Element Fleet Management announced Q1/18 net revenue was C$208.4 million down 1.7% from $212.0 million for the same quarter a year earlier. After tax adjusted operating income of C$61.3 million was down 10.6% from C$68.6 million in Q1/17.
The following highlights were excerpted from the news release:
“We are making solid progress on our key business objectives and expect to see continued improvement in our operating and financial results as the year goes on,” said Dan Jauernig, acting chief executive officer. “Our first quarter adjusted operating income was slightly above plan, and our focus on operational excellence is yielding positive results as we enhance the customer experience and surface greater efficiencies across the organization. With continued investments in our platform we are also extending our technology advantage which is leading to new business, the retention of existing clients, and stronger customer relationships overall. Finally, we remain encouraged by the number and quality of opportunities in our pipeline, which we expect to drive accretive growth in the second half of the year.”
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