Portland-based financial technology service provider WEX Inc. (NYSE: WEX) on Thursday posted decreases in first-quarter revenue and earnings amid declines in fuel transactions processed and its Travel and Corporate Solutions purchase volume.
First-quarter revenue decreased 5% to $410.8 million from $431.7 million a year earlier. The decrease includes a $1 million unfavorable impact from fuel prices and spreads and a $3.9 million positive impact from foreign exchange rates, the company said.
Diluted earnings per share were $1.79 in the first quarter, down 1% from $1.81 per share a year ago but above the $1.60 per share consensus forecast of analysts polled by Zacks Investment Research.
The revenue figure was also 0.03% above the consensus of analysts polled by Zacks, which noted that WEX has topped consensus revenue estimates twice over the last four quarters.