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Key Developments: WEX Inc (WEX.N)

WEX.N on New York Stock Exchange

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3 May 2016
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Latest Key Developments (Source: Significant Developments)

WEX Inc gives Q1, FY 2016 guidance
Monday, 8 Feb 2016 06:25am EST 

WEX Inc:Expects Q1 2016 revenue in range of $190 million to $200 million and adjusted net income in the range of $31 million to $34 million, or $0.80 to $0.88 per diluted share.Expects FY 2016 revenue in the range of $860 million to $890 million and adjusted net income to be in the range of $148 million to $160 million, or $3.80 to $4.10 per diluted share.  Full Article

WEX Inc - U.S. fines Higher One, WEX Bank over 'deceptive' student loan practices - Reuters
Wednesday, 23 Dec 2015 12:11pm EST 

WEX Inc:U.S. banking regulators on Wednesday ordered financial firm Higher One Holdings Inc ONE.N to pay fines and restitution to borrowers over allegedly "deceptive" marketing practices in the disbursement of student loans - RTRS.The Federal Reserve ordered Higher One of New Haven, Connecticut, to pay about $24 million in restitution to about 570,000 students as well as a civil penalty of $2,231,250, the Fed said in a statement - RTRS.The Federal Deposit Insurance Corp, in a parallel case against the institution, also ordered Higher One to pay $2.23 million. - RTRS.The FDIC also brought a related action on Wednesday against WEX Bank WEX.N, which partners with Higher One, and ordered it to pay $1.75 million in fines. - RTRS.The FDIC added that both Higher One and WEX Bank will also collectively pay $31 million in restitution as well to an estimated 900,000 consumers - RTRS.Higher One provides colleges with financial aid disbursement services for students so they can pay for things such as books and living expenses. The FDIC said the product at issue is a debit card that is offered in partnership with banks - RTRS.Regulators said Higher One engaged in a variety of deceptive practices, including omitting information about how students could get their financial aid disbursements without signing up for a Higher One product called OneAccount and not telling students about the product's fees, the Fed said - RTRS.  Full Article

WEX Inc completes acquisition of Benaissance
Wednesday, 18 Nov 2015 04:15pm EST 

WEX Inc:Says completion of its acquisition of Benaissance.Benaissance is now a wholly-owned subsidiary of WEX and will be part of the Evolution1 business unit.  Full Article

WEX Inc announces CFO transition
Thursday, 5 Nov 2015 04:15pm EST 

WEX Inc:Roberto Simon will be appointed chief financial officer, on or about February 26, 2016.Steve Elder, WEX's current chief financial officer, will remain with WEX to assume the newly created position of senior vice president, investor relations.  Full Article

WEX Inc to buy Electronic Funds Source for about $1.1 bln
Monday, 19 Oct 2015 06:50am EDT 

WEX Inc:To buy Electronic Funds Source for about $1.1 bln.Announces definitive agreement to acquire Electronic Funds Source LLC.Acquisition is expected to be immediately accretive to adjusted net income.Deal for about $1.1 billion in cash.Says transaction has been unanimously approved by the WEX board of directors.Deal includes 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus efs' current owner.Expects to realize run-rate synergies of approximately $25 million over a three year period, excluding one-time integration costs.Says upon closing, investment funds affiliated with Warburg Pincus will become wex's largest shareholder.Sees co to realize approximately $275 million in present value of tax benefits.Says Warburg pincus' managing director and member of the executive management group, Jim Neary, will join wex's board of directors.Says the combination will further diversify wex's earnings and help to reduce its exposure to fuel price sensitivity.  Full Article

WEX Inc announces agreement to acquire benaissance
Thursday, 15 Oct 2015 04:15pm EDT 

WEX Inc:Entered into a definitive agreement to acquire Benaissance, a leading provider of integrated software-as-a-service (SaaS) technologies and services for healthcare premium billing, payment and workflow management, for total consideration of $80 million.WEX expects the acquisition to be slightly accretive in 2016, excluding one-time integration costs.Says transaction, which has been approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions.Says it is anticipated that the transaction will close in the fourth quarter of 2015.  Full Article

WEX Inc acquires remaining stake in UNIK S.A
Tuesday, 1 Sep 2015 04:01pm EDT 

WEX Inc:Acquired the remaining 49% stake in UNIK S.A.  Full Article

WEX Inc selected by ServiceMaster to provide full suite of corporate payments solutions
Wednesday, 29 Jul 2015 07:40am EDT 

WEX Inc:Says it has been selected to provide its full suite of corporate payments solutions to ServiceMaster Global Holdings Inc.  Full Article

WEX Inc gives Q3 2015 guidance; revenue guidance below analysts' estimates; lowers FY 2015 revenue guidance; narrows FY 2015 earnings guidance
Wednesday, 29 Jul 2015 07:30am EDT 

WEX Inc:Expects Q3 2015 revenue in the range of $224 million to $233 million and adjusted net income in range of $54 million to $57 million, or $1.38 to $1.46 per diluted share.Expects FY 2015 revenue in the range of $847 million to $872 million and adjusted net income in the range of $192 million to $201 million, or $4.94 to $5.14 per diluted share (EPS).Q3 2015 revenue of $234 million, net income of $56 million and EPS of $1.45 - Thomson Reuters I/B/E/S.FY 2015 revenue of $880 million, net income of $199 million and EPS of $5.10 - Thomson Reuters I/B/E/S.  Full Article

WEX Inc gives Q2 2015 guidance; raises FY 2015 guidance
Wednesday, 29 Apr 2015 07:30am EDT 

WEX Inc:Sees Q2 2015, revenue in the range of $211 million to $220 million.Sees Q2 2015 adjusted net income in the range of $46 million to $49 million, or $1.18 to $1.26 per diluted share.Sees FY 2015, revenue in the range of $867 million to $897 million.Sees FY 2015 adjusted net income in the range of $192 million to $204 million, or $4.92 to $5.22 per diluted share.  Full Article

BRIEF-Wex Q1 adjusted non-gaap EPS $0.97

* Q1 earnings per share view $0.88 -- Thomson Reuters I/B/E/S

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