WEX Inc. reported its third quarter 2024 financial results on October 24, 2024, with total revenue increasing 2% year-over-year to $665.5 million. This revenue figure includes a $21.2 million unfavorable impact from fuel prices and spreads.
GAAP net income for the quarter was $102.9 million, or $2.52 per diluted share, a significant increase from $18.4 million, or $0.42 per diluted share, in Q3 2023. Adjusted net income reached $177.5 million, or $4.35 per diluted share, up 7% per diluted share from the prior year.
The Mobility segment's performance was impacted by macro trends, including declining fuel prices and same-store sales, leading to a reduction in the company's outlook for the remainder of 2024. WEX spent $370 million on share repurchases in Q3, including a $300 million accelerated share repurchase agreement, and the Board increased the share repurchase program authorization by $1 billion.
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