Revenues up 43% at Wright Express
Revenues for the first quarter of the year rose 43% for South Portland-based Wright Express Corp.
The company, which handles payment processing for commercial and government fleet vehicles, reported first quarter revenue of $120.1 million, an increase over $83.8 million for the same quarter in 2010, according to a press release. Net income on a GAAP basis was $12.1 million, down from $18.6 million for the first quarter of 2010. Adjusted net income, a non-GAAP number, increased 23% to $29.2 million. Chairman, President and CEO Michael Dubyak said the company experienced "strong performance in both our fleet and other payment solutions segments," and that corporate purchase card volume increased 68%.
Wright Express uses fuel price derivate instruments to mitigate the risk of volatile fuel prices. For the first quarter, the company's GAAP results include an unrealized $20.8 million pre-tax loss on those instruments, according to the release.
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