Wex Inc. reported Thursday that revenue increased 19 percent for the second quarter compared with a year earlier, a reflection of organic growth and acquisitions, its chief executive said.

Wex’s adjusted net income increased by 10 percent.

The Portland-based company, which provides payment processing services for the fleet, health care and travel industries, exceeded analyst expectations in the areas of revenue and adjusted net income, according to the investor website Seeking Alpha.

Wex reported quarterly revenue of $441.8 million, compared with $370.8 million for the second quarter of 2018. Its adjusted net income for the second quarter was $99.6 million, or $2.28 per share, compared with $90 million, or $2.07 per share, for the same period a year earlier.

Company President and CEO Melissa Smith said in an interview that about 8 percent of the revenue growth came from acquisitions, while the other 11 percent came from organic growth.

“We had a really strong organic growth quarter,” Smith said. “We felt like it was good across the board.”

The company’s net income before adjustments, a federal reporting requirement for publicly traded companies, fell short of expectations and was down significantly from a year earlier. Before adjustments, Wex’s quarterly net income was $13.8 million, or $0.32 per share, compared with $38.4 million, or $0.88 per share, for the second quarter of 2018.

Company officials said the decrease was due primarily to losses on investments tied to interest rates, and the expense created when updating the value of a joint health care venture in which Wex is the majority shareholder.

Smith said Wex realized the benefit of a recently signed contract with fuel producer Shell Oil Co. during the second quarter, but that revenue from another new contract with Chevron Corp. only began toward the end of the quarter.

“We’re going to see the real benefit of that in the second half of this year,” she said.

Smith said the company’s recently completed headquarters in Portland was a great asset in the second quarter, as many international customers visited Maine to enjoy the facility and its surroundings in the city’s Old Port.

“It’s been really incredible having our corporate headquarters down here,” she said.

Wex is one of only four non-bank publicly traded companies headquartered in Maine. Its shares are traded on the New York Stock Exchange under the symbol WEX. The value of Wex shares fell by 5.8 percent Thursday from the previous day’s closing price to $205.51 per share.

Stocks fell across the board Thursday after President Trump tweeted that he plans to impose a 10 percent tariff on $300 billion worth of Chinese imports.


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