From GlobeNewswire: 2024-05-14 17:01:00

Element Fleet Management Corp reported a record quarterly net revenue of US$262.5 million, generating adjusted EPS of US$0.27 and adjusted free cash flow per share of US$0.35. The company experienced a solid net revenue growth of 16.8% driven by continued strength in services revenue, allowing for continued investment in the business.

Services revenue, a key component of Element’s business model, grew 27.3% in Q1 2024 to US$147.1 million. Net financing revenue also increased by 9.1% year-over-year to US$9.0 million. Element syndicated US$473.2 million of assets in Q1 2024, less volume than the previous year due to a strategic decision.

Adjusted operating income was US$143.6 million in Q1 2024, resulting in adjusted EPS of US$0.27, a 4 cent increase year-over-year. Element originated US$1.5 billion of assets in Q1 2024, reflecting a 9.8% increase year-over-year. Furthermore, Element generated US$0.35 of adjusted free cash flow per share, returning $38.2 million to shareholders.

The company remains confident in its ability to meet, or potentially exceed, the upper end of its full-year 2024 guidance. Element’s 2024 guidance includes net revenue of $1.020 – 1.040 billion, adjusted operating income of $560 – 575 million, adjusted EPS of $1.05 – 1.09, and adjusted free cash flow per share of $1.31 – 1.34. Strategic initiatives to optimize the business are expected to generate significant revenue and operating income by 2028.



Read more at GlobeNewswire:: Element Reports Record First Quarter Results