WEX posts 21% growth in Q4 earnings
WEX Inc. is now a $623 million company, thanks to strong 21% growth in its fourth quarter revenue, which increased to $169 million from $140 million in the fourth quarter of 2011. Its full-year revenues increased 13% from the $553 million reported in 2011.
Michael Dubyak, chairman, president and CEO of the South Portland fleet card company, told Mainebiz today that WEX's 2012 performance sets the stage for "strong potential revenue expansion in 2013."
Specifically, Dubyak said the company is exploring opportunities to expand its international business in Asia-Pacific markets — notably in Thailand, Hong Kong and Singapore — and will continue pushing its "virtual card" product that proved to be "very successful" in 2012. That product line posted 38% growth in capturing online customers who prefer not to use plastic credit cards for their travel-related purchases.
In recent years, WEX has expanded its international presence through acquisitions and expansions in Australia, Brazil, Canada, New Zealand, and the United Kingdom. Dubyak said that strategy has been instrumental in helping WEX's growth in both the virtual card and online travel markets.
"Given our track record of targeting investments to yield strong performance, we plan to accelerate the level and timing of our strategic investments to maximize the potential of our businesses," Dubyak said in a press release accompanying today's release of WEX's fourth quarter earnings report.
The company's third-quarter $369 million cash purchase of Fleet One, which gave WEX a roster of 210,000 active fuel cards in the heavy truck market in both the United States and Canada, was cited in the report as having a positive impact on the company's fourth-quarter performance.
Dubyak said the company's core fleet card business posted a "record year" in 2012, adding 600,000 new customers.
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