CLSA analyst Tom McCrohan upgraded WEX to Outperform and raised its price target to $115 from $97. The analyst increased his average fuel price outlook which resulted in an increase in earnings contribution of approximately 30c per share for both 2017 and 2018. Additionally, the analyst said management is beginning to implement higher late fees on its small business clients, which can unlock 90c per share of additional earnings power as small fleet customers incur higher late fees on overdue balances. McCrohan raised WEX's 2017 earnings estimate to $5.60 from $5.05 and 2018 to $6.50 from $5.90.

Consensus for FY24 EPS is $16.25. Raises FY24 revenue view to $2.73B-$2.77B from $2.70B-$2.74B, consensus $2.73B.

Reports Q1 revenue $652.7M, consensus $654.7M. "WEX delivered impressive financial results in the first quarter, including record first quarter revenue, marking a strong start to 2024 and reinforcing our ability to drive robust performance in any macroeconomic environment," said CEO Melissa Smith. "Moreover, we continued to execute against our strategic initiatives. During the quarter, we made great progress integrating our recent acquisitions, launched the pilot for an enhanced acceptance offering for our North American Mobility customers, and continued to drive innovation to expand our customer value proposition. We are also laser-focused on leveraging technology and AI to improve efficiency and further enhance our offerings. Looking ahead, I remain confident in our ability to drive growth across the business in the near- and long-term."

WEX (WEX) announced that it has reached a new long-term agreement with Booking.com (BKNG), effective April 2024. This agreement distinguishes WEX as Booking.com's preferred virtual card provider as it continues providing WEX payment solutions in support of Booking.com's payments vision to make buying and selling travel-related products and services easier for everyone. "With more than 800,000 active customer relationships worldwide, WEX is proud to work with eight of the top ten online travel agencies globally, including Booking.com," said Carlos Carriedo, WEX's Chief Operating Officer, International. "Building on years of working together, we remain committed to delivering WEX's deep expertise in both payments and travel, as well as the reliability of our technology platform, to help Booking.com power its B2B travel payment activities 24/7 and 365 days/year at scale, globally." Booking.com first became a WEX customer in 2013. Over a decade later, WEX now processes payments for Booking.com across the world.