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WEX updates FY'19 guidance, issues Q3 outlook

Payments solutions provider WEX Inc. updated its full-year 2019 guidance for revenue and adjusted net income, and issued third-quarter guidance.

The company now expects full-year revenues of $1.72 billion to $1.75 billion, narrowed from the previous range of $1.71 billion to $1.75 billion. It forecasts adjusted net income of $399 million to $410 million, or $9.10 to $9.35 per share, also narrowed from the previous guidance of $399 million to $416 million, or $9.10 to $9.50 per share.

For the third quarter, WEX expects revenues to range from $455 million to $465 million and adjusted net income of $110 million to $115 million, or $2.52 to $2.62 per share.

WEX reported second-quarter net income attributable to common shareholders of $13.8 million, or 32 cents per share, a decrease from $38.4 million, or 88 cents per share, in the year-ago period. Adjusted net income attributable to common shareholders for the quarter was $99.6 million, or $2.28 per share, an increase from $90.0 million, or $2.07 per share, in the second quarter of 2018.

The company's forecast for its second-quarter EPS was a range of $2.22 to $2.28. The outlook for adjusted net income was a range of $97 million to $100 million.

WEX reported second-quarter revenues of $441.8 million, an increase from the year-ago figure of $370.8 million. The figure was within the company's second-quarter revenue forecast of $438 million to $443 million.