Wright Express reports decline in Q2 net income
Wright Express Corp., the South Portland-based company that specializes in payment processing and information management services, is reporting revenues of $153 million and net income of $30 million, or 78 cents a share, for the three-month period ending June 30.
Revenues increased 8% from $141 million in the same period last year, while net income fell from $40 million in the second quarter in 2011. Adjusted income was $39 million, or $1 a share, up 10% from last year.
Wright Express CEO and President Michael Dubyak cited lower fuel prices, the strengthening of the dollar and a still-sluggish U.S. economy as factors causing the company to revise its revenue and income estimates downward for the rest of the year, according to a press release.
On the plus side, Dubyak said Wright Express is making "considerable progress toward diversifying" its business through acquisitions and expansion of its travel and health care payment processing services, which are expected to grow 25% to 35% the rest of the year. For the full-year 2012, the company expects revenue in the range of $591 million to $601 million and adjusted net income to be in the range of $156 million to $162 million, or $4 to $4.15 per diluted share.
Most Recent
Most Recent
Comments