Corporate payment solutions provider WEX Inc (NYSE:WEX) has appointed Roberto Simon as Chief Financial Officer. The appointment is effective immediately.
As earlier declared on November 5, 2015, Steve Elder will remain with the organization and hold the post of senior vice president, global investor relations. The changes at the executive level are being done to give more depth and global exposure to the senior management team as the organization globalizes and diversifies its business.
Recently, WEX released its fourth quarter earnings. Total revenue for the last quarter of 2015 was recorded at $212.6 million compared to $211.9 million for the last quarter of 2014. For FY2015, revenue was $854.6 million compared to $817.6 million the previous year. On a constant currency, fuel prices and fuel spread basis, revenue for the whole year increased by 22%.
Chief Executive Officer and president of WEX, Melissa Smith, said that she was happy with the progress achieved in 2015. Also, the company took steps to strengthen its business and improve its position across its co-verticals. She added that the company generated substantial growth and achieved notable progress with its targeted investment plan.
Smith further said that the company now has solid fundamentals as well as a portfolio of high-performing assets that are both global as well as diverse. The company is of the opinion that continued growth combined with strategic investments position it advantageously.
Starting with the last quarter of 2015, the company is reporting three different business segments. Fleet Solutions, Travel and Corporate Solutions which covers the travel business and other verticals, and Employee Benefit Solutions that covers healthcare and employee related businesses.
In the first quarter of 2016, WEX anticipates revenue to be between $190 million and $200 million. Net income will range between $31 million and $34 million. For the whole year, the company anticipates revenues to be between $860 million and $890 million. Projected net income will be between $148 million and $160 million.
Industry experts are closely watching WEX’s performance in 2016 and expect a good year for the organization.