Wright Express Reports Drop in 2Q Profit

Wright Express Corp.’s second-quarter profit fell to $30 million, or 77 cents per share, compared with $93.2 million, or $2.36, a year ago.

Operating income grew to $39.4 million, from $32.4 million, the company said in a statement.

Revenue rose 17% to $91.4 million, from $77.9 million a year ago. Revenue from payment processing increased to $65.6 million, from $53 million.

Wright Express provides payment processing and information management services to fleets and its charge cards are used by to buy fuel and maintenance services for about 4.6 million vehicles, the company said.

For the third quarter, the company expects adjusted earnings of $25 million to $27 million, or 65 cents to 70 cents a share. For 2010, it expects profits of $97 million to $101 million, or $2.47 to $2.57 per share.