Despite its ongoing acquisition spree, South Portland-based WEX Inc. turned a profit of $43.3 million in the second quarter, up from $42.2 million in the second quarter of 2013, the company reported Wednesday.
WEX, which provides payment-processing services to companies, said its quarterly revenue of $201.6 million was up 13 percent compared with $178.3 million a year earlier. WEX’s closing share price was up $4.98, 4.74 percent, to $110.09.
Excluding one-time costs associated with the company’s growth, WEX’s net income was $54 million, or $1.39 per share. Including acquisition costs, net income was $43.3 million, or $1.11 per share.
Earlier this month, WEX agreed to buy a controlling share in ExxonMobil’s European Esso Card fuel card program for $60 million. The proposed deal, first announced in November, would give WEX a 75 percent ownership stake.
The transaction, expected to add $35 million to the company’s annual revenue, is expected to close in late 2014 or early 2015.
WEX CEO Melissa Smith said Wednesday that the Esso Card deal is part of a broader strategy to expand further into overseas markets.
Also this month, WEX said it had signed an agreement with Shell Oil Inc. to process prepaid fuel card transactions for its commercial fleet operations in Europe and Asia.
In addition, WEX said it had completed the acquisition of Evolution1, a cloud-based technology and payment solutions firm in the health care industry. The $532.5 million deal was WEX’s largest purchase to date.
In 2012, it purchased fuel card company Fleet One. Other recent deals include buying 51 percent of UNIK S.A., a Brazilian provider of payroll cards, and acquiring CorporatePay, a London-based provider of corporate prepaid cards for the travel industry.