Wex Inc. reported revenue growth for the first quarter that beat projections from analysts and increased 8% to $381.9 million compared to a year earlier, the Portland, Maine-based fuel card and data provider announced.
At the same time, quarterly net income declined by $35.8 million from a year earlier to $16.1 million or 37 cents per share. Melissa Smith, president and CEO, said the decrease was due to nonrecurring costs related to the acquisition of the Shell Oil Co. and Chevron Corp. accounts in an interview with the Press Herald.
The company has transitioned the Shell portfolio and plans to complete the Chevron transition by July 1, according to its federal filing.
The first-quarter revenue was a 7.9% increase from the $354 million in revenue in the first quarter of 2018. A decline in fuel prices cost the company about $4.5 million in revenue, according to the company.
During the quarter, Wex also announced its acquisition of the fuel card business of EG Group, an independent fuel station and convenience retailer in Europe. EG Group's Go Fuel Card business is based in Breda, Netherlands.