PORTLAND, Maine (AP) — Wright Express Corp. reported a 25 percent drop in net income for the second quarter of the year on Wednesday, and warned that lower fuel prices will hurt revenues and profits for the rest of 2012.
The South Portland-based company, which processes fuel payments for fleet vehicles, reported revenues of $153 million and net income of $30 million, or 78 cents a share, for the three-month period ending June 30. Revenues increased 8 percent from $141 million in the same period last year, while net income fell from $40 million in the second quarter in 2011. Adjusted income was $39 million, or $1 a share, up 10 percent from last year.
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