Portland-based Wex Inc. on Wednesday reported fourth-quarter revenue of $381.2 million, up 15 percent from a year earlier, while its adjusted quarterly net income increased by about 34 percent to $91.8 million, or $2.11 per share.
The company also announced its full-year financial results for 2018. Wex revenue for the year was $1.49 billion, up 19 percent from $1.25 billion in 2017. Its adjusted net income for the year was $360.9 million, or $8.28 per share, up 56 percent from $229.3 million, or $5.32 per share, in 2017.
“We had a strong finish to 2018, with top-line performance that exceeded our targets for the fourth quarter,” Wex President and CEO Melissa Smith said in a statement. “Our performance this quarter capped another outstanding year for Wex.”
The payment-processing technology firm has about 1,500 employees in Portland and South Portland out of roughly 4,700 worldwide. Wex is in the process of moving about 400 employees to its new downtown headquarters in Portland, which opened this month.
The company delayed the release of its 2018 earnings report while it investigated an accounting discrepancy related to the balance sheet of its Brazilian subsidiary.
J. Craig Anderson can be contacted at 791-6390 or at:
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