Element Fleet Management Corp. reported record Q2 results, raised full-year guidance, and acquired Autofleet Solutions Ltd.
From GlobeNewswire: 2024-08-13 17:01:00
Element Fleet Management Corp. reported record quarterly net revenue of US$274.6 million, driving adjusted EPS of US$0.29. Quarterly net revenue grew 14.1% year-over-year with a record origination volume increase of 28.2% compared to Q1 2024. The company also raised full-year 2024 guidance in light of its strong performance.
Furthermore, Element announced its first-ever Purpose statement: Move the World Through Intelligent Mobility. The company is accelerating its digitization and automation capabilities with the acquisition of Autofleet Solutions Ltd. Element’s Q2 2024 financial results highlight growth in net revenue, financing revenue, and services revenue, contributing to increased adjusted operating income and adjusted EPS.
The Company syndicated a record US$955.2 million of assets in Q2 2024, a significant increase from both Q1 2024 and Q2 2023. Element’s adjusted operating margin expanded year-over-year, driven by positive operating leverage. Originations also grew by 4.6% compared to Q2 2023 and by 28.2% compared to Q1 2024, showcasing sustained growth momentum.
Element’s adjusted free cash flow per share increased to US$0.38 in Q2 2024, driven by higher net revenues and originations. The company returned US$37.7 million to common shareholders through dividends and buybacks in Q2 2024. Element is optimistic about its full-year 2024 performance and has raised guidance on key metrics.
In a strategic move, Element announced the acquisition of Autofleet, a fleet and mobility solutions innovator. The acquisition aims to enhance Element’s digital capabilities, expedite core business scaling, and deliver increased value to clients and shareholders. Founded in 2018, Autofleet has a skilled team and cutting-edge technology that aligns with Element’s vision of Intelligent Mobility.
Read more at GlobeNewswire:: Element Reports Record Second Quarter Results, Raises