PORTLAND, Maine - WEX Inc. (NYSE: NYSE:WEX), a leading global commerce platform, today announced a solid start to the year with a record first-quarter revenue of $653 million, a 7% increase YoY.
This growth was propelled by a 16% rise in the Benefits segment and a 17% surge in the Corporate Payments segment. Despite the strong revenue performance, the company's adjusted earnings per share (EPS) of $3.46 fell slightly short of the analyst expectations by $0.02.
WEX's first-quarter results reflect robust operational execution, with a GAAP operating income margin of 25.2% and an even more impressive adjusted operating income margin of 38.5%.
The company's Chair, CEO, and President, Melissa Smith, highlighted the quarter's achievements, stating, "WEX delivered impressive financial results in the first quarter, including record first quarter revenue, marking a strong start to 2024 and reinforcing our ability to drive robust performance in any macroeconomic environment."
The company has also raised its full-year financial guidance for 2024, now expecting an adjusted EPS range of $16.10 to $16.60, which brackets the analyst consensus of $16.25.
Revenue projections for the year have been set at $2.73 to $2.77 billion, closely aligning with the consensus estimate of $2.735 billion. The midpoint of the guidance range for both EPS and revenue suggests a slight optimism from the company compared to market expectations.
Smith remains confident in WEX's growth trajectory, citing strategic initiatives and technological advancements as key drivers.
"We are also laser-focused on leveraging technology and AI to improve efficiency and further enhance our offerings. Looking ahead, I remain confident in our ability to drive growth across the business in the near- and long-term," she added.
Although the specific stock movement percentage post-earnings was not disclosed, the company's forward-looking statements and raised guidance indicate a positive outlook for WEX's future performance.
The company's focus on integrating recent acquisitions, launching new products, and investing in technology and AI demonstrates a commitment to maintaining its growth momentum and enhancing shareholder value.
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