Wright Express revenue rises 17%
South Portland-based payment processing company Wright Express Corp. saw its revenue increase 17% in the second quarter of the year.
The company reported second quarter revenue of $91.4 million, which is up from $77.9 million in the second quarter in 2009, according to a press release. The company's adjusted net income, a non-GAAP number, was $26.8 million, a 20% increase over the same quarter in 2009. Both revenue and net income exceeded projections.
Wright Express, which handles payment processing for commercial and government fleet vehicles, uses fuel price derivate instruments to mitigate the risks of volatile fuel prices. For the second quarter of 2010, the company's GAAP results include an unrealized $6.5 million pre-tax gain on these instruments, compared to a $22.6 million loss in the second quarter of 2009.
Wright Express officials also reported that fleet fueling sales in its existing base grew 4% from the second quarter in 2009, while the average number of vehicles serviced increased by nearly 100,000 from the first quarter of 2010, reaching a total of 4.6 million.
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