WEX Inc. Reports Lower 3Q Profit

Fleet payment processing company WEX Inc., formerly Wright Express Corp., said its third-quarter profit fell to $14.3 million, or 37 cents per share, from $48.1 million, or $1.23 per share, a year earlier.

WEX, which changed its name from Wright Express last month, said revenue rose 6% to $159.9 million, while revenue from its fleet payment operations edged up 0.7% to $117.9 million.

The current quarter included $16.2 million in impairment costs related to the company’s Australian prepaid business.

The average number of vehicles serviced worldwide climbed 6.2% to 6.9 million, while total fuel transactions increased 0.8% to $85.7 million.

WEX expects fourth-quarter revenue of $162 million and $169 million. For the full 2012 year, the company projected revenue in the range of $616 million to $623 million.