Toronto-based Element Fleet Management increased gross revenue from its fleet business by 10.5% to $1.47 billion Canadian ($1.14 billion in U.S. dollars) in the first quarter and grew revenue 2.8% to $1.43 billion ($1.11 billion) from the fourth quarter of 2017, the fleet management company has reported.

"We are making solid progress on our key business objectives and expect to see continued improvement in our operating and financial results as the year goes on," said Dan Jauernig, acting chief executive officer. "Our first quarter adjusted operating income was slightly above plan, and our focus on operational excellence is yielding positive results as we enhance the customer experience and surface greater efficiencies across the organization."

The company benefitted from President Trump's tax bill, and lowered its effective tax rate on adjusted operating results to 18% in the quarter. The company released its quarterly earnings on May 15.

At the same time, the company accrued a restructuring charge of $40 million ($31.2 million). Of that amount, Element recorded $23 million ($17.9 million) in the quarter. The annualized run rate of sales, general and administrative costs compared to the fourth quarter could reach $26 million ($20.2 million).

Net revenue reached $208.4 million ($162.6 million), which was a 5.81% decline from the $221.3 million ($172.7 million) in the fourth quarter and a 1.67% decline from the $212 million ($165.4 million) in the first quarter of 2017.

Adjusted operating expenses fell $5.7 million ($4.4 million) to $120.1 million ($94 million) from the fourth quarter, but rose from the $113.9 million ($88.8 million) in the first quarter of 2017.

Revenue from fleet services of $128.5 million ($100.2 million) was "consistent with the prior year and down sequentially" from the $141 million ($110 million) in the fourth quarter.

Element will pay out a dividend to shareholders of 7.5 cents per common share on June 29.

Related: Element Touts 'Strong Financial Position' in Earnings Report