File Photo / Tim Greenway
WEX Chair and CEO Melissa Smith
February 9, 2022
WEX beats estimates on 4Q results, issues 2022 guidance
File photo / Courtesy WEX
WEX Inc. is a global financial technology service provider headquartered in Portland.
WEX Inc. (NYSE: WEX), a Portland-based financial technology service provider, on Thursday posted fourth-quarter earnings and revenues that exceeded market expectations and issued first-quarter and full-year 2022 guidance.
Adjusted net income attributable to shareholders was $116.8 million for the fourth quarter, or $2.58 per diluted share. That compares to $1.45 per share a year ago and exceeds the $2.46 per share consensus forecast of analysts polled by Zacks Investment Research. Over the last four quarters, WEX has surpassed consensus estimates four times, Zacks noted.
Fourth-quarter revenue increased 25% to $497.5 million, 0.03% above the Zacks consensus forecast, from $399 million for the fourth quarter of last year. WEX said the $98.5 million year-on-year revenue increase includes a $47.4 million positive impact from higher average fuel prices and foreign exchange rates.
For the full-year 2021, revenue rose 19% to $1.85 billion, while adjusted net income per diluted share increased 51% to $9.14 from $6.06 in 2020.
“Overall, 2021 was one of the best years in our history, with record revenue and near record adjusted net income per share. We continued to win new customers and expand our relationships with existing partners across the WEX ecosystem, a testament to our compelling suite of solutions, which are underpinned by global scale and reliability, customer-focused innovation, and specialized focus with rich data,” said Melissa Smith, WEX’s chair and CEO.
In early trading Thursday, shares of WEX were up 8.54%, to $175.69. The company has a market capitalization of $7.23 billion.
Q1 and FY 2022 outlook
With regard to the first quarter of 2022, the company said it expects revenue in the range of $495 million to $505 million and adjusted net income in the range of $117 million to $122 million, or $2.55 to $2.65 per diluted share.
For all of 2022, WEX projected revenue in the range of $2.05 billion to $2.09 billion and adjusted net income in the range of $517 million to $536 million, or $11.20 to $11.60 per diluted share.
Jen Kimball, WEX's chief accounting officer and interim CFO, said, "Looking ahead to 2022, we have high expectations as we continue to drive new customer wins and deepen our existing relationships."
Most Recent
Most Recent
0 Comments