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.
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WEX has announced that it will release its first quarter 2023 financial results before the market opens on April 27, 2023. CEO Melissa Smith and CFO Jagtar Narula will host a conference call at 10:00 AM ET to discuss these results. The call will be available via webcast on WEX's investor relations website, and participants can join by phone at +1-888-510-2008 or +1-646-960-0306, using the passcode 2237921. A replay of the webcast will be accessible approximately two hours after the event and will be available until May 27, 2023.
WEX is a global commerce platform that simplifies business operations, aiming to help companies manage complexity and reach their potential.
WEX (NYSE: WEX) is set to host WEX SPARK 2023, a major conference for over 1,000 business leaders in San Diego from April 17-19. The event will focus on emerging technologies and industry trends aimed at simplifying payments, fleet management, and benefits administration. CEO Melissa D. Smith highlighted the pressing challenges faced by businesses, including staffing and supply chain issues. Keynote sessions will feature insights from WEX executives on strategies to boost growth. Attendees can expect breakout sessions on product capabilities, and training sessions on the WEX benefits platform. This event is crucial for professionals across various sectors, providing opportunities for networking and collaboration. Additional details can be found at www.wexspark.com.