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February 5, 2014 10:25 AM, EST
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.