ECN Capital reported financial results for the three-month and nine-month periods ending September 30, 2016. The company’s results for the period were reported as distributed operations of Element Fleet Management (formerly Element Financial) as a result of the October 3, 2016 separation of ECN Capital and Element Fleet Management into two publicly traded companies.

The following highlights were excerpted from the ECN news release:

• For Q3/16, ECN Capital reported after-tax adjusted operating income of $27.4 million or $0.07 per share (basic) in line with the consensus of analyst estimates versus $25.3 million or $0.07 per share (basic) for the previous three-month period ending June 30, 2016 and $26.9 million or $0.08 per share (basic) for the same period last year. Book value per share as of September 30, 2016 was $4.42.
• Originations for Q3/16 were $407.0 million versus $474.1 million for the previous three-month period ending June 30, 2016 and $767.2 million for the same period last year. Originations in the company’s core continuing operations increased to $387.7 million versus $385.2 million for the previous three-month period. During the period the company remained selective in the expansion of its rail car assets to maximize portfolio performance.
• Total earning assets and assets under management as of September 30, 2016 were $7.5 billion versus $7.6 billion as of June 30, 2016 and $6.3 billion as of September 30, 2015.
• Net financial income, net of interest expense and provision for credit losses for Q3/16 was $48.5 million versus $47.8 million for the previous three-month period ending June 30, 2016 and $53.4 million for the same period last year.

“With the separation transaction completed, as a stand-alone specialty finance company with an investment-grade balance sheet and access to capital to make us actionable on acquisition opportunities, we have right-sized and improved the operating performance of our existing businesses and positioned ECN Capital for the next stage of growth,” said Steven Hudson, ECN Capital’s CEO. “For more than 30 years, the ECN Capital management team has successfully pursued a strategy of opportunistically deploying capital in the specialty finance sector in segments that are resilient through credit cycles and deliver premium yield and growth opportunities for our shareholders and funding partners,” added Hudson.