WEX - WEX reports Q3 earnings beat; raises FY 2022 guidance an issues Q4 outlook

October, 27 2022 07:25 AM WEX Inc.

WEX press release ( NYSE: WEX ): Q3 Non-GAAP EPS of $3.51 beats by $0.09 .
Revenue of $616.1M (+27.6% Y/Y) beats by $28.24M .
3Q GAAP operating income margin of 3.5% and adjusted operating income margin of 39.1%.
Total volume increased 41% year-over-year to $57.5B, an increase of 41% from the third quarter of 2021.
Average number of vehicles serviced was approximately 18.3M, an increase of 13% from the third quarter of 2021.
Raises full-year 2022 financial guidance : For the fourth quarter of 2022, the company expects revenue in the range of $570 million to $580 million vs. consensus of $564.17M and adjusted net income in the range of $3.15 to $3.25 per diluted share vs. consensus of $3.20.
For the full year 2022, the company now expects revenue in the range of $2.302 billion to $2.312 billion vs. consensus of $2.27B, up from the prior guidance range of $2.250 billion to $2.280 billion. Adjusted net income is now expected to be in the range of $13.24 to $13.34 per diluted share, an increase from the prior guidance range of $13.05 to $13.30 per diluted share vs. consensus of $13.21.

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