Wright Express' revenue jumps 17%
Payment processor Wright Express Corp. saw its revenue for the third quarter increase 17% to more than $100 million, fueled by its recent international growth.
The South Portland-based company, which handles payment processing for commercial and government fleet vehicles, reported $100.2 million in total revenue for the three months ending Sept. 30, an increase from $85.8 million the same quarter last year, according to a press release. Net income to shareholders on a GAAP basis decreased from $23.4 million last year to $20.6 million. However, its adjusted net income, a non-GAAP number, rose 13% to $28.1 million. CEO Michael Dubyak attributed the gains in revenue and adjusted net income to the company's recent acquisition of Australia-based Retail Decisions' fuel and prepaid card businesses, and its new commercial fuel card transaction operations for BP International in New Zealand.
Wright express uses fuel price derivate instruments to mitigate the risk of volatile fuel prices. For the third quarter, the company's GAAP results include an unrealized $6.7 million pre-tax loss on those instruments, according to the release.
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