Element Fleet Management, formerly Element Financial, reported financial results for the company’s continuing operations for the three-month and nine-month periods ending September 30, 2016. The reported results also included results for the distributed operations that form ECN Capital following the separation of Element Financial into two publicly traded companies on October 3, 2016. The following commentary pertains only to the continuing operations of Element Fleet Management.
The following highlights were excerpted from the Element Fleet Management news release:
“Advanced analytics, connectivity and shared transportation are transforming the fleet services model,” said Bradley Nullmeyer, Element Fleet Management’s chief executive officer. “The scale, depth and advanced analytics capabilities we have built at Element put us at the center of the connected car opportunity to deliver more value for our customers.”
“We had a solid quarter with stable service and fee revenue when compared on a sequential basis and an 115% increase from the same period in the prior year,” said Daniel Jauernig, Element’s president and chief operating officer. “In the first nine months of this year, we have signed more than 100 new clients, representing a total fleet size of more than 200,000 vehicles and a future revenue stream that will build to more than $29 million annualized run rate in the next three years.”
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