PHH reported that its fleet lease income in the fourth quarter was $350 million, up from $340 million in the fourth quarter 2010. PHH said the increase was due to a $12 million increase in lease syndication revenue that was partially offset by a decrease in lease revenue attributable to fewer units under lease. Average fleet leased vehicles in the fourth quarter were 270,000 versus 284,000 in the fourth quarter in 2010.

Fleet Management Services segment profit was $19 million in the fourth quarter 2011, down 24% from the fourth quarter 2010, reflecting stronger net revenues offset by higher cost related to lease syndications, technology investments, and higher incentive compensation expenses.

Commenting on the performance of its fleet management services segment, Glen A. Messina, president and CEO of PHH Corporation, said “Our continued focus on fee-based services in our Fleet Management segment continues to reap benefits and drive improvement in our ROE.”