Fleet Payment Firm Wex Reports Increased 3Q Income
Fleet payment-processing company Wex Inc. said its third-quarter profit rose from a year ago.
Net income increased to $43.8 million, or $1.12 cents a share, from $14.3 million, or 37 cents, a year ago, said Wex, which was previously known as Wright Express.
The South Portland, Maine-based company’s revenue rose 19% to $197.5 million.
Wex said it expects its fourth-quarter revenue to decline on lower fuel prices to $173 million to $178 million, and its income to rise based on strong third-quarter earnings to $41 million to $44 million, or $1.04 to $1.12 per share.
It expects full-year revenue in the range of $708 million to $713 million and net income in the range of $171 million to $174 million, or $4.37 to $4.44 per share.
“Investments in our virtual-card product are continuing to generate positive returns as we penetrate attractive geographies including Europe, Asia Pacific and South America. Looking towards the future, we expect to continue to leverage the foundations we are building and our dynamic pipeline to drive growth as we close out the year,” Wex Chairman and CEO Michael Dubyak said in a statement.
