Wright Express Sees 4Q Profit Drop

Wright Express Corp. said that its fourth-quarter profit fell to $12.1 million, or 31 cents per share, compared with $65.2 million, or $1.66, a year ago.

Operating income grew to $30.1 million, from $19 million, the company said in a statement.

Revenue increased to $83.8 million, from $80.9 million a year ago. Revenue from payment processing grew to $57 million, from $56.2 million.

For the full year of 2009, profit increased to $139.7 million, or $3.55 per share, from $127.6 million, or $3.22, in 2008. Operating income grew to $30.1 million, from $19 million the previous year.

Revenue fell in the year to $315 million, compared with $390 million, the company said. Payment processing revenue also fell, to $215.6 million, from $297.4 million.

Wright Express provides payment processing and information management services to fleets.