We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Adjusted earnings of $2.88 per share surpassed the Zacks Consensus Estimate by 6.3% and increased 61% year over year. Total revenues of $517.5 million surpassed the consensus mark by 2% and increased 26% year over year.
WEX’s shares have lost 21.7% in the past year compared with 30.4% decline of the industry it belongs to.
Quarter Details
Fleet Solutions’ revenues were up 31% year over year to $319.1 million. Travel and Corporate Solutions’ revenues of $77.3 million were up 9% year over year. Health and Employee Benefit Solutions revenues of $121.1 million registered 26% year-over-year growth.
Total volume across the company came in at $44.8 billion, up 50% year over year. Average number of vehicles serviced was 17.2 million, up 9% from the year-ago quarter’s figure. Fleet Solutions segment payment processing transactions were up 12% year over year to 132.7 million.
Travel and Corporate Solutions' purchase volume climbed 93% year over year to $11.8 billion. Health and Employee Benefit Solutions' average number of Software-as-a-Service accounts in the United States were up 15% to 17.8 million year over year.
Adjusted operating income increased to 45.3% from the year-ago quarter’s 139.6 million. Adjusted operating income margin was 39.2% compared with 34% in the year-ago quarter.
Balance Sheet
WEX exited the quarter with cash and cash equivalents balance of $577.5 million compared with $588.9 million witnessed at the end of the prior quarter. Long-term debt was $2.8 billion compared with $2.7 billion at the end of the previous quarter.
For the second quarter of 2022, WEX anticipates revenues in the range of $555 million to $565 million, the midpoint ($560 million) of which is higher than the current Zacks Consensus Estimate of $532.29 million. Adjusted net income is expected between $3.35 and $3.45 per share, higher than the Zacks Consensus estimate of $2.87.
For full-year 2022, revenues are expected between $2.155 billion and $2.195 billion, lower than the current Zacks Consensus Estimate of $2.87 billion. Adjusted net income is expected between $12.4 and $12.8 per share, higher than the Zacks Consensus estimate of $11.81.
ManpowerGroup’s quarterly results beat earnings and revenue estimates. Adjusted earnings of $1.88 per share beat the consensus mark by 20.5% and improved 69.4% year over year.
MAN’s revenues of $5.14 billion surpassed the consensus mark by 0.7% and inched up 4.5% year over year.
Omnicom reported earnings of $1.39 per share that beat the consensus mark by 8.6% and increased 4.5% year over year.
OMC’s total revenues of $3.4 billion surpassed the consensus estimate by 5.4% but declined slightly year over year.
Equifax adjusted earnings of $2.22 per share that beat the consensus estimate by 3.3% and improved 13% on a year-over-year basis.
EFX’s revenues of $1.36 billion outpaced the consensus estimate by 2.4% and improved 12.4% year over year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
WEX's Q1 Earnings and Revenues Surpass Estimates, Up Y/Y
WEX Inc. (WEX - Free Report) delivered better-than-expected fourth-quarter 2021 results.
Adjusted earnings of $2.88 per share surpassed the Zacks Consensus Estimate by 6.3% and increased 61% year over year. Total revenues of $517.5 million surpassed the consensus mark by 2% and increased 26% year over year.
WEX’s shares have lost 21.7% in the past year compared with 30.4% decline of the industry it belongs to.
Quarter Details
Fleet Solutions’ revenues were up 31% year over year to $319.1 million. Travel and Corporate Solutions’ revenues of $77.3 million were up 9% year over year. Health and Employee Benefit Solutions revenues of $121.1 million registered 26% year-over-year growth.
Total volume across the company came in at $44.8 billion, up 50% year over year. Average number of vehicles serviced was 17.2 million, up 9% from the year-ago quarter’s figure. Fleet Solutions segment payment processing transactions were up 12% year over year to 132.7 million.
Travel and Corporate Solutions' purchase volume climbed 93% year over year to $11.8 billion. Health and Employee Benefit Solutions' average number of Software-as-a-Service accounts in the United States were up 15% to 17.8 million year over year.
Adjusted operating income increased to 45.3% from the year-ago quarter’s 139.6 million. Adjusted operating income margin was 39.2% compared with 34% in the year-ago quarter.
Balance Sheet
WEX exited the quarter with cash and cash equivalents balance of $577.5 million compared with $588.9 million witnessed at the end of the prior quarter. Long-term debt was $2.8 billion compared with $2.7 billion at the end of the previous quarter.
WEX Inc. Price, Consensus and EPS Surprise
WEX Inc. price-consensus-eps-surprise-chart | WEX Inc. Quote
Guidance
For the second quarter of 2022, WEX anticipates revenues in the range of $555 million to $565 million, the midpoint ($560 million) of which is higher than the current Zacks Consensus Estimate of $532.29 million. Adjusted net income is expected between $3.35 and $3.45 per share, higher than the Zacks Consensus estimate of $2.87.
For full-year 2022, revenues are expected between $2.155 billion and $2.195 billion, lower than the current Zacks Consensus Estimate of $2.87 billion. Adjusted net income is expected between $12.4 and $12.8 per share, higher than the Zacks Consensus estimate of $11.81.
Currently, WEX carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.
Performance of Some Other Business Services Companies
Within the broader Business Services sector, ManpowerGroup Inc. (MAN - Free Report) , Omnicom Group Inc. (OMC - Free Report) and Equifax Inc. (EFX - Free Report) recently reported first-quarter 2022 results.
ManpowerGroup’s quarterly results beat earnings and revenue estimates. Adjusted earnings of $1.88 per share beat the consensus mark by 20.5% and improved 69.4% year over year.
MAN’s revenues of $5.14 billion surpassed the consensus mark by 0.7% and inched up 4.5% year over year.
Omnicom reported earnings of $1.39 per share that beat the consensus mark by 8.6% and increased 4.5% year over year.
OMC’s total revenues of $3.4 billion surpassed the consensus estimate by 5.4% but declined slightly year over year.
Equifax adjusted earnings of $2.22 per share that beat the consensus estimate by 3.3% and improved 13% on a year-over-year basis.
EFX’s revenues of $1.36 billion outpaced the consensus estimate by 2.4% and improved 12.4% year over year.