Revenues rise 55% at Wright Express
Wright Express Corp. boosted its revenues in the second quarter 55% over the same period last year, the South Portland company recently reported.
Total revenues for the quarter ended June 30 increased 55% from $91.4 million last year to $141.3 million, according to a press release from the company, which handles payment processing for commercial and government fleet vehicles. Net income on a GAAP basis was $40.6 million, compared with $30 million, for the second quarter last year. The company also reported an adjusted net income, a non-GAAP number, of $35.5 million, a 33% rise over the same period a year ago. President and CEO Michael Dubyak attributed the strong quarter to growth in its fleet vehicle transactions and solid business at its new Australia division, obtained through last year's acquisition of a division of Retail Decisions.
Wright Express uses fuel price derivate instruments to mitigate the risk of volatile fuel prices. For the second quarter, the company's GAAP results include an unrealized $13.9 million pre-tax loss on those instruments, according to the release.
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