Element Fleet Management Reports Record-Breaking Financial Results for Q4 and Full-Year 2024
Toronto, Canada – Element Fleet Management Corp., the world’s largest publicly-traded, pure-play automotive fleet manager, has announced its financial and operating results for the fourth quarter and full-year ended December 31, 2024. The company’s impressive financial performance surpassed expectations, with notable growth in revenue, net income, and fleet size.
Financial Highlights
Element reported a 10.3% increase in revenue for Q4 2024, amounting to $1.07 billion, compared to the same period in the previous year. The full-year 2024 revenue reached $4.3 billion, marking a 7.2% year-over-year increase. The company’s net income for Q4 2024 was $134.3 million, up 22.5% from Q4 2023, while full-year net income reached a record-breaking $515.5 million, a 13.4% increase from the previous year.
Operational Highlights
Element’s fleet size grew to over 1.1 million vehicles at the end of 2024, representing a 5.4% increase from the previous year. The company’s fleet growth was driven by new business wins and organic growth within existing client relationships. Additionally, the company’s average fleet age decreased to 3.2 years, demonstrating its commitment to maintaining a modern and efficient fleet.
Impact on Consumers
Element’s financial success and growth in fleet size can lead to several benefits for consumers. The company’s expanded resources and capabilities can result in improved customer service and more competitive pricing for fleet management services. Furthermore, the company’s commitment to maintaining a modern fleet may lead to increased availability of newer, more fuel-efficient vehicles for consumers.
Impact on the World
Element’s financial results are a strong indicator of the growing demand for fleet management services, particularly in the automotive industry. The company’s success may lead to increased competition and innovation within the fleet management sector, potentially benefiting businesses and consumers alike. Additionally, Element’s focus on maintaining a modern fleet contributes to the reduction of older, less fuel-efficient vehicles on the road, helping to reduce greenhouse gas emissions and contribute to a more sustainable transportation system.
Conclusion
Element Fleet Management Corp.’s record-breaking financial results for Q4 2024 and full-year 2024 demonstrate the company’s continued growth and success in the fleet management sector. These results have significant implications for both consumers and the world, with potential improvements in customer service, pricing, and the availability of newer, more fuel-efficient vehicles. As the demand for fleet management services continues to grow, Element is well-positioned to lead the way in providing innovative solutions and driving sustainability within the industry.
- Element Fleet Management reports Q4 2024 revenue of $1.07 billion, up 10.3% from the previous year
- Full-year 2024 revenue reaches $4.3 billion, a 7.2% increase from 2023
- Net income for Q4 2024 is $134.3 million, up 22.5% from the previous year
- Full-year net income reaches $515.5 million, a 13.4% increase from 2023
- Element’s fleet size grows to over 1.1 million vehicles, a 5.4% increase from the previous year
- Company’s average fleet age decreases to 3.2 years
- Benefits for consumers include improved customer service, competitive pricing, and availability of newer, more fuel-efficient vehicles
- Impact on the world includes increased competition and innovation within the fleet management sector and reduced greenhouse gas emissions
