Fly Leasing reports Q2 2019 net income of USD 54m

Fly Leasing Limited (NYSE: FLY) has reported second quarter 2019 net income of USD 54.1 million, USD 1.68 per share, compared to net income of USD 24.3 million, or USD 0.87 per share, for the same period in 2018, the company said.

Net income for the six months ended June 30, 2019 was USD 99.0 million, or USD 3.06 per share, compared to net income of USD 34.0 million, or USD 1.21 per share, for the six months ended June 30, 2018.

Adjusted net income for the second quarter 2019 was USD 61.9 million for the second quarter of 2019, compared to USD 25.2 million for the same period in the previous year. On a per share basis, adjusted net income was USD 1.92 in the second quarter of 2019, compared to USD 0.90 for the second quarter of 2018. For the six months ended June 30, 2019, adjusted net income was USD 109.0 million, or USD 3.37 per share, compared to USD 37.6 million, or USD 1.34 per share, for the same period last year.

During the six months ended June 30, 2019, FLY repurchased 1.67 million shares in the open market at an average price of USD 16.18 per share, for a total cost of USD 27.0 million. As of June 30, 2019, FLY had approximately 31 million shares outstanding.

At June 30, 2019, FLY´s total assets were USD 3.9 billion, including investment in flight equipment totaling USD 3.4 billion. Total cash at June 30, 2019 was USD 415.1 million, of which USD 351.9 million was unrestricted. The book value per share at June 30, 2019 was USD 24.28, a 13% increase since December 31, 2018.

At June 30, 2019, FLY had 98 aircraft and seven CFM engines on lease to 45 airlines in 25 countries. Of the 98 aircraft, 12 were classified as held for sale. The table below does not include one B767 aircraft owned by a joint venture in which FLY has a 57% interest, nor the seven engines.

FLY is a global aircraft leasing company with a fleet of modern, high-demand, and fuel efficient commercial jet aircraft. FLY leases its aircraft under multi-year lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing.