Wex Inc - WEX STOCK NEWS

WEX Inc. (NYSE: WEX) announced that Steve Elder, Senior Vice President of Global Investor Relations, will present at the J.P. Morgan Ultimate Services Investor Conference on November 17, 2022, at 3:35 PM ET. A live webcast of the event will be accessible via the Company's Investor Relations website and through a direct link for those interested. An audio replay will also be available for thirty days post-event.

WEX provides a global commerce platform designed to simplify business operations, enabling clients to overcome complexities and achieve their goals.

WEX reported a record third-quarter revenue of $616.1 million, marking a 28% year-over-year increase. Despite the impressive revenue growth, the company experienced a GAAP net loss of $44.1 million, or $1.00 per diluted share. Adjusted net income rose 43% year-over-year to $157.8 million, or $3.51 per diluted share. Operating income margins were 3.5% for GAAP and 39.1% for adjusted figures. WEX has raised its full-year revenue guidance to a range of $2.302 billion to $2.312 billion.

WEX has authorized an amended share repurchase program, allowing for the buyback of up to $650 million of its common stock. This modification increases the previous limit of $150 million and shortens the buyback timeline to December 31, 2025. WEX has already repurchased $225 million of stock this year and has $575 million remaining under the new authorization. CEO Melissa Smith expressed confidence in WEX’s future earnings potential and views the current share price as attractive for repurchases, reflecting a commitment to returning value to shareholders.

WEX Inc. (NYSE: WEX) is set to report its third quarter 2022 financial results on October 27, 2022, before the market opens. The earnings will be discussed during a conference call at 10:00 A.M. EDT, led by Chair and CEO Melissa Smith and CFO Jagtar Narula. Investors can access the call via the WEX website or by phone. A replay will be available starting two hours post-webcast and lasting until November 27, 2022. WEX aims to simplify business operations through its global commerce platform.

WEX collaborates with Tori Dunlap and Jennifer McClure to enhance employee benefits awareness, especially regarding HSAs, coinciding with National HSA Awareness Day on October 15.

WEX aims to empower employers with tools to better support employees amidst rising inflation and economic uncertainty. HSAs offer flexibility, tax benefits, and long-term savings options.

WEX currently manages one in five HSAs nationwide and emphasizes the importance of financial education and strategic benefits for employees.

WEX has launched Flume, an FDIC-insured digital wallet aimed at helping small and medium-sized businesses (SMBs) in the U.S. with seamless account-to-account transfers. Flume addresses the challenge of high check payments, which account for over 40% of B2B transactions. Since its beta launch, Flume has managed over $2 million in payment volume, with transactions averaging between $2,000 and $8,000. The service integrates with QuickBooks Online and offers a secure payment portal for card processing, ensuring timely access to cash for SMBs.

WEX has authorized a new share repurchase program for up to $150 million of its common stock, replacing a prior plan completed in August 2022. This new program allows for a flexible approach to stock buybacks until August 23, 2026. The timing and amount of repurchases will depend on market conditions and the company's financial performance. Previously, WEX repurchased 954,378 shares at an average price of $156.76. The program aims to provide shareholder value but does not obligate any specific number of shares to be bought back.

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.