Wright Express sees annual profits down, revenues up

By Matt Wickenheiser, BDN Staff
Posted Feb. 10, 2011, at 3:09 p.m.

SOUTH PORTLAND, Maine — South Portland-based Wright Express Corp. saw profits drop in 2010 to $87.6 million, down from $139.7 million the year before, according to financial reports filed Thursday.

Wright Express noted in its filings that the 2009 profit included a pre-tax gain of $136.5 million on the prepayment of the company’s liability under a tax-receivable agreement. Year over year revenue grew from $315 million in 2009 to $390 million in 2010, the company reported.

“We ended 2010 with strong momentum driven by an unrelenting focus on execution underpinned by an improving macro-economic environment. In addition, during the year we selectively invested in our business to enhance our competitive position and capitalize on compelling growth opportunities both domestically and abroad,” said Chairman and CEO Michael Dubyak. “In 2011, we will build on this momentum and leverage the multiple avenues of growth in front of us by growing our core fleet business, expanding other payment solutions, and broadening our international footprint.”

Wright Express provides fleet management services to companies worldwide and employs about 850 people in six countries. In the fourth quarter, it was providing services for roughly 5.4 million vehicles worldwide, the company said.

Wright Express reported it increased profits 32 percent to $28.8 million in the fourth quarter, up from $22.1 million in the same period a year ago.

The company said it expects revenues in the range of $113 million to $118 million in the fourth quarter and between $497 million and $517 million for the full year.

The company trades under the symbol WXS on the New York Stock Exchange. It was up 3.18 percent in midday trading, at $51.63 a share.

http://bangordailynews.com/2011/02/10/business/wright-express-sees-annual-profits-down-revenues-up/ printed on December 26, 2014