Element Touts 'Strong Financial Position' in Earnings Report
Element Fleet Management Corp. reiterated its "strong financial position" including $4.7 billion of liquidity to finance future business in its most recent earnings report released in March.
Element's adjusted basic EPS was in-line with expectations, and the company reported guidance of an adjusted operating income for 2018 to be "within 3% to 5% of 2017 results on a currency adjusted basis."
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Net revenue came in at $876.83 million in its 2017 discal year versus $873.66 million for the 2016 fiscal year, which equates to about 0.36% in top-line growth. During the same period, adjusted operating expenses rose 3.31%.
Element increased revenue from fleet services by 5% to $141 million in the fourth quarter of 2017 from the third quarter and 15% compared to the year-ago quarter. The company released the earnings report on March 15.
In November, General Motors chose the fleet management company to provide maintenance and accident services for its Maven ride-sharing fleet.