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February 11, 2013 11:40 AM, EST
WEX Inc. Reports Lower 4Q Profit

Fleet payment processing company WEX Inc., formerly Wright Express Corp., said its fourth-quarter profit fell on costs associated with the acquisition of Fleet One.

Income fell to $29.1 million, or 74 cents per share, from $32.8 million, or 84 cents per share, a year earlier. Revenue rose 21% to $169 million.

The quarter included $4.8 million in integration costs related to the acquisition of fuel-card provider Fleet One.

The average number of vehicles serviced worldwide climbed 14% to 7.6 million, while total fuel transactions increased 12.1% to $89.7 million.

Its full year-net income fell to $96.7 million, or $2.48 per share, from $133.6 million, or $3.43 per share. Sales rose 13% to $623 million.

WEX said it expects first-quarter revenue of $158 million to $165 million.