Corporate payment processor Wex Inc. of South Portland continued its rapid growth in 2017, according to a company earnings statement released Wednesday.
Wex reported 2017 revenue of $1.25 billion, up 23 percent from the previous year, and net income of $159.2 million, up 177 percent from 2016. For the fourth quarter, Wex reported revenue of $331.3 million and net income of $79.6 million, compared with revenue of $290.8 million and net income of $3.1 million a year earlier.
“We are extremely pleased by our fourth quarter and fiscal year performance, with positive contributions from all three of our segments driving 2017 revenues to record levels,” Wex President and CEO Melissa Smith said in a news release. “Our relentless approach to executing on our strategic priorities continues to deliver outstanding results and position us for long-term growth.”
Wex, which provides payment-processing services for vehicle fleets, online travel services and health care and employee benefits providers, has about 1,000 employees at its headquarters in South Portland and about 3,300 worldwide.
The company plans to relocate its headquarters to a 100,000-square-foot, four-story building near the Portland waterfront in 2019, but said it will continue to maintain a presence in South Portland.
Wex is a publicly held company that trades on the New York Stock Exchange under the symbol WEX. The value of Wex shares increased by more than 10 percent in early trading Wednesday following the release of its earnings report.
The company’s adjusted net income in 2017, after accounting for one-time credits and charges, was $233 million, or $5.41 per share. Adjusted net income beat analyst expectations by 2 cents per share and was up 17 percent from $4.62 per share in 2016.
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