Wright Express revenue growth slowing
Wright Express saw year-over-year increases in its third-quarter revenue and net income, but is reducing its financial projections for the full year.
The South Portland-based company's third-quarter revenue increased 24%, from $87.7 million for the third quarter of 2007 to $108.5 million, while its net income on a GAAP basis was $72.3 million, compared with $22.3 million for the same quarter last year. Wright Express, which provides payment processing and information management services to government and commercial vehicle fleets, employs 730 people across the country, 587 of whom are based at its South Portland headquarters.
Despite hitting its third-quarter projections, the company has reduced its revenue and net income expectations for the full year. For 2008, the company now expects revenue in the range of $394 million to $400 million, reduced from revenue projections made in July of $421 million to $431 million. It also reduced its projected year-end net income from between $84 million and $87 million to $74 million and $76 million.
The company earlier this month laid off 22 people and said it would seek to reassign 40 others in an attempt to reorganize the company during the slowing economy.
Most Recent
Most Recent
Comments