Element Fleet Management reported consolidated net income for Q2/18 more than doubled compared to the previous year, reaching C$79.1 million (US$60.4 million). Element also noted that after-tax adjusted Q2 earnings per share for core Fleet Management operations grew 6% to C$0.19 (US$0.15) per share on a constant currency basis.

“Our results for the second quarter were in line with expectations and reflect continued progress in operations and customer acquisition and retention,” Jay Forbes, Element’s CEO, said. “Against the backdrop of these positive trends, we have launched a comprehensive strategic assessment to create a clear and compelling strategy for stakeholder value creation. We are delighted with the progress we are making and we look forward to sharing our insights and the resulting strategic priorities in the early fall.”

Core average earning assets for the second quarter were C$12.6 billion (US$9.6 billion), an increase of nearly 2%, or 5% on a constant-currency basis, compared to Q2/17. Element also appointed Forbes as CEO, Vito Culmone as CFO and four new independent directors to its board of directors during the quarter.

On August 7, 2018 Element priced US$1 billion of rated term notes through its Chesapeake Funding II platform in the United States. The transaction is expected to close on August 16, 2018. Combined with an earlier issuance in April 2018 and the creation of a securitization facility in Australia in May 2018, Element has securitized approximately C$3.5 billion (US$2.7 billion) year to date. The company maintains liquidity and access to capital, with C$6 billion (US$4.6 billion) in available financing to fund ongoing originations and growth.