PHH Corporation announced as part of its four quarter 2012 full-year earnings report that its Fleet Management Services segment profit grew 16% over 2011. This is the third year in a row that the company’s Fleet Management Services segment seen earned double-digit growth in profits.
The company said growth in maintenance, fuel, and accident management programs, along with a 3% increase in net investment in fleet leases and reduced debt costs, helped drive these results.
In the fourth quarter of 2012, the Fleet Management Services’ segment’s profit was $20 million, which is down $1 million from the third quarter of 2012 but up $1 million when compared with the fourth quarter of 2011. The segment’s fleet management fees dropped to $43 million in the fourth quarter, down from $45 million in Q4 2011. The company said that this resulted primarily from the loss of volume of certain service-only clients but that this drop was partially offset by the acquisition of new clients.
The full-year net income for PHH Corporation was $34 million.