IN THE NEWS
|
|
|
|
|
IN THE NEWS
|
Home
Register for Daily E-News Update Career Center  Classified Ads Career ForumOnline Directories Funding Sources Leasing ServicesMonitor in Print Subscribe Past Issues Article Archives Monitor 100Advertising Print/Online ClassifiedCalendar of Events Daily Interest Rates Article Submissions Site Map Contact Us 
|
PHH Reports Fleet Profits Driven by Lower Financing Costs, Better Margins PHH Corporation reported financial results for the second quarter of 2009. The company reported that its Fleet Management Services segment showed a profit of $18 million for the quarter and $25 million for the six months ended June 30, driven by better than expected financing costs, improved lease margins and continuing efforts to renegotiate lease pricing and to reduce costs. The company reported $360 million in fleet lease income for the quarter, compared to $406 million for the same period last year. PHH issued $1.0 billion of term asset-backed securities in June, which the company said improves its overall funding profile. The company further revised its profit outlook for the segment upward to $30-40 million for the full year 2009. PHH said that volume declines in its Fleet Management Services segment were offset by stronger mortgage production margins, a higher volume of first mortgage originations, a greater increase in the mortgage servicing rights mark-to-market valuation and cost efficiency efforts by both businesses. The cost reduction initiatives implemented during the fourth quarter of 2008 in anticipation of expected volume declines favorably impacted segment profit for the second quarter of 2009 by $3 million. Company-wide net revenues for the second quarter of 2009 were $768 million compared to $663 million for the second quarter of 2008. Income before income taxes was $186 million for the second quarter of 2009, compared to $32 million for the second quarter of 2008. Net income attributable to PHH Corporation for the second quarter of 2009 was $106 million compared to $16 million for the second quarter of 2008. "In our fleet management business, we have made significant progress bringing fleet pricing in line with market rates and reducing other costs, and we also benefited from better than expected financing costs," said George Kilroy, acting chief executive officer and president. "These critically important initiatives were key drivers of our results this quarter. We expect that these initiatives, together with our success in accessing the market for TALF-eligible securities and our efforts to secure other alternative sources of funding, should help us deliver stronger full-year earnings than we previously anticipated. "Overall, we believe these results demonstrate the enduring strength of PHH's business as well as the actions we have taken to create opportunities and drive revenue growth in all environments. However, our management team and Board believe there is more work to do and we remain intensely focused on continuing to establish a more flexible cost structure, drive greater efficiencies and enhance service that drives value to our clients and, ultimately, to our shareholders." Click here to access the full report. Tuesday, August 04, 2009  SOUND OFF! Send a letter to the Editor, Stuart Papavassiliou at sppapa@monitordaily.com. To get your company’s news included on the monitordaily.com site and published in the Monitor, contact Chris Moraff, Associate Editor, at 610.293.1300 x112 or email news to cmoraff@monitordaily.com. If you would like to search our News Archives, please click here. |
 CSI Leasing Expands .... Aviation Capital Gro.... American Equipment F.... GE Capital Agents $3.... CFO: Securitizations.... GE to Invest up to $.... Manufacturing Activi.... Bloomberg: Economy A.... Marquette Provides C....  ORIX Venture Finance.... GE Capital (Canada) .... CFO: Cloudy Future f.... Grant Capital Manage.... EverBank Reports Sur.... Wells Fargo EF Names.... Burtz Rejoins RBS Av.... NYT: Asset Plan Reap.... Commonwealth Capital.... CFO: Bank Loans Cruc.... Mintaka Financial Re.... Bloomberg: Business .... Former Freightliner,.... GE Capital Exec Note.... De Lage Landen Repor.... First Financial Name.... Wiener Becomes Newes.... Key Equipment Financ.... Brookdale Refinances.... Barclays Adviser on .... Survey Shows Most Ec.... TCF Equipment Financ.... USA Today: Small Bus.... Discover: Small Busi.... Kensington Leasing t.... Resolvion Names Beek.... U.S. Bank EF Names H.... Report: Big-Ticket T.... Bloomberg: Economy i.... FASB Chief Herz to R.... |
|||
Advertising Opportunities | Classified Ads | Career Forum | Daily Interest Rates | Funding Source Directory Leasing Services Directory | Events Calendar | Monitor 100 | News Archives | Monitor Article Archives Subscriptions | About Molloy Associates | About The Monitor | Site Map | Contact Us Privacy Policy | Home © Copyright 1996-2010, Xander Media Group, 409 East Lancaster Avenue, Wayne PA, 19087 800.708.9373 |
|||||
