Wex Inc. on Thursday reported double-digit increases in revenue and adjusted net income for the third quarter that were in line with analyst expectations.

The Portland-based company, which provides payment processing services for the fleet, health care and travel industries, said its third-quarter revenue of $460 million was up 19 percent from a year earlier, while its adjusted net income of $113.5 million, or $2.59 per share, represented an increase of 16 percent from the third quarter of 2018.

Wex President and CEO Melissa Smith said a revenue boost from recently signed contracts with major fuel producers Shell Oil Co. and Chevron Corp. helped the company push through headwinds that included lower fuel prices and unfavorable currency exchange rates.

“We won these two really big portfolios, and in the first half of the year we were really working hard on the conversions,” Smith said. “We saw the benefit of that in the third quarter.”

The company’s net income before adjustments, a federal reporting requirement for publicly traded companies, was down significantly from a year earlier. Before adjustments for nonrecurring costs such as acquisition-related expenses and currency exchange rates, Wex’s quarterly net income was $14.6 million, or $0.33 per share, compared with $56.6 million, or $1.30 per diluted share, for the third quarter of 2018.

Smith said the company made progress in the third quarter on other goals that included upgrading its technology and increasing employee satisfaction. She said Wex completed the migration of its North American fleet customers’ data to a cloud-based environment for faster service, while improving on previous high scores in both employee and intern satisfaction surveys and ratings.

Smith said the company has been energized by its recent expansion into a new headquarters in downtown Portland, adding that it has attracted new employees and made corporate visits more enjoyable for customers.

Wex has nearly 5,000 employees globally, including about 1,350 in Maine. Its shares trade on the Nasdaq Stock Market under the symbol WEX. At the close of the market on Thursday, Wex stock was trading at $189.18 per share, down 7 percent from the previous day’s closing price of $203.87 per share.


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