WEX revenue up 19 percent; only Maine company named on Forbes’ list of best 100 small companies

By Whit Richardson, BDN Staff
Posted Oct. 30, 2013, at 4:55 p.m.

SOUTH PORTLAND, Maine — WEX Inc., a provider electronic payments solutions to a variety of industries, recently was named to Forbes magazine’s list of “America’s 100 Best Small Companies” for 2013.

The company on Wednesday also released financial figures that show the company’s year-over-year adjusted net income increased 20 percent in its third quarter, from $42 million to $50.4 million. During that same period, its revenue increased 19 percent, from $161 million in the third quarter of 2012 to $191.5 million this 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 continue to experience momentum throughout our business, driven by the solid execution of our long-term strategy,” Michael Dubyak, WEX’s chairman and CEO, said Wednesday in a prepared statement.

In recognition of the company’s annual revenue and earnings growth, Forbes magazine named WEX to its list of “America’s 100 Best Small Companies” for the sixth consecutive year. Forbes began ranking small companies in 1996 and bases its rankings on a number of factors, including sales and earnings growth, and return on equity.

WEX is the only Maine company to appear on the list. It ranked No. 86 for its $674 million in annual sales, 13 percent sales growth, 9 percent earnings-per-share growth, 27 percent return on equity.

“When we first received this honor in 2006, we had a market capitalization of approximately $1.1 billion. Today, the company has a market capitalization of roughly $3.4 billion,” Dubyak said in a statement. “This growth and consistency of recognition speaks to our continued investment in technology and to our associates’ dedication to the company’s core business goals of exceeding stakeholder expectations through innovation and customer focus. We look forward to building on this momentum in creating a bright future for WEX while continuing to provide value to both our investors and customers.”

http://bangordailynews.com/2013/10/30/business/wex-revenue-up-19-percent-only-maine-company-named-on-forbes-best-100-small-companies/ printed on July 12, 2014