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Wex lowers revenue forecast due to coronavirus

Wex Inc., a flntech that specializes in fleet, travel and health care, warned that its first-quarter revenue would be 2% to 3% lower-than-expected due to the impact of the coronavirus outbreak, in a filing with federal regulators.

Last month, Wex officials said they expected first-quarter revenue of $445- $455 million and adjusted net income of $95 million- $99 million, or $2.15 a share to $2.25 a share. 

The company did not address any specifics regarding the earnings portion of the forecast.

The company said its U.S. Health and Corporate Payments businesses were performing better than expected but that the coronavirus has impacted travel, shipping activity and fuel prices. 

Wex officials said it was too early to determine what the impact would be on second-quarter and fiscal 2020.

Cover image: Wex