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Mar 31, 2024
WEX Q1 2024 Earnings Report
WEX's Q1 2024 financial results were reported, featuring record first-quarter revenue driven by growth in the Benefits and Corporate Payments segments.
Key Takeaways
WEX Inc. reported a 7% year-over-year increase in revenue to $652.7 million for Q1 2024, driven by strong growth in the Benefits and Corporate Payments segments. GAAP net income was $65.8 million, or $1.55 per diluted share, while adjusted net income was $146.7 million, or $3.46 per diluted share. The company raised its full-year 2024 financial guidance.
Total revenue increased by 7% year-over-year to $652.7 million, a record for the first quarter.
Benefits segment revenue grew by 16%, and Corporate Payments segment revenue grew by 17%.
GAAP net income was $1.55 per diluted share, and adjusted net income was $3.46 per diluted share.
The company raised its full-year 2024 revenue and adjusted net income guidance.
Revenue by Segment
Forward Guidance
For Q2 2024, WEX expects revenue between $675 million and $685 million, and adjusted net income per diluted share between $3.75 and $3.85. For the full year 2024, revenue is projected to be between $2.73 billion and $2.77 billion, with adjusted net income per diluted share between $16.10 and $16.60.
Positive Outlook
- Revenue is expected to be in the range of $675 million to $685 million for the second quarter of 2024.
- Adjusted net income is projected to be in the range of $3.75 to $3.85 per diluted share for Q2 2024.
- Full-year 2024 revenue is now expected to be in the range of $2.73 billion to $2.77 billion.
- Adjusted net income for the full year 2024 is projected to be in the range of $16.10 to $16.60 per diluted share.
- Guidance includes the anticipated impact of the Company’s new long-term agreement with Booking.com.
Challenges Ahead
- Guidance is based on assumed average U.S. retail fuel prices of $3.69 and $3.64 per gallon for the second quarter and full year 2024, respectively.
- Guidance assumes approximately 42.5 million fully diluted shares outstanding for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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