Wex reports Q2 adjusted EPS $3.91, consensus $3.80

Reports Q2 revenue $673M, consensus $679.82M. “WEX achieved another quarter of record revenue and delivered adjusted earnings per share above the top end of our guidance range, showcasing our ability to deliver consistently strong financial results even in challenging economic conditions,” said Melissa Smith, WEX’s Chair, Chief Executive Officer, and President. “During the quarter, we exceeded our goal of achieving $100 million of run rate savings six months earlier than expected. We also made meaningful progress advancing our strategic initiatives to expand our product capabilities on our commerce platform in each of our segments. Further, we continued to invest in our EV offerings to support the transition to mixed fleets and embraced digital transformation by harnessing cutting-edge technologies and leveraging AI capabilities. We remain committed to creating value for our shareholders and expect to enter into an accelerated share repurchase agreement in the near future to repurchase $300 million of WEX common stock, reflecting our confidence in WEX’s intrinsic value and long-term growth potential.”