09:59 AM EDT, 04/25/2024 (MT Newswires) -- Wex (WEX) shares were down past 8% early Thursday morning after the company reported Q1 adjusted net income of $3.46 per diluted share compared with $3.31 a year earlier.

Analysts polled by Capital IQ expected $3.47.

Revenue for the quarter ended March 31 was $652.7 million, up from $612 million a year earlier.

Analysts expected $654.9 million.

For Q2, the payments processing company is projecting non-GAAP EPS of $3.75 to $3.85 on revenue of $675 million to $685 million. Analysts are looking for Q2 EPS of $3.99 on $678 million in revenue.

For 2024, the company also is projecting non-GAAP EPS of $16.10 to $16.60 on revenue of $2.73 billion to $2.77 billion, up from its prior forecast expecting $15.90 to 16.40 per share and $2.7 billion to $2.74 billion, respectively.

Analysts are looking for 2024 net income of $16.25 per share on revenue of $2.73 billion.

Wex shares were dropping more than 8% during Thursday morning trading.

Price: 213.75, Change: -19.56, Percent Change: -8.38