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Why I’m Buying Element Fleet Stock Today

Element Fleet Management (TSX:EFN) is a Toronto-based fleet management company that operates primarily in Canada, the United States, Mexico, Australia, and New Zealand. Shares of this TSX stock have climbed 13% month-over-month as of close on Tuesday, May 30. That has pushed the stock into the black in the year-to-date period.

This company released its first quarter fiscal 2023 earnings on May 9. Element Fleet delivered net revenue growth of 16% to a record $304 million. Meanwhile, earnings per share rose $0.05 year-over-year to $0.26.

Management praised the strong first quarter fiscal 2023 results. Jay Forbes, the company’s retiring Chief Executive Officer (CEO), said that it had achieved these results due to its “client-centric culture” and “the value of delivering a consistent, superior service experience.” Incoming CEO Laura Dottori-Attanasio laid out several goals going forward. These include “growing net revenue atop a scalable operating platform”, “advancing a capital-lighter business model” and “returning excess equity to shareholders”.

Element also provided an updated guidance for the 2023 year. The company projects net revenue between $1.24 billion and $1.26 billion, which would represent net revenue growth between 6.5% and 8.5%. Moreover, it forecasts adjusted operating income growth between 7-10% to $675 million to $700 million and adjusted EPS growth between $1.26 and $1.31, which represents 12-16% growth.

Shares of this TSX stock currently possess a rock-solid price-to-earnings ratio of 20. Moreover, it offers a quarterly dividend of $0.10 per share. That represents a modest 1.9% yield.