underscores WEX's dedication to protecting its brand and intellectual property rights.
For more detailed information and the latest updates, visit WEX Inc.
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.
WEX Inc. (NYSE: WEX) has announced a $1 billion increase to its share repurchase program, expanding the total authorization to $2.05 billion through December 31, 2025. This move is part of WEX's balanced capital allocation framework and value creation strategy. CEO Melissa Smith highlighted the company's strong balance sheet and cash generative business model, which enable investments in growth while returning capital to shareholders. WEX has already spent over $1 billion repurchasing stock since restarting its program. The expanded authorization allows for discretionary repurchases through various methods, subject to market conditions and other factors. The program can be modified or suspended at any time and does not obligate WEX to acquire a specific number of shares.
WEX Inc. (NYSE: WEX) has announced its entry into a $300 million accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank. This move is part of WEX's existing $1.05 billion amended share repurchase authorization announced in February 2024. The ASR involves an initial delivery of approximately 1.3 million shares of WEX's common stock, representing about 80% of the total expected repurchase. The final number of shares will be determined based on the average daily volume-weighted average prices during the ASR term. This initiative reflects WEX's confidence in its intrinsic value and long-term growth potential, aligning with its capital allocation strategy to invest in future growth while delivering value to shareholders.
WEX Inc. reported strong Q2 2024 financial results, with revenue increasing 8% year-over-year to a record $673 million. The growth was driven by a 13% increase in the Benefits segment and acceleration in the Mobility segment. Q2 GAAP net income was $1.83 per diluted share, while adjusted net income reached $3.91 per diluted share. The company achieved a GAAP operating income margin of 25.0% and an adjusted operating income margin of 40.7%.
WEX repurchased approximately $100 million in shares during Q2, with an additional $70 million in July 2024. The company plans to enter into a $300 million accelerated share repurchase agreement soon. For Q3 2024, WEX expects revenue between $688-698 million and adjusted net income of $4.42-$4.52 per diluted share. Full-year 2024 guidance projects revenue of $2.68-2.72 billion and adjusted net income of $15.98-16.38 per diluted share.
WEX, a global commerce platform, will release its Q2 2024 financial results on July 25, 2024, before the market opens.
CEO Melissa Smith and CFO Jagtar Narula will discuss the results during a conference call at 10:00 AM ET, which will be webcast live on the WEX website. The call can also be accessed via phone with a passcode. A replay will be available online or via phone until August 25, 2024.
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