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. reports developments across its commerce platform for intelligent payment solutions, including Mobility, Benefits and Corporate Payments. Company news commonly covers fleet and mobility payment activity, business-to-business payment processing, virtual card integrations for accounts payable workflows, and health benefits technology spanning HSAs, FSAs, HRAs, COBRA, enrollment and administration.
WEX updates also include quarterly financial results, payment volume and guidance commentary, product and partner integrations, benefits-industry events, capital allocation priorities, and governance matters tied to board composition, annual meeting materials and shareholder communications.
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WEX reported a record revenue of $612 million for 1Q 2023, up 18% year-over-year, although GAAP net income fell 42% to $1.56 per diluted share. Adjusted net income attributable to shareholders rose 15% to $3.31. The operating income margin improved to 25.2% GAAP and 37.6% adjusted. Total transaction volume increased 17% to $52.3 billion, with significant growth in Corporate Payments (up 58% to $18.6 billion). WEX repurchased approximately 525,000 shares for $93 million. The company raised its full-year revenue guidance to between $2.45 billion and $2.49 billion. Expected net income for 2Q 2023 is between $3.45 and $3.55 per diluted share.