WEX Q3 Profit Rises

(RTTNews) - WEX Inc.(WEX) Wednesday reported higher third-quarter profit. The company also increased its annual adjusted earnings outlook while it lowered its annual revenue expectations.

The latest quarterly results were benefited by a gain on sale of subsidiary of $27.2 million, as well as higher revenues.

Net profit surged to $74.44 million or $1.91 per share, from $43.84 million or $1.12 per share last year. Excluding certain items, the company recorded a profit of $60.72 million or $1.56 per share.

On average, twelve analysts polled by Thomson-Reuters estimated earnings to be $1.34. Analysts' estimates typically exclude one-time items.

Total revenues rose to $222.13 million from $191.53 million in the previous year. Analysts projected revenues to be $221.23 million.

The company now expects to earn an adjusted profit of $42 million - $45 million or $1.07 - $1.14 per share, on revenues of $206 million - $211 million for the fourth quarter.

It sees full year adjusted earnings of $198 million - $201 million or $5.08 - $5.15 per share, on revenues of $812 million - $817 million.

Analysts project fourth-quarter earnings of $1.17, on revenues of $212.93 million, and for the full year expect earnings of $4.96, on revenues of $818.01 million.