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PORTLAND, Maine - WEX Inc. (NYSE:WEX), a $5.6 billion fleet solutions provider with impressive 72% gross margins and robust financial health according to InvestingPro, announced Tuesday a new partnership with bp that will allow fleet drivers using WEX’s earnify™ fleet fuel card program to access fuel savings at over 8,000 stations across bp’s family of brands in the U.S.
The partnership expands fuel rebate availability to bp, Amoco, TravelCenters of America, TA Express, and Petro stations nationwide. The card can be used wherever WEX and Mastercard are accepted for fuel and vehicle-related purchases. The expansion comes as WEX shows strong momentum, with InvestingPro data revealing a 6.41% stock return in the past week and analysts revising earnings estimates upward for the upcoming period.
"From real-time controls to detailed data insights and fraud protection, this program demonstrates how WEX technology is driving the next generation of fleet payment innovation," said Brian Fournier, Americas SVP & GM, Mobility at WEX, in a press release statement.
The earnify™ fleet card offers businesses various management features, including purchase controls based on product type, dollar amount, and time of day. The card includes EMV chip technology for fraud protection and can be used for parts, service, tolls, car washes, parking, and roadside assistance.
Drivers can also enroll in the earnify™ rewards program to earn personal loyalty points when fueling at participating locations.
Debi Boffa, CEO of TravelCenters of Americas and bp VP of Fleet Mobility, said the program brings together all of bp’s fuel brands, making it "easier than ever for fleet customers of all sizes to fuel, save, and stay loyal across our entire network."
The collaboration includes Mastercard, which provides expanded acceptance for vehicle-related expenses through a single card.
The new program is designed for both small businesses and large fleets, offering integrated reporting and invoicing capabilities. With annual revenue of $2.61 billion and currently trading below its Fair Value according to InvestingPro’s analysis, WEX continues to demonstrate strong market positioning in the fleet management sector.
In other recent news, Wex Inc. reported second-quarter adjusted earnings of $3.95 per share, surpassing analyst expectations of $3.71. The company’s revenue for the quarter was $659.6 million, exceeding the consensus estimate of $648.87 million, although it marked a 2% decrease from the $673.5 million reported in the same period last year. This decline in revenue was partly due to a $15.9 million unfavorable impact from fuel prices and spreads. Despite the slight revenue drop, Wex raised its full-year guidance, indicating confidence in its growth trajectory. The company’s positive earnings results and optimistic outlook have been noted by investors and analysts. Additionally, the performance has attracted attention from firms that closely monitor the industry. These recent developments highlight Wex’s strategic efforts to navigate market challenges and maintain robust financial performance.
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