WEX Inc

WEX

Equity

ISIN US96208T1043 / Valor 19879187

New York Stock Exchange, Inc (2024-12-24)

USD 171.67+0.40%

WEX Inc
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About company

WEX Inc. is a global commerce platform specializing in providing solutions that address operational complexities for businesses across various sectors. The company focuses on three primary areas: offering employee benefits solutions, managing and mobilizing fleets, and streamlining business payments. By leveraging technology, WEX Inc. aims to simplify these aspects of business operations, enabling companies to operate more efficiently and effectively. The firm's services are designed to support businesses in overcoming the challenges associated with managing large-scale fleets, handling employee benefits, and executing seamless payment processes. Through its comprehensive suite of services, WEX Inc. plays a crucial role in facilitating smoother operations for businesses around the world.

Summarized from source with an LLMView SourceSector: Finance

Revenue Growth

WEX Inc. reported a 2% year-over-year increase in revenue for the third quarter of 2024, reaching a record $665 million. This growth was primarily driven by a 9% increase in the Benefits segment and continued growth in the Mobility segment.

Net Income

For the third quarter of 2024, WEX Inc.'s GAAP net income was $102.9 million, or $2.52 per diluted share. This represents a significant increase from the previous year's third quarter net income of $18.4 million, or $0.42 per diluted share.

Operating Income Margins

WEX Inc. achieved a GAAP operating income margin of 29.5% in the third quarter of 2024, up from 26.8% in the same period last year. The adjusted operating income margin also improved to 44.0%, compared to 41.8% in the prior year.

Share Repurchases

During the third quarter of 2024, WEX Inc. spent approximately $370 million on share repurchases, including a $300 million accelerated share repurchase agreement. This activity reflects the company's commitment to creating value for its shareholders.

Financial Outlook

Looking ahead, WEX Inc. has adjusted its financial outlook for the remainder of 2024, anticipating revenue in the range of $2.62 billion to $2.63 billion for the full year. The company expects adjusted net income to be between $15.21 and $15.31 per diluted share, reflecting the impact of macroeconomic factors on its Mobility business.

Summarized from source with an LLMView Source

Key figures

-11.8%1Y

24.7%3Y

-16.6%5Y

Performance

29.2%1Y

32.2%3Y

46.8%5Y

Volatility