An expanding international business, continued success with its MasterCard cobranded credit card program and improvements in its Fleet business helped boost Wright Express Corp.’s third-quarter results, the fleet card issuer announced Nov. 4.
“We made strides in our long-term strategy to expand our presence abroad,” Michael Dubyak, Wright Express chairman and CEO, said in a statement.
The South Portland, Maine-based company during the quarter closed on its acquisition of Retail Decisions’ Australian fuel and prepaid card business (see story) . Wright Express expects the deal to help extend its international presence and create a platform for growth outside of fuel cards.
The company also began processing commercial fuel card transactions for BP International in New Zealand in September.
“These important steps in our international strategy, combined with strength in MasterCard and improving results in Fleet, provide us with multiple avenues for continued growth,” said Dubyak.
The fleet card issuer reported $100.2 million in total revenue for the quarter ended Sept. 30, up 16.8% from $85.8 million during the same period last year. Net income was $20.6 million, down 12% from $23.4 million.
MasterCard payment-processing revenue totaled $13.5 million, up 39.2% from $9.7 million. Holders of the Wright Express MasterCard spent $1.3 billion during the quarter, up 48.4% from $875.8 million a year earlier.
Payment-processing transactions increased by 3.4%, to 54.8 million from 53 million. Fleet payment-processing revenue grew by 13.2%, to $55.9 million from $49.4 million.
The average number of vehicles serviced during the quarter was 4.8 million, up 4.3% from 4.6 million a year earlier. The average fuel price for the quarter was $2.78 per gallon, up 7.8%, from $2.58 per gallon a year earlier.
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