Fleet payment-processing company Wex Inc. said its first-quarter profit increased on growth in the domestic fleet market.
First-quarter net income was $36.5 million, or 93 cents a share, compared with $28.7 million, or 73 cents, a year prior. Revenue was $182.1 million, a 10.1% increase over the past year.
Wex served about 7.8 million vehicles in the first quarter, a 4.1% increase. It processed 92.6 million fuel transactions, 5.7% more than the same quarter last year.
“Revenue for the first quarter was above our expectations, which was offset in part by higher than expected credit losses. For the remainder of the year, we are increasing our guidance primarily to reflect higher fuel price projections and changes to foreign exchange rates,” Wex CEO Melissa Smith said in an April 30 statement.
The company increased its full-year earnings guidance to a range of $767 million to $787 million and net income in the range of $185 million to $193 million or $4.75 to $4.95 per share.