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.