The strengthening economy and increased fleet fueling activity helped South Portland-based Wright Express show a first-quarter revenue boost of 22 percent to $83.8 million, compared to $68.5 million during the same period last year.
Net income was $18 million, or 48 cents per share, compared to $11 million, or 28 cents last year. On a non-GAAP accounting basis, adjusted earnings for the period increased 46 percent, to $23.7 million or 61 cents per share. That compared to $16.3 million or 42 cents a year earlier.
Wright Express is a leading provider of payment processing and information management for vehicle fleets. It uses derivatives to offset swings in fuel prices and also reports results on a non-GAAP basis to smooth volatility.
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