Element Financial reported financial results for Q2/15 and H1/15 periods ending June 30, 2015. Q2/15 free operating cash flow of $88.8 million was up from $78.4 million sequentially and $31.3 million in Q2/14. After tax adjusted operating income of $67.9 million was up from $60.4 million sequentially and $45.7 million a year earlier.
The following highlights were excerpted from the news release:
“With three quarters of our new business volume coming out of the U.S. market, these second quarter results reaffirm the significant influence US economic growth has on our business,” said Steven Hudson, Element’s CEO. “Our steady growth in earnings and assets has benefited from the fact that our revenues are heavily weighted to the U.S. economy while our corporate costs are predominantly based here in Canada.”
Overall, new originations amounted to $1.8 billion for the three-month period ended June 30, 2015 versus $1.5 billion reported in the previous three-month period ended March 31, 2015. Fleet Management accounted for $820.7 million of Q2 originations while the Rail Finance vertical contributed $275.1 million.
Aviation Finance accounted for $164.7 million of Q2 originations while the Commercial & Vendor vertical accounted for $540.6 million. The U.S. market accounted for 74% of the new origination volume reported during the period versus 72% in the three month period ending March 31, 2015. Year-to-date origination volumes amount to $3.3 billion which is slightly ahead of plan with respect to the company’s previous guidance of $6.5 billion of new originations during 2015.
Access the full release from Element here.
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