Wright Express Reports Q4 EPS of $0.74 vs. $0.71

Wright Express Corporation WXS today reported financial results for the three months and twelve months ended December 31, 2010. Total revenue for the fourth quarter of 2010 increased 38% to $114.9 million from $83.0 million for the fourth quarter of 2009. Fourth quarter 2010 revenue included $17.4 million from Wright Express Australia, which was acquired on September 15, 2010. Net income to common shareholders on a GAAP basis was $18.5 million, or $0.47 per diluted share, compared with $12.1 million, or $0.31 per diluted share, for the fourth quarter last year. On a non-GAAP basis, the Company's adjusted net income for the fourth quarter of 2010 increased 32% to $28.8 million, or $0.74 per diluted share, from $22.1 million, or $0.56 per diluted share, for the year-earlier period. For the full year 2010, revenue grew 24% to $390 million from $315 million in 2009. On a GAAP basis, net income was $2.25 per share in 2010 compared to $3.55 last year per diluted share in 2009, which included a pre-tax gain of $136.5 million on the prepayment of the Company's liability under a tax-receivable agreement. On an adjusted net income basis, earnings grew 26% to $2.75 per share versus $2.18 per share last year.