05:27 PM EST, 11/13/2024 (MT Newswires) -- Element Fleet Management ( ELEEF ) on Wednesday reported higher adjusted operating income and revenue for its third quarter and raised its dividend by 8%.

The automotive-fleet manager said adjusted operating income, excluding most one-time items, rose 15% to US$161.4 million, or US$0.29 per share, from US$140.6 million, or US$0.26, last year.

Revenue rose 12% to a record US$279.6 million. The rise was led by double-digit growth across all revenues categories, the company said.

The company will pay its increased dividend of C$0.52 per share, on Jan. 15.

Element will also renew its normal course issuer bid (NCIB), to buy back up to 10% of the public float. Its current NCIB ends on Nov. 14. During the first nine months of this year, Element bought back 455,300 common shares, for $7 million at a volume weighted average price of C$21.95 per share.

The company introduced its 2025 guidance, and indicated it expects revenue growth of 6.5% to 8.5%.

The company's shares closed $0.37 lower, to $28.26, on the Toronto Stock Exchange.