WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today reported financial results for the three months ended June 30, 2013.
Second Quarter Financial Results
Total revenue for the second quarter of 2013 increased 16% to $178.3 million from $153.1 million for the second quarter of 2012. Net income to common shareholders on a GAAP basis was $42.2 million, or $1.08 per diluted share, compared with $30.3 million, or $0.78 per diluted share, for the second quarter last year.
On a non-GAAP basis, the Company's adjusted net income for the second quarter of 2013 increased 5% to $41.1 million, or $1.05 per diluted share, from $39.1 million, or $1.00 per diluted share, for the same period a year ago. See Exhibit 1 for a full reconciliation of adjusted net income.WEX uses fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices in North America. For the second quarter of 2013, the Company's GAAP financial results include an unrealized pre-tax, non-cash, mark-to-market gain of $9.8 million dollars on these instruments. Michael E. Dubyak, WEX chairman and chief executive officer said, “We continued to build on our momentum in the second quarter with revenue and adjusted net income increasing 16% and 5%, respectively, over last year. Key business wins, solid volume growth and favorable fuel prices drove our performance, as we continue to reinvest in our business to better position WEX for the future.” “Executing on our growth strategy, we furthered our domestic fleet business with contributions from Fleet One and some key private label client wins. In addition, our investments in WEX Virtual are spearheading our expansion into the travel vertical, as we broadened our international presence within Europe, Asia-Pac and South America. With a robust pipeline of opportunities and a strong foundation for growth established in the first half of 2013, we are confident we can continue to deliver solid results while positioning WEX for long-term global success,” concluded Mr. Dubyak.