Wright Express Extends Fuel Hedging Program

SOUTH PORTLAND, Maine (AP) — Wright Express Corp., a payment processor for commercial and government vehicle fleets, said Monday it has purchased instruments to cover its expected fuel-price-related earnings exposure for the last two quarters of 2010 and the first quarter of 2011.

The company said it is taking the action to make future earnings more predictable.

Wright Express has hedged 90 percent of its anticipated exposure through the fourth quarter of 2009, 80 percent of its exposure for the first three quarters of 2010, 53 percent of its fourth-quarter 2010 exposure and 27 percent of its first-quarter 2011 exposure.

The company said that going forward it plans to hedge roughly 80 percent of its fuel-price-related earnings exposure in every quarter on a rolling basis.

Shares of Wright Express slipped 22 cents to $31.34 in afternoon trading.