Revenues up 17% at Wright Express
Payment processor Wright Express released its first-quarter results, which show a 17% increase in total revenue. The South Portland-based company brought in $140.1 million in the first quarter of 2012, a rise over the $120.1 million reported in the same quarter in 2011, according to a press release. The company's adjusted net income, a non-GAAP number, was $35.6 million, a 22% rise over the first quarter of 2011.
The company, which handles payment processing for fleet vehicles, saw the average number of vehicles served worldwide rise 13% to 6.7 million. Its corporate charge card business also grew 52% to $2.2 billion, up from $1.4 billion in Q1 2011.
"During the quarter we made greater progress in expanding our core fleet business, with new business wins driving organic growth," said President and CEO Michael Dubyak in the release. He said the company is looking to increase its international market reach.
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