Welcome to our dedicated page for Wex news (Ticker: WEX), a resource for investors and traders seeking the latest updates and insights on Wex stock.
WEX Inc (NYSE: WEX) is a global provider of corporate payment solutions specializing in fleet management, B2B transactions, and benefits administration. This news hub offers investors and professionals timely updates on strategic developments, financial performance, and operational milestones.
Access comprehensive coverage of earnings reports, partnership announcements, and technology innovations across WEX's core segments. Our curated collection ensures you stay informed about payment security advancements, fleet card program expansions, and healthcare payment solutions without promotional bias.
Key updates include corporate acquisitions, regulatory filings, leadership changes, and product launches. Bookmark this page for direct access to primary source materials and analysis-free reporting on WEX's global payment infrastructure developments.
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
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.
