WEX Inc., a financial technology services company based in Portland, said Wednesday that it is cutting its revenue forecast for the first three months of this year because of the coronavirus.
In a filing with federal regulators, WEX said the virus is hurting travel, shipping activity and fuel prices. The company sells credit cards for truck fleets and other payment technologies.
WEX, the second-largest publicly traded company in Maine, in February reported record revenue of $1.7 billion for 2019, up more than 15 percent from 2018. It has 1,500 employees in Maine and operates in more than 10 countries.
At that time its executives predicted revenues from January to March of this year would be $445 million to $455 million, up 16 percent and 19 percent, respectively, from the first three months of 2018.
The filing today lowers those numbers by 2 percent to 3 percent.
“WEX’s underlying business trends remain strong as our U.S. health and corporate payments businesses are performing better than expected,” the company said in a statement. “However, travel, and to a lesser extent shipping activity and fuel prices, are being negatively impacted by the coronavirus.”
The company said it assumed the business trends it experienced in February will continue through March.
It could not predict whether the revenue reductions will continue through the rest of the year given the uncertainty over the magnitude, duration and global reach of the virus.
The company said it will provide further updates on its first quarter earnings call.