WEX posts 15% revenue growth in 2013
WEX Inc. reported today that its revenue for the fourth quarter of 2013 rose 8% to $182.3 million, up from $169 million during the same period in 2012. The company’s adjusted net income on a generally accepted accounting principles basis for the fourth quarter was $34.5 million, compared with $29.1 million for the fourth quarter in 2012. On a non-GAAP basis, the company’s adjusted net income increased 5% to $44.1 million, from $41.8 million in the fourth quarter of 2012.
The company beat analyst projections for the quarter, reporting earnings per share on a non-GAAP basis of $1.13, four cents higher than expected.
For the full year ending on Dec. 31, 2013, WEX reported net income of $148.3 million, up from $96.9 million for 2012. That income was based on revenue of $717.5 million, up 15% from $623.2 million in 2012.
Melissa Smith, WEX president and CEO, said the fourth-quarter performance was “better than expected” and cited the addition of 700,000 new fleet cards globally and a 20% spending growth in the company’s virtual card business as FY 2013 achievements that put the company in a “position of strength” heading into a new fiscal year. She said in a press release the company’s priorities in the coming year are to position the company for long-term growth and make targeted investments abroad.
Smith told Mainebiz the company anticipates closing its acquisition of ExxonMobil’s Esso European card portfolio in the fourth quarter of 2014 or the first quarter of 2015. She characterized the deal as a “major development in our global growth initiative” that would extend WEX’s customer base into nine European countries.
Significant fourth-quarter performance metrics include a 32% increase in total corporate card purchase volume, which grew to $3.3 billion, compared to $2.5 billion posted in 2012; a 2% increase in the average number of vehicles serviced worldwide, to 7.7 million; and a 4% increase in total fuel transactions, to 92.9 million.
Looking ahead, WEX anticipates revenue for the first quarter of 2014 to be in the range of $168 million to $175 million. For the full year, it projects revenue to be in the range of $751 million to $771 million.
Founded in 1983 as a provider of fuel cards for vehicle fleets, WEX and its subsidiaries now employ more than 1,400 people worldwide.
Most Recent
Most Recent
Comments