Loading...
•
Mar 31, 2023
WEX Q1 2023 Earnings Report
WEX reported strong Q1 2023 results with revenue and adjusted net income exceeding expectations, driven by strength across its ecosystem of solutions.
Key Takeaways
WEX Inc. reported an 18% year-over-year increase in revenue, reaching a record $612 million for Q1 2023. GAAP net income was $1.56 per diluted share, while adjusted net income attributable to shareholders increased by 15% year-over-year to $3.31 per diluted share. The company is raising its full-year 2023 financial guidance.
Total net revenue for the first quarter of 2023 increased 18% to $612.0 million.
Net income attributable to shareholders was $68.0 million, or $1.56 per diluted share for the first quarter of 2023.
Adjusted net income attributable to shareholders was $145.8 million for the first quarter of 2023, or $3.31 per diluted share.
Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022.
Revenue by Segment
Forward Guidance
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis. For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...