File Photo / Tim Greenway
Melissa Smith
Updated: February 16, 2024
WEX increases share buyback plan to $1.05B
Photo / Renee Cordes
WEX Inc. (NYSE: WEX) is headquartered on Portland's East End.
WEX Inc. (NYSE: WEX), the Portland-based global payments company, will buy back up to $1.05 billion of its own equity after the WEX board OK'd increasing a share repurchase program by $400 million.
The program, announced in August 2022 and amended two months later, previously authorized the company to repurchase up to $650 million in stock through Dec. 31, 2025.
To date, WEX has repurchased around $478 million of its common stock under the program, including $41.5 million in 2024, representing 2.8 million shares since the initial authorization of the program. The amended authorization means WEX can buy another $572 million worth of shares by the end of 2025.
“We remain focused on driving sustainable cash generation to power our strategic growth investments and maintain our solid balance sheet, all while returning capital to shareholders,” said CEO Melissa Smith, who also serves as chair and president.
“Our board and management team continue to view share repurchases as an important part of our capital allocation strategy, and believe expanding the authorization of this program to over $1 billion reflects our commitment to driving long-term value for our shareholders,” she added.
Last week, WEX posted fourth-quarter earnings and revenue results that beat market expectations, and the company issued financial guidance for 2024.
As of Thursday's close on Wall Street, WEX shares have a market value of around $9.6 billion. Shares are trading 13.7% higher than a year ago.
Most Recent
Most Recent
0 Comments