The Car and Truck Fleet and Leasing Management Magazine

PHH’s Fleet Management Segment Earns $21 Million in Profit in Q3

November 08, 2012

SPARKS, MD – Fleet management services and mortgage company PHH released its third-quarter financial results. Its fleet management services Q3 segment profit was $21 million, which the report stated was consistent with its third quarter of 2011.

The report said this profit is a result of growth in fleet management fees and lower funding costs but was offset by a decline in fleet lease income due to a 3% drop in the average number of leased vehicles and lower operating lease syndication volumes.

The company’s fleet management fees went up to $45 million in Q3 2012, up from $42 million in Q3 of 2011. PHH stated that this increase resulted from more maintenance service card units and an increase in asset-based fleet management services resulting from asset dispositions.

For its overall earnings for Q3, which include its mortgage business and fleet, PHH reported a net loss of $42 million. The company stated these results include a $13 million pre-tax loss related to early repayment of the company’s 2013 medium term notes.

Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All

 

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All

 

Sponsored by

The name given in Germany and Austria to closed end leases where the lessor is responsible for depreciation and maintenance.

Read more

Up Next

More From The World's Largest Fleet Publisher