Wright Express' CEO Discusses Q4 2011 Results - Earnings Call Transcript
By region, we saw a continuation of recent trends. The Southwest was the strongest region, while the Southeast was the weakest region. Overall, we believe these results are basically neutral with continued slight variations and stable trends.
In terms of vehicle growth, the total number of vehicle service averaged $6.6 million, a 14% increase from the same period last year, driven by the launch of BP in Australia and New Zealand, as well as growth within our core fleet business.
In North America, the core fleet business posted steady performance as previously announced signings were implemented in the fourth quarter. In addition, our sales force added new wins in the mid-to-large fleet market in the energy, government, communications and construction industries.
Over the past year, we saw a good momentum in the core North American fleet business. We extended our market share with both large and small fleets by increasing our penetration and signing new private label customers.Furthermore, our continued focus on innovation led to the introduction of new products, features and applications such as fuel site locator, WEXSMART's Fuel Guard and pump shut-off. These products enhance the value we provide to our customers and increase the efficiency and effectiveness of their fleets. Internationally, Wright Express Australia continued to meet our expectations. During the quarter, we had continued smaller fleet wins and signed a few existing larger clients to multi-year contract extensions. Turning to the Other Payment Solutions segment, this segment once again posted strong growth in the fourth quarter, driven by our corporate charge card product. Spend volume increased 66% over the prior year to $2 billion primarily from our single-use electronic product in the online travel vertical. While online travel has been the predominant growth channel for this product, customer and industry diversification has also been an objective for us in this segment. Read the rest of this transcript for free on seekingalpha.com
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