Wex: Q2 Earnings Snapshot

Associated Press Finance
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SOUTH PORTLAND, Maine (AP) — SOUTH PORTLAND, Maine (AP) — Wex Inc. (WEX) on Thursday reported second-quarter net income of $95.3 million.

On a per-share basis, the South Portland, Maine-based company said it had net income of $2.20. Earnings, adjusted for one-time gains and costs, came to $3.63 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.51 per share.

The provider of fuel payment processing for fleet vehicles posted revenue of $621.3 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $620.6 million.

For the current quarter ending in September, Wex expects its per-share earnings to range from $3.65 to $3.75.

The company said it expects revenue in the range of $629 million to $639 million for the fiscal third quarter.

Wex expects full-year earnings in the range of $14.15 to $14.35 per share, with revenue ranging from $2.5 billion to $2.52 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WEX at https://www.zacks.com/ap/WEX

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