Wright Express (WXS) Jumps on Earnings Report

Shares of Wright Express (WXS) are up nicely today on a strong earnings report. The company provides fuel and fleet management services to nearly 300,000 commercial and government clients throughout North America.

Wright’s network of charge cards enables customers to purchase fuel and maintenance services at locations across the U.S. Through this network, the company is able to collect data at the point of sale–such as lists of items purchased, odometer readings, as wells as vehicle and vendor identification–and then interprets that information to help clients track and control fuel and maintenance expenditures.

“Reduced credit loss was a key factor, reflecting strong performances by our credit granting and collections areas for the second consecutive quarter,” Chief Executive Michael Dubyak said in a statement.

For the second quarter, net income was $93.2 million, or $2.36 per diluted share, compared with a net loss of $24.4 million, or 63 cents per share, last year.

Excluding items, the company earned 57 cents a share. Revenue fell 29 percent to $78.6 million.

The company expects third-quarter adjusted profit of 54 to 59 cents a share, above per-share profit expectations of 44 cents.

It expects third-quarter revenue of $78 million to $83 million, while analysts were looking for $80.7 million.

For the full year, Wright Express forecast adjusted earnings of $1.94 to $2.04 per share, on revenue of $300 million to $310 million.

The stock has been up by as much as 12%. In Portfolio Grader, I currently rate Wright Express a Strong Buy.

More Louis Navellier

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