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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WEX Inc | NYSE:WEX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 0.25% | 211.30 | 214.15 | 210.84 | 213.59 | 203,812 | 00:01:17 |
Total Revenue for the Quarter Increased 13%
WEX Inc. (NYSE:WEX), a leading provider of corporate payment solutions, today reported financial results for the three months ended September 30, 2017.
Third Quarter 2017 Financial Results
Total revenue for the third quarter of 2017 increased 13% to $324.0 million from $287.8 million for the third quarter of 2016. During the quarter, higher fuel prices positively impacted revenue by $8.0 million when compared to the prior year period.
Net earnings attributable to shareholders on a GAAP basis increased $14.3 million to $34.0 million, or $0.79 per diluted share, compared with $19.7 million, or $0.46 per diluted share, for the third quarter of 2016. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $61.5 million for the third quarter of 2017, or $1.43 per diluted share, up 14% from $1.25 per diluted share for the same period last year. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.
"I am pleased to announce another strong quarter in which we delivered ahead of our expectations, making this our fifth quarter in a row with double digit revenue growth." said Melissa Smith, WEX’s president and chief executive officer. "Our growth engine remains strong, due to contributions from all of our business segments, and we are delivering against our strategic initiatives which have resulted in growing earnings and profitability."
Smith continued, "We continue to build upon our successful track record of competitive wins, reflecting the strength of our innovative product sets meeting customer needs in a diverse set of markets. I am particularly encouraged by the organic nature of our growth this quarter, which sets us up for a strong close to 2017."
Third Quarter 2017 Performance Metrics
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and indeterminate amount of certain elements that are included in reported GAAP earnings.
"We continue to strengthen our underlying foundation for profitable growth. Through our debt refinancing finalized during the quarter, we stand to save an estimated $11 million of financing interest on an annual basis. This quarter we also added $100 million of capacity to our revolver, providing additional financial flexibility to help us navigate an evolving market. Importantly, our diligence and execution has started to pay off with regards to fraud losses from card skimming, which have continued to trend lower each month this quarter after hitting its high point last quarter, as we expected," said Roberto Simon, WEX's chief financial officer.
Fourth quarter 2017 guidance is based on an assumed average U.S. retail fuel price of $2.53 per gallon. The fuel price referenced above is based on the applicable NYMEX futures price. Our guidance assumes approximately 43 million shares outstanding for the fourth quarter.
The Company's guidance also assumes that fourth quarter 2017 fleet credit loss will range between 19 and 24 basis points.
The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on derivative instruments, net foreign currency remeasurement gains and losses, non-cash adjustments related to tax receivable agreement, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, an impairment charge, debt restructuring and debt issuance cost amortization, similar adjustments attributed to our non-controlling interest and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including but not limited to foreign currency exchange rates, unrealized gains and losses on derivative instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.
Additional Information
Management uses the non-GAAP measures presented within this news release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.
WEX historically used fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices in North America. Starting with the second quarter of 2016, there were no longer any fuel price related derivatives outstanding.
To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 2, a table illustrating the impact of foreign currency translations and fuel prices for each of our operating segments for the three and nine months ended September 30, 2017 and 2016, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended September 30, 2017 and four preceding quarters. The Company is also providing selected segment revenue information for the three and nine months ended September 30, 2017 and 2016 in Exhibit 4.
Conference Call Details
In conjunction with this announcement, WEX will host a conference call today, November 1, 2017, at 9:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the WEX website, http://www.wexinc.com. The live conference call also can be accessed by dialing (866) 334-7066 or (973) 935-8463. The Conference ID number is 90476316. A replay of the webcast will be available on the Company's website.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 11 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 3,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding: management’s expectations for future corporate performance; financial guidance; and, assumptions underlying the Company's financial guidance. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company's acquisitions, including Electronic Funds Source LLC's operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's failure to successfully operate and expand ExxonMobil's European and Asian commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2016, filed on Form 10-K with the Securities and Exchange Commission on March 6, 2017 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2017 filed with the Securities and Exchange Commission on May 8, 2017. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
WEX INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)(unaudited)
Three months ended September 30,
Nine months endedSeptember 30,
2017 2016 2017 2016 Revenues Payment processing revenue $ 145,702 $ 146,182 $ 423,434 $ 383,319 Account servicing revenue 71,322 58,815 198,538 150,770 Finance fee revenue 50,879 36,138 136,336 92,348 Other revenue 56,099 46,621 160,935 101,184 Total revenues 324,002 287,756 919,243 727,621 Expenses Salary and other personnel 92,321 76,706 261,717 206,778 Restructuring 4,639 2,531 6,799 7,626 Service fees 41,205 53,415 115,306 136,098 Provision for credit losses 19,614 9,489 47,927 19,849 Technology leasing and support 13,628 12,517 40,245 34,525 Occupancy and equipment 6,526 7,271 19,352 19,096 Depreciation and amortization 51,229 46,008 150,428 91,381 Operating interest expense 7,382 2,599 16,694 5,490 Cost of hardware and equipment sold 1,066 859 3,193 2,429 Impairment charge — — 16,175 — Other expenses 22,669 21,793 69,351 57,018 Total operating expenses 260,279 233,188 747,187 580,290 Operating income 63,723 54,568 172,056 147,331 Financing interest expense (25,754 ) (35,064 ) (81,449 ) (87,040 ) Net foreign currency gain 14,611 5,932 33,578 17,233 Net unrealized loss on interest rate swap agreements (150 ) — (849 ) — Net realized and unrealized gain on fuel price derivatives — — — 711 Non-cash adjustments related to tax receivable agreement — (168 ) — (168 ) Income before income taxes 52,430 25,268 123,336 78,067 Income taxes 18,570 6,065 43,760 23,730 Net income 33,860 19,203 79,576 54,337 Less: Net loss from non-controlling interest (111 ) (493 ) (886 ) (1,013 ) Net earnings attributable to shareholders $ 33,971 $ 19,696 $ 80,462 $ 55,350 Net earnings attributable to WEX Inc. per share: Basic $ 0.79 $ 0.46 $ 1.87 $ 1.38 Diluted $ 0.79 $ 0.46 $ 1.87 $ 1.38 Weighted average common shares outstanding: Basic 43,014 42,788 42,963 40,126 Diluted 43,101 42,871 43,092 40,199
WEX INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except per share data)(unaudited)
September 30, 2017
December 31,2016
Assets Cash and cash equivalents $ 251,118 $ 190,930 Accounts receivable (net of allowances of $32,712 in 2017 and $20,092 in 2016) 2,595,371 2,054,701 Securitized accounts receivable, restricted 150,845 97,417 Income taxes receivable 12,904 10,765 Available-for-sale securities 23,584 23,525Property, equipment and capitalized software (net of accumulated depreciation of $264,098 in2017 and $228,336 in 2016)
185,350 167,278 Deferred income taxes, net 8,462 6,934 Goodwill 1,813,805 1,838,441Other intangible assets (net of accumulated amortization of $375,004 in 2017 and $254,143 in 2016)
1,155,631 1,265,468 Other assets 344,058 341,638 Total assets $ 6,541,128 $ 5,997,097 Liabilities and Stockholders’ Equity Accounts payable $ 849,326 $ 617,118 Accrued expenses 318,402 331,579 Deposits 1,091,530 1,118,823 Borrowed federal funds 28,462 — Securitized debt 122,475 84,323 Revolving line of credit facilities and term loans, net 1,727,472 1,599,291 Deferred income taxes, net 149,605 152,906 Notes outstanding, net 396,085 395,534 Other debt 166,264 125,755 Amounts due under tax receivable agreement 38,375 47,302 Other liabilities 20,178 18,719 Total liabilities 4,908,174 4,491,350 Commitments and contingencies Stockholders’ EquityCommon stock $0.01 par value; 175,000 shares authorized; 47,349 shares issued in 2017 and47,173 in 2016; 42,921 shares outstanding in 2017 and 42,841 in 2016
473 472 Additional paid-in capital 561,155 547,627 Non-controlling interest8,446
8,558 Retained earnings 1,324,994 1,244,271 Accumulated other comprehensive loss(89,772
) (122,839 ) Treasury stock at cost; 4,428 shares in 2017 and 2016 (172,342 ) (172,342 ) Total stockholders’ equity 1,632,954 1,505,747 Total liabilities and stockholders’ equity $ 6,541,128 $ 5,997,097Exhibit 1
Reconciliation of GAAP Net Earnings Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders(in thousands, except per share data) (unaudited)
Three Months Ended September 30,
2017 2016per dilutedshare
per dilutedshare
Net earnings attributable to shareholders $ 33,971 $ 0.79 $ 19,696 $ 0.46 Unrealized losses on derivative instruments150
— — — Net foreign currency remeasurement gain (14,611 ) (0.34 ) (5,932 ) (0.14 ) Non-cash adjustments related to tax receivable agreement — — 168 — Acquisition-related intangible amortization 38,510 0.89 33,855 0.79 Other acquisition and divestiture related items 1,006 0.02 13,100 0.31 Stock-based compensation 8,483 0.20 5,199 0.12 Restructuring and other costs6,024
0.14 3,767 0.09 Debt restructuring and debt issuance cost amortization 4,287 0.10 9,106 0.21 ANI adjustments attributable to non-controlling interest (207 ) — (339 ) (0.01 ) Tax related items (16,130 ) (0.37 ) (25,214 ) (0.59 ) Adjusted net income attributable to shareholders $ 61,483 $ 1.43 $ 53,406 $ 1.25Nine Months Ended September 30,
2017 2016per dilutedshare
per dilutedshare
Net earnings attributable to shareholders $ 80,462 $ 1.87 $ 55,350 $ 1.38 Unrealized losses on derivative instruments849
0.02 5,007 0.12 Net foreign currency remeasurement gain (33,578 ) (0.78 ) (17,233 ) (0.43 ) Non-cash adjustments related to tax receivable agreement — — 168 — Acquisition-related ticking fees — — 30,045 0.75 Acquisition-related intangible amortization 114,603 2.66 59,066 1.47 Other acquisition and divestiture related items 3,380 0.08 19,694 0.49 Stock-based compensation 22,354 0.52 14,312 0.36 Restructuring and other costs10,169
0.24 11,689 0.29 Impairment charge 16,175 0.38 — — Debt restructuring and debt issuance cost amortization 8,450 0.20 10,649 0.26 ANI adjustments attributable to non-controlling interest (1,162 ) (0.03 ) (1,200 ) (0.03 ) Tax related items (53,131 ) (1.23 ) (53,505 ) (1.33 ) Adjusted net income attributable to shareholders $ 168,571 $ 3.91 $ 134,042 $ 3.33The Company's non-GAAP adjusted net income excludes unrealized gains and losses on derivatives, net foreign currency remeasurement gains and losses, non-cash adjustments related to tax receivable agreement, acquisition-related ticking fees, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt restructuring and debt issuance cost amortization, similar adjustments attributed to our non-controlling interest and certain tax related items. In addition, for the nine months ended September 30, 2017, we have excluded an impairment charge related to the insourcing of certain technology functions from a third party.
Although adjusted net income is not calculated in accordance with generally accepted accounting principles (GAAP), this non-GAAP measure is integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses adjusted operating income to allocate resources among our operating segments. The Company considers this measure integral because it excludes specified items that the Company's management excludes in evaluating the Company's performance. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because:
For the same reasons, WEX believes that adjusted net income may also be useful to investors as one means of evaluating the Company's performance. However, because adjusted net income is a non-GAAP measure, it should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.
The table below shows the impact of certain macro factors on Reported revenue:
Exhibit 2Segment Revenue(in thousands)(unaudited)
Fleet SolutionsTravel and CorporateSolutions
Health and EmployeeBenefit Solutions
Total WEX Inc. Three months ended September 30, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 212,078 $ 184,758 $ 61,026 $ 63,315 $ 50,898 $ 39,683 $ 324,002 $ 287,756 FX impact (favorable) / unfavorable (1,131 ) — (478 ) — (235 ) — (1,844 ) — PPG impact (favorable) / unfavorable (8,020 ) — — — — — (8,020 ) — Nine months ended September 30, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 603,205 $ 449,791 $ 163,739 $ 161,795 $ 152,299 $ 116,035 $ 919,243 $ 727,621 FX impact (favorable) / unfavorable(684
) — 1,455 — (2,813 ) —(2,042
) — PPG impact (favorable) / unfavorable (31,598 ) — — — — — (31,598 ) —To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year.
To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue variable to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend. For the portions of our business that earns revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on Adjusted Net Income:
Segment Estimated Earnings Impact(in thousands)(unaudited)
Fleet SolutionsTravel and CorporateSolutions
Health and EmployeeBenefit Solutions
Three months ended September 30, 2017 2016 2017 2016 2017 2016 FX impact (favorable) / unfavorable $ (251 ) $ — $ (244 ) $ — $ (54 ) $ — PPG impact (favorable) / unfavorable (4,641 ) — — — — — Nine months ended September 30, 2017 2016 2017 2016 2017 2016 FX impact (favorable) / unfavorable $ (130 ) $ — $ 277 $ — $ (477 ) $ — PPG impact (favorable) / unfavorable (18,169 ) — — — — — Realized gain on hedge settlement — 3,636 — — — —To determine the estimated earnings impact of FX, revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-US denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, net of tax and non-controlling interest where applicable.
To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices, were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interest and applicable taxes.
Exhibit 3Selected Non-Financial Metrics(unaudited)
Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Fleet Solutions – Payment Processing Revenue: Payment processing transactions (000s) 110,047 108,134 102,765 99,662 102,947 Gallons per payment processing transaction 26.4 26.9 27.0 27.4 27.0 Payment processing gallons of fuel (000s) 2,905,700 2,907,875 2,775,590 2,731,994 2,776,622 Average US fuel price (US$ / gallon) $ 2.51 $ 2.41 $ 2.40 $ 2.30 $ 2.24 Average Australian fuel price (US$ / gallon) $ 3.78 $ 3.65 $ 3.76 $ 3.50 $ 3.45 Payment processing $ of fuel (000s) $ 7,688,750 $ 7,399,901 $ 7,080,117 $ 6,672,281 $ 6,593,406 Net payment processing rate 1.17 % 1.18 % 1.22 % 1.23 % 1.26 % Payment processing revenue (000s) $ 90,270 $ 87,678 $ 86,262 $ 81,767 $ 83,132 Travel and Corporate Solutions – Payment Processing Revenue: Purchase volume (000s) $ 8,662,533 $ 7,676,935 $ 6,599,797 $ 6,351,741 $ 7,138,956 Net interchange rate 0.51 % 0.52 % 0.53 % 0.71 % 0.74 % Payment processing revenue (000s) $ 44,177 $ 40,276 $ 34,875 $ 45,390 $ 52,551 Health and Employee Benefit Solutions: Purchase volume (000s) $ 955,652 $ 1,126,854 $ 1,347,219 $ 803,045 $ 875,598Definitions and explanations:
Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.
Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants less any discounts given to fleets or strategic relationships.
Purchase volume in the Travel and Corporate Solutions segment represents the total dollar value of all transactions that use WEX corporate card products and virtual card products.
Net interchange rate represents the percentage of the dollar value of each transaction that WEX records as revenue less any discounts given to customers.
Purchase volume in the Health and Employee Benefit Solutions segment represents the total US dollar value of all transactions where interchange is earned by WEX.
Exhibit 4Segment Revenue Information(in thousands)(unaudited)
Fleet SolutionsThree months endedSeptember 30,
Increase (decrease)Nine months endedSeptember 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 90,270 $ 83,132 $ 7,138 8.6 % $ 264,210 $ 216,133 $ 48,077 22.2 % Account servicing revenue 44,858 37,414 7,444 19.9 % 122,238 90,400 31,838 35.2 % Finance fee revenue 40,773 33,230 7,543 22.7 % 113,754 85,841 27,913 32.5 % Other revenue 36,177 30,982 5,195 16.8 % 103,003 57,417 45,586 79.4 % Total revenues $ 212,078 $ 184,758 $ 27,320 14.8 % $ 603,205 $ 449,791 $ 153,414 34.1 %Travel and CorporateSolutions
Three months endedSeptember 30,
Increase (decrease)Nine months endedSeptember 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 44,177 $ 52,551 $ (8,374 ) (15.9 )% $ 119,328 $ 130,372 $ (11,044 ) (8.5 )% Account servicing revenue 206 242 (36 ) (14.9 )% 528 852 (324 ) (38.0 )% Finance fee revenue 87 115 (28 ) (24.3 )% 469 336 133 39.6 % Other revenue 16,556 10,407 6,149 59.1 % 43,414 30,235 13,179 43.6 % Total revenues $ 61,026 $ 63,315 $ (2,289 ) (3.6 )% $ 163,739 $ 161,795 $ 1,944 1.2 %Health and Employee Benefit Solutions
Three months endedSeptember 30,
Increase (decrease)Nine months endedSeptember 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 11,255 $ 10,499 $ 756 7.2 % $ 39,896 $ 36,814 $ 3,082 8.4 % Account servicing revenue 26,258 21,159 5,099 24.1 % 75,772 59,518 16,254 27.3 % Finance fee revenue 10,019 2,793 7,226 258.7 % 22,113 6,171 15,942 258.3 % Other revenue 3,366 5,232 (1,866 ) (35.7 )% 14,518 13,532 986 7.3 % Total revenues $ 50,898 $ 39,683 $ 11,215 28.3 % $ 152,299 $ 116,035 $ 36,264 31.3 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101005387/en/
WEX Inc.News media:Jessica Roy, 207-523-6763Jessica.Roy@wexinc.comorInvestors:Steve Elder, 207-523-7769Steve.Elder@wexinc.com
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