Wright Express’s 4Q Earnings Dip
Wright Express Corp. said it earned $4.6 million, or 11 cents a share, in the fourth quarter, down from $19 million, or 46 cents, the previous year.
Adjusted net income was $19.7 million, or 49 cents per share, up from $13.4 million, or 33 cents, the previous year.
Revenue jumped 28% to $90.7 million, Wright said in a statement. The company provides payment processing and information management services to fleets,
For the full year, Wright earned $51.6 million, or $1.27 per share, down from $74.6 million, or $1.81, a year earlier. Revenue rose to $257.5 million, from $214.6 million.
Separately, Wright Express said it will buy privately held fuel distributor Pacific Pride Services for $32 million. The deal is expected to close this quarter.
Pacific Pride, founded in 1984 and is headquartered in Salem, Ore., has a network of more than 330 independent fuel franchisees.
Pacific Pride generates about 80% of its revenue from transaction fees. Its 2007 revenue was about $7 million, Wright Express said.
