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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 5% decline in total revenue for Q1 2021, totaling $410.8 million, compared to $431.7 million in Q1 2020. Despite this, the company achieved $16.8 billion in purchase volume, reflecting strong performance across all segments, exceeding pre-pandemic levels. The net loss attributable to shareholders decreased to $(2.6 million) or $(0.06) per diluted share. Adjusted net income was $81.3 million or $1.79 per diluted share, down 1% year-over-year. WEX's outlook remains positive with ongoing strategic initiatives and a robust pipeline of opportunities.
WEX (NYSE: WEX), a leader in financial technology, has entered a multi-year fuel card agreement with Kum & Go, a top convenience store chain. This partnership enhances WEX's fleet program and aligns with Kum & Go's significant growth, with over 400 stores in 11 states. Both companies emphasize their commitment to innovation and customer service. WEX operates globally, providing services across various sectors, including fleet, travel, and healthcare, with a purchase volume of $20.9 billion in 2020.
WEX (NYSE: WEX) has unveiled the CrossRoads Freight card, designed for mixed fleets, enabling access to 16,000 truck stops and 95% of retail fueling stations across the U.S. This new product builds on the original CrossRoads card launched in 2018, catering to businesses that need both light-duty vehicle fueling and truck stop discounts. Features include purchasing controls, integrated reporting, and fuel discounts through the WEX EDGE Savings Network. The card enhances control and visibility for mixed fleets, developed with customer feedback and market research.
WEX Inc. (NYSE: WEX) announced it will report its first quarter 2021 financial results on April 29, 2021, before market opening. The conference call, led by CEO Melissa Smith and CFO Roberto Simon, is scheduled for 10:00 A.M. EDT and will be accessible via the company’s investor relations website or by phone. WEX, a prominent financial technology provider, operates across various sectors globally, serving over 15.8 million vehicles and handling a purchase volume of $20.9 billion in travel and corporate solutions in 2020.
WEX (NYSE: WEX), a leading financial technology service provider, announced its agreement to acquire benefitexpress for approximately $275 million. This acquisition is expected to enhance WEX's offerings in benefits administration, adding tools for employee enrollment, ACA compliance, and verification services. The transaction aligns with WEX's strategic vision to provide a comprehensive healthcare ecosystem. WEX anticipates this acquisition will be neutral to its Adjusted Net Income for 2021, with completion expected in the second quarter pending regulatory approvals.
WEX (NYSE: WEX) has finalized its acquisition of health savings account (HSA) assets from HealthcareBank. This strategic move, first announced on February 11, 2021, aims to enhance WEX's Health division by increasing adjusted net income for fiscal year 2021. The acquisition is expected to provide significant financial benefits, supporting WEX's mission to simplify complex payment systems.
WEX (NYSE:WEX) announced an amendment and restatement of its credit facility, increasing commitments from $870 million to $930 million. The outstanding tranche A term loans will rise to approximately $978 million. The new maturity date for revolving credit and tranche A loans is April 1, 2026, while tranche B loans mature on April 1, 2028. The interest rate margins are set at 2.00% for LIBOR on revolving and tranche A loans, and 2.25% for tranche B loans. The company also incurred customary fees related to the arrangement.
WEX Inc. (NYSE: WEX) announced efforts to refinance its credit facility, targeting an extension of maturity dates for tranche A term loans and revolving credit to 2026, and tranche B term loans to 2028. The refinancing is subject to market conditions and there are no guarantees it will be completed. The company, a leader in corporate payment solutions, operates globally across various sectors, managing significant transaction volumes. Adverse impacts from the COVID-19 pandemic and economic conditions are ongoing concerns for WEX's financial stability.
WEX (NYSE: WEX) has successfully renewed a multi-year contract with Sourcewell, which serves government, education, and nonprofit sectors, providing access to cooperative contracts. This marks the third consecutive contract between WEX and Sourcewell, allowing users to access fuel cards and premium GPS tracking without a new RFP process. Sourcewell boasts over 50,000 registered users across North America, facilitating free participation for eligible entities. WEX aims to leverage its governmental sector experience to enhance fleet management efficiency for public agencies.
WEX (NYSE: WEX) has partnered with Ford Smart Mobility LLC to provide fuel card solutions to Ford's commercial fleet customers. This collaboration will enable Ford customers to access WEX's comprehensive fuel card offerings, including the WEX Universal card. Ford's clients will benefit from features like customizable spending controls, online account access, and detailed reporting. The fuel cards promise a 95% acceptance rate at fueling locations across the U.S. This agreement is expected to enhance value for Ford's commercial fleet clientele.
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