WEX Q2 Profit Increases; Lifts FY14 Outlook - Quick Facts

(RTTNews) - WEX Inc. (WEX) said that its second-quarter GAAP net income to common shareholders rose to $43.3 million, or $1.11 per share, from $42.2 million, or $1.08 per share, for the second quarter last year.

On a non-GAAP basis, the Company's adjusted net income for the second quarter of 2014 increased 28% to $54.0 million, or $1.39 per share, from $42.3 million, or $1.08 per diluted share, for the same period a year ago.

Total revenue for the second quarter increased 13% to $201.6 million from $178.3 million for the second quarter of 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share and revenues of $195.53 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter of 2014, WEX expects revenue in the range of $213 million to $223 million and adjusted net income in the range of $51 million to $53 million or $1.30 to $1.37 per share. Analysts expect the company to report earnings of $1.35 per share and revenues of $207.00 million for the third-quarter.

For the full year 2014, the Company expects revenue in the range of $813 million to $823 million and adjusted net income to be in the range of $189 million to $195 million, or $4.84 to $4.99 per diluted share. Wall Street currently is looking for fiscal year 2014 earnings of $4.87 per share on annual revenues of $783.93 million.

The company said in April that it expected revenue to be in the range of $767 million to $787 million and adjusted net income to be in the range of $185 million to $193 million, or $4.75 to $4.95 per share for fiscal 2014.