Wright Express Corp., which processes automotive fuel purchases for commercial fleets and other credit card transactions, posted a 22-percent jump in adjusted first quarter earnings as the company expanded its fleet business and saw gains from its corporate charge-card product.

Adjusted net income totaled $35.6 million, or 91 cents a share, up from $29.2 million, or 75 cents a share, for the same period a year ago. Total revenue increased 17 percent to $140.1 million from $120.1 million for the first quarter last year.

Wright Express, which has about 900 employees, including almost 600 in Maine, focuses on processing automotive fleet fuel purchase transactions and helping customers capture and analyze detailed fuel and maintenance information.

Wright Express saw growth in the construction, transportation and business services industries in the quarter, said Chief Executive Mike Dubyak.

For the second quarter, Wright Express expects revenue in the range of $145 million to $150 million and adjusted net income in the range of $36 million to $38 million, or 92 cents to 98 cents a share.

For the full year, the company sees revenues in the range of $602 million to $617 million, with adjusted net income to be in the range of $160 million to $168 million, or $4.10 to $4.30 a share.

Wright Express’s guidance is based on assumed average U.S. retail fuel price of $3.93 per gallon, while the full-year guidance assumes a price of $3.72 per gallon.

“Prices are coming down,” Dubyak said. “The price of gas, I believe, has peaked out.”

Wright Express is making investments to expand internationally and weighing acquisition opportunities. The company acquired Wright Express Australia in 2010 and rapid! PayCard last year.


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