Wright Express sees 22% revenue rise
A strengthening economy is being credited for a 22% rise in revenues for Wright Express Corp.'s first quarter of the year.
The South Portland-based payment processing company reported $83.8 million in revenue for the first quarter, compared with $68.5 million during the same quarter last year, according to a press release. On a GAAP basis, the company's net income was $18.6 million, or 48 cents per diluted share, compared with 28 cents per share in the first quarter of 2009. The company's adjusted net income, a non-GAAP number, was 61 cents per share, up from 42 cents per share for the same quarter the previous year.
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. In the first quarter of 2010, the company's GAAP results include an unrealized $6.8 million pre-tax loss on those instruments, compared to a $6.5 million unrealized loss in the first quarter of 2009.
The company attributed the rises to stabilizing fleet fueling activity as the economy begins to rebound.
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