PHH Corporation has announced financial results for the quarter and year ended December 31, 2011.

The company reported a full-year 2011 net loss of $127m, but core earnings (after-tax) of $55m for the fourth quarter and $182m for the full year.

The Fleet Management Services segment profit was $19m in the fourth quarter 2011, down 24% from the fourth quarter 2010, reflecting stronger net revenues offset by higher cost of goods sold related to lease syndications, technology investments, and higher incentive compensation expenses.

Fourth quarter 2011 segment profit was $6m less than in the fourth quarter 2010 and $2m less than in the third quarter 2011.

Fleet lease income increased by $10m to $350m in the fourth quarter 2011 compared to the fourth quarter 2010, due to a $12m increase in lease syndication revenue that was partially offset by a decrease in lease revenue attributable to fewer units under lease. The increase in lease syndication revenue was substantially offset by a corresponding increase in other expenses, primarily due to higher cost of goods sold related to the lease syndications.

Fleet lease income for the full year to December 31 2011 increased by $30m to $1,400m. Pre-tax profit for the segment was $75m for the full year.

"We delivered solid core earnings performance in the fourth quarter," said Glen A. Messina, president and CEO of PHH Corporation. "Our continued focus on fee-based services in our Fleet Management segment continues to reap benefits and drive improvement in our ROE.”

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