- WEX (NYSE:WEX +5%) reports revenue grew by 12% in Q1 after adjusting for constant currency, fuel prices, and fuel spreads.
- Fleet Solutions revenue slipped 5.8% to $121.07M.
- Travel and Corporate Solutions revenue rose 4.8% to $45.14M.
- Health and Benefit Employee Solutions revenue increased 29.3% to $39.71M.
- Average number of vehicles serviced increased 3% to ~9.5M.
- Fleet solutions payment processing transactions expanded 8.7% to 89.1M.
- Total travel and corporate solution card purchase volume rose 18% to $4.9B.
- Operating margin rate fell 380 bps to 20%.
- Q2 Guidance: Revenue: $216M to $226M; Adjusted net income: $37M to $40M; Adjusted EPS: $0.96 to $1.04; Shares outstanding: ~39M.
- FY2016 Guidance: Revenue: $879M to $909; Adjusted net income: $158M to $170M; Adjusted EPS: $4.07 to $4.37; Shares outstanding: ~39M.