FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


Element Reports $1.8B NBV in Q2; 74% in U.S.

August 13, 2015, 07:12 AM
Filed Under: Corporate Earnings

Element Financial Corporation reported financial results for the three-month and six-month periods ending June 30, 2015. Free operating cash flow amounted to $88.8 million for the three-month period. After tax adjusted operating income amounted to $67.9 million for the three-month period.

“With three quarters of our new business volume coming out of the US market, these second quarter results reaffirm the significant influence US economic growth has on our business,” said Steven Hudson, Element’s Chief Executive Officer. “Our steady growth in earnings and assets has benefited from the fact that our revenues are heavily weighted to the US economy while our corporate costs are predominantly based here in Canada,” added Mr. Hudson.

Overall, new originations amounted to $1.8 billion for the three-month period ended June 30, 2015 versus $1.5 billion reported in the previous three-month period ended March 31, 2015. Fleet Management accounted for $820.7 million of Q2 originations while the Rail Finance vertical contributed $275.1 million. Aviation Finance accounted for $164.7 million of Q2 originations while the Commercial & Vendor vertical accounted for $540.6 million.

The US market accounted for 74 percent of the new origination volume reported during the period versus 72 percent in the three month period ending March 31, 2015.

Year-to-date origination volumes amount to $3.3 billion which is slightly ahead of plan with respect to the Company’s previous guidance of $6.5 billion of new  originations during 2015.

To read the full release, click here.

Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.