SOUTH PORTLAND, Maine — Wright Express Corp., which processes fuel payments for fleet vehicles, on Wednesday said its second-quarter profit jumped 35 percent.
The company posted net income of $40.6 million, or $1.04 per share, for the three months ended June 30. That compares with net income of $30 million, or 77 cents per share, in last year’s second quarter.
Revenue shot up 55 percent to $141.3 million from $91.4 million a year ago.
Analysts, on average, were expecting profit of 88 cents per share, on revenue of $135.7 million.
CEO Michael Dubyak said the company benefited from strong fleet transaction and vehicle growth as well as higher fuel prices. He said the company’s Australian fleet business, acquired in September, has performed well.
The company serviced about 6.3 million vehicles worldwide during the period, up 29 percent from last year. The domestic retail fuel price leaped 34 percent to $3.86 per gallon, from $2.87 per gallon a year ago.
Total corporate card purchase volume grew 83 percent to $1.9 billion.
Looking ahead to the third quarter, Wright Express said it expects profit to range between 89 cents and 95 cents per share. Analysts, on average, expect profit of 98 cents per share, with estimates ranging from 93 cents to $1.02.
Wright forecast third-quarter revenue of $145 million to $150 million. That compares with Wall Street’s average expectation for revenue of $148 million.
For the full year, the company expects profit of $3.50 to $3.62 per share on revenue between $550 million and $560 million.
Analysts forecast average profit of $3.50 per share. Revenue is expected to reach $543.9 million, on average, with estimates from $538.6 million to $552.3 million.