PHH Releases Q2 2013 Earnings for Fleet Segment
PHH released its second quarter 2013 earnings statement for its fleet management services and mortgage business segments. For Q2 2013, the company’s fleet management services segment saw a profit of $21 million, the same as in Q1 2013.
The company said net investment in fleet leases at June 30, 2013, increased 2 percent when compared with March 31, 2013, though the average leased vehicle units remained unchanged during Q2 2013. PHH explained that this is due to higher-capitalized units replacing lower-cost vehicles, which the company said is consistent with its emphasis on service fleets.
For its fleet management fees, PHH said they decreased to $44 million from $45 million in Q2 1012. PHH said this was driven by lower client participation in driver safety training services. During Q1 2013, however, fleet management fees increased by $1 million, which the company attributed to sequential quarter average unit growth in its fleet service offerings.
Overall (for its fleet and mortgage segments), PHH reported net income of $90 million for the second quarter of 2013.