Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
2/5/2014 10:25:00 AM Write a Letter to the Editor Write a letter to the Editor

Wex Increases Profit in 4Q

Fleet payment-processing company Wex Inc. said its fourth-quarter profit increased as it added customers and processed more transactions than the same quarter last year.

Fourth-quarter net income was $34.5 million, or 88 cents a share, compared with $29.1 million, or 74 cents, a year prior. Revenue was $182.3 million, an 8% increase over the past year.

On an average annualized basis, Wex served about 7.7 million vehicles in the fourth quarter, a 2% increase. It processed 92.9 million transactions, 4% more than last year.

“I am very pleased with our performance for the quarter as we delivered better than expected top- and bottom-line growth,” Wex CEO Melissa Smith said in a Feb. 5 statement. “We exited 2013 in a position of strength, adding approximately 700,000 new fleet cards globally, growing our virtual business spend volumes by over 20% and broadening our international reach through customer signings."

For the full year, Wex had a profit of $149.2 million, or $3.82 a share, compared with $96.9 million, or $2.48, in 2012. Its revenue was $717.5 million, up from $623.2 million.

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2014, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement