WEX posts 16% increase in second quarter revenue

By Whit Richardson, BDN Staff
Posted July 31, 2013, at 1:25 p.m.

SOUTH PORTLAND, Maine — WEX Inc., a financial services company headquartered here, reported on Wednesday that its revenue for the second quarter was $178.3 million, a 16 percent increase from the $153.1 million posted during the same period in 2012.

The company’s adjusted net income for the second quarter was $41.1 million, a 5 percent increase from the $39.1 million during the same period last year.

WEX, formerly known as Wright Express, got its start in 1983 as a provider of fuel cards for vehicle fleets. It’s now a global provider of corporate payment services. It employs roughly 1,300 people worldwide, including 600 at its South Portland headquarters.

“We continued to build on our momentum in the second quarter with revenue and adjusted net income increasing 16 percent and 5 percent, respectively, over last year,” CEO Michael Dubyak said in a statement. “Key business wins, solid volume growth and favorable fuel prices drove our performance, as we continue to reinvest in our business to better position WEX for the future.”

The company in March announced a leadership shakeup. Dubyak, 62, will step down at the end of the year and hand the company’s reins to Melissa Smith. Smith, 44, assumed the role of president in March, and will take the CEO title on Jan. 1, 2014. Dubyak will move into the newly created position of executive chairman of the company’s board, according to the company.

http://bangordailynews.com/2013/07/31/business/wex-posts-16-increase-in-second-quarter-revenue/ printed on August 23, 2014