Element Fleet Management Corp. Achieves Record Revenue Growth – Is It Stealing Share from Competitors?

Toronto, Canada – Element Fleet Management Corp. held its Q1 2024 Earnings Conference Call on May 15, 2024, reporting record net revenue of $262.5 million.

During the call, Laura Dottori-Attanasio, President, and Chief Executive Officer of Element Fleet, expressed her gratitude to the team for their hard work and dedication to clients. She highlighted the company’s strong start in 2024, reporting a record net revenue and adjusted earnings per share of $0.27. Dottori-Attanasio emphasized the exceptional quality of the team and the trust clients have in Element Fleet to contribute to their success.

The company attributed its solid growth to the impressive performance of its commercial team, which added 39 new clients in the quarter. These new clients, with 59% being self-managed conversions, are a testament to Element Fleet’s ability to win market share from competitors. The company remains focused on enhancing client experiences, optimizing operations, and driving growth through strategic initiatives.

One such initiative includes expanding into Singapore to enhance global procurement capabilities. The company signed a collaboration agreement with a leading OEM in Asia to provide additional vehicle purchasing options for clients. Additionally, Element Fleet is setting up an office in Dublin to elevate clients’ leasing experiences, improve pricing discipline, and drive operational efficiencies.

Looking ahead, Element Fleet is confident in its growth trajectory and ability to achieve or surpass its 2024 guidance on most metrics. The company’s resilient business model, commitment to clients, and strategic investments position it well for continued success in the future.