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Sep 30, 2020
WEX Q3 2020 Earnings Report
WEX Inc. reported financial results for Q3 2020, demonstrating resilience in a rapidly changing environment with recovering spend volumes and strategic investments.
Key Takeaways
WEX Inc. reported a 17% decrease in total revenue to $382.1 million for Q3 2020 compared to $460.0 million in Q3 2019. Net loss attributable to shareholders was $65.8 million, or $1.49 per diluted share, compared to net income of $14.6 million, or $0.33 per diluted share, for the same period last year. Adjusted net income was $70.9 million, or $1.59 per diluted share, down 39% per diluted share year-over-year.
Demonstrated ability to adapt to the rapidly-changing operating environment.
Experienced steady recovery of spend volumes across all segments throughout the quarter.
Corporate payments customers and U.S. health business experienced year-over-year top-line growth.
Focused on positioning WEX for sustained long-term growth through strategic investments and technology advancements.
Forward Guidance
The Company expects revenue to level off in the fourth quarter, and to ramp up investments in select high-growth areas of our business to position WEX advantageously for future opportunities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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