05:36 PM EDT, 08/13/2024 (MT Newswires) -- Element Fleet Management ( ELEEF ) said Tuesday its second quarter adjusted profit and revenue both rose.

Adjusted profit, excluding most one-time items, rose 15% to US$115.4 million, or US$0.29 per share, from $100.2 million, or US$0.24, in the year-prior quarter.

Revenue rose 14% to a record US$274.6 million, led by a double-digit increase across net financing and services revenue, the company said.

Element raised its full year guidance for net revenue to between US$1.06 billion and US$1.08 billion, from US$1.02 billion to US$1.04 billion. Adjusted EPS is now expected to be US$1.07 to US$1.11, from US$1.05 to US$1.09.

Element also announced it is acquiring Autofleet, a fleet optimization technology platform. The acquisition is expected to close in the fourth quarter.

The company's shares closed $0.48 higher to $25.81 on the Toronto Stock Exchange.