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August 1, 2014

WEX second quarter profit improves

WEX, a US-based provider of corporate payment solutions, has reported a profit of $43.3m for the second quarter of 2014, a marginal rise of 2% from $42.2m a year ago.

By Verdict Staff

WEX, a US-based provider of corporate payment solutions, has reported a profit of $43.3m for the second quarter of 2014, a marginal rise of 2% from $42.2m a year ago.

For the quarter ended 30 June 2014, the company’s revenue rose to $201.6m from $178.3m in the corresponding period of 2013.

During the period, total fuel transactions processed increased 6% from the second quarter of 2013 to 98.6 million. Payment processing transactions increased 6% to 78.4 million.

Total corporate card purchase volume grew 36% to $4.3bn from $3.2bn in the year ago quarter, the company said in a statement.

The company also revealed that average expenditure per payment processing transaction increased 3% from the second quarter of 2013 to $88.46.

Also, total corporate card purchase volume grew 36% to $4.3bn, from $3.2bn for the second quarter of 2013.

WEX president and CEO Melissa Smith said: "We had a very strong second quarter with revenue and adjusted net income increasing 13% and 28%, respectively, while also making tremendous progress in advancing our strategic priorities.

"Our efforts to accelerate growth, both organically and through M&A, globalize the business and drive scale are clearly paying off," Smith added.

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