WEX Inc. shares climbed to a 52-week high of $199.71 on Thursday, trading at $199.73 by midday, as the payment solutions provider reported second-quarter results that exceeded forecasts and lifted its full-year guidance.
The company’s adjusted earnings per diluted share reached $5.35 in the second quarter, outpacing the $5.06 consensus estimate, while revenue totaled $753.5 million compared with the $738.1 million expectation. Analysts attributed the upside to stronger fuel prices and favorable foreign exchange movements.
WEX also projected third-quarter revenues between $733 million and $753 million, with adjusted earnings per share forecasted in a range of $5.45 to $5.65. The company’s market capitalization stands at $6.79 billion, with its stock up 17.45% over the past year and 31% year-to-date.
Cantor Fitzgerald raised its price target for WEX to $178 from $152, though it maintained a Neutral rating. Twelve analysts have revised their earnings estimates upward for the upcoming period, reflecting growing confidence in the company’s outlook.
