Wex (NYSE: WEX), a company that provides "fleet management solutions" (fuel cards, account management, and so on) to operators of large car and truck fleets, reported Q2 2020 results this morning. The news was not great, and shares are down 9% as of 10:55 a.m. EDT.
Heading into the report, analysts had forecast EPS of $1.38 on sales of $347.6 million for Wex, but the company missed on both points. Sales fell just shy of estimates -- down 21% year over year to $347.1 million -- but earnings were far less than anticipated, plunging 47% to only $1.21 per share.
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