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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 has authorized a new share repurchase program for up to
WEX has appointed Jay Dearborn as its new Chief Strategy Officer, a role aimed at enhancing operational planning and M&A activities. This strategic move is part of WEX's commitment to streamline operations and accelerate growth, as discussed during their March Investor Day. Dearborn has extensive experience, having previously led WEX's Corporate Payments business since 2017 and worked at McKinsey & Company. His new responsibilities will include managing strategic initiatives and external communications.
WEX plans to acquire the Exxon Mobil Business Card program, consolidating it into WEX's commercial card offerings. This acquisition will enhance customer experience by offering streamlined expense management, benefits, and savings. The Exxon Mobil BusinessPro program allows small businesses to access fuel discounts of up to 6 cents per gallon and earn rewards through the Exxon Mobil Rewards+ program. Completion of the acquisition is subject to closing conditions.
WEX reported a record second-quarter revenue of $598 million, up 30% year-over-year, driven by a 77% increase in total purchase volume to $37 billion. The company achieved a GAAP net income of $0.76 per diluted share, compared to a loss last year, while adjusted net income surged 61% to $3.71 per share. Operating margins improved, with GAAP at 28.6% and adjusted at 42.3%. WEX raised its full-year revenue guidance to $2.250 billion to $2.280 billion, reflecting strong operational momentum and planned investments in technology and product innovation.
WEX (NYSE: WEX) has released its second annual ESG report, showcasing its commitment to environmental, social, and governance initiatives across 17 countries. The report focuses on four pillars: People and Culture, Environmental Innovation, Environmental Stewardship, and Social Impact. Key highlights include the establishment of diversity goals for leadership roles and the development of an extensive EV charging network. WEX also emphasizes mental health support for employees and has made significant reductions in data center energy usage, achieving a 58% decrease since 2019.
WEX Inc. (NYSE: WEX) will report its second quarter 2022 financial results before the market opens on
WEX Inc. (NYSE: WEX) has announced that its Chair and CEO, Melissa Smith, will present at the 42nd Annual William Blair Growth Stock Conference on June 8, 2022, at approximately 12:00 PM CT. A live webcast of the presentation will be available on WEX's Investor Relations website, with a replay accessible for 90 days afterward. WEX is a global commerce platform focused on simplifying business operations through personalized solutions and rich data capabilities.
WEX (NYSE: WEX) has announced a new partnership with AutoZone (NYSE: AZO) that enables eligible WEX customers to buy automotive parts for Class 1–5 vehicles at national account pricing through the WEX EDGE savings network. This collaboration aims to reduce costs for businesses reliant on vehicle operation. The WEX EDGE platform already offers savings on fuel, tires, and hotel accommodations, and this addition aims to provide further discounts on auto parts purchases.
WEX Inc. (NYSE: WEX), a global commerce platform, announced that its CEO, Melissa Smith, will present at the Barclays Emerging Payments and FinTech Forum on May 16, 2022, at around 8:40 AM ET. The presentation will be available live via webcast on the company's Investor Relations page, with a replay accessible for one year. WEX aims to simplify business operations through embedded solutions and rich data, helping companies navigate complexities and achieve their goals.
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