WEX to buy back shares for four more years

File photo / Courtesy WEX WEX Inc. is a global financial technology service provider headquartered in Portland.

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WEX Inc. (NYSE: WEX), a Portland-based financial technology service provider, plans to buy back shares of its stock for another four years.

The company's board of directors voted to extend a share repurchase program launched in 2017 and that had been set to expire at the end of next month, WEX announced Thursday.

Under the renewed program, WEX is authorized repurchase up to $150 million worth of the company’s common stock.

The new repurchase program will expire on Sep. 30, 2025, subject to earlier termination by WEX's board. As of July 28, 2021, the Company had around 44.8 million shares outstanding.

In July, the company reported second-quarter results that exceeded market expectations, and in a sign of growing confidence about the business, restarted issuing financial guidance.

Earnings per diluted share were $2.31, representing a 91% increase over a year ago and surpassing the Zacks Investment Research consensus estimate of $1.99 per share.

The company said at the time that it expects full-year revenue in the range of $1.805 billion to $1.835 billion and adjusted net income in the range of $377 million to $395 million, or $8.30 to $8.70 per diluted share.

WEX, led by Chair and CEO Melissa Smith, has offices in 14 countries and employs around 5,400 people in total. Smith was honored as a Mainebiz Woman to Watch in 2012 and as a Business Leader of the Year in 2017.