Wex: 2Q Earnings Snapshot
SOUTH PORTLAND, Maine (AP) _ Wex Inc. (WEX) on Thursday reported second-quarter profit of $72.7 million.
On a per-share basis, the South Portland, Maine-based company said it had net income of $1.66. Earnings, adjusted for one-time gains and costs, came to $1.21 per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.
The provider of fuel payment processing for fleet vehicles posted revenue of $347.1 million in the period, which also missed Street forecasts. Eight analysts surveyed by Zacks expected $353.1 million.
Wex shares have declined 19% since the beginning of the year. The stock has dropped 22% in the last 12 months.