WEX - WEX beats Q1 top and bottom line estimates; initiates Q2 and raises FY23 outlook

2023-04-27 06:43:14 ET

• WEX press release ( NYSE: WEX ): Q1 Non-GAAP EPS of $3.31 beats by $0.11 .
• Revenue of $612M (+18.3% Y/Y) beats by $7.61M .

• Total volume increased 17% year-over-year to $52.3 billion, an increase of 17% from the first quarter of 2022.

• Mobility payment processing transactions increased 4% from the first quarter of 2022 to 137.5 million.
• Average number of vehicles serviced was approximately 18.7 million, an increase of 9% from the first quarter of 2022.

• Raises full-year 2023 financial guidance:

• For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million vs. consensus of $616.31B and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share vs. consensus of $3.49.
• For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion  vs. consensus of $2.47B, up from the prior guidance range of $2.43 billion to $2.47 billion. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share vs. consensus of $13.82.

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