Why Wex Stock Crashed and Burned Today

Analysts had forecast that Wex would earn only $2.27 per share this quarter, and on sales of only $475.5 million. In fact, Wex earned $2.45 per share (pro forma), with sales approaching $483 million -- but to no avail. When calculated according to generally accepted accounting principles (GAAP), Wex's earnings came to only $1.07 per share -- although even that number was a huge improvement over the $1.49 per share Wex lost in the heart of the pandemic in last year's Q3.