Revenues up 55% at Wright Express
Revenues rose 55% for the third quarter at South Portland-based payment processer Wright Express Corp.
Total revenues for the quarter ended Sept. 30 were $151.9 million, up from $100.2 million in the same quarter last year, according to a press release. Its net income on a GAAP basis was $48.1 million, up from $20.6 million in the third quarter of last year. The company also reported an adjusted net income, a non-GAAP number, of $38.7 million, a 38% jump over the same period one year ago. President and CEO Michael Dubyak attributed the quarter's performance to "exceptional growth in our other payment solutions segments, as well as double-digit fleet transaction and vehicle growth." Wright Express handles payment processing for commercial and government fleet vehicles.
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 $20.7 million pre-tax loss on those instruments, according to the release.
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