Fly Leasing reports Q4 2019 net income of USD 75.2m

Ireland-based aircraft leasing company Fly Leasing Limited (NYSE: FLY) has reported net income of USD 75.2m, or USD 2.43 per share for the fourth quarter 2019, compared to net income of USD 31.0 million, or USD 0.95 per share, for the same period in 2018, the company said.

Adjusted net income was USD 77.0 million for the fourth quarter of 2019, compared to USD 30.8 million for the same period in the previous year. On a per share basis, Adjusted Net Income was USD 2.49 in the fourth quarter of 2019, compared to UD 0.94 for the fourth quarter of 2018.

Fourth quarter 2019 highlights include:

-Return on equity of 35.9%, Adjusted return on equity of 36.7%
-Sale of ten aircraft for an economic gain of USD 62.7 million, a 31% premium to book value
-Purchase f seven aircraft for USD 217.0 million

2019 full year highlights include:

-Net income of USD 225.9 million, USD 7.12 per share
-Adjusted Net Income of USD 245.9 million, USD 7.75 per share
-Return on equity of 29.2%, Adjusted return on equity of 31.8%
-Sale of 35 aircraft for an economic gain of USD 149.1 million, an 18% premium to book value
USD 28.42 book value per share at year end, a 32% increase since December 31, 2018
-Net debt to equity ratio of 2.3x

During the year ended December 31, 2019, FLY repurchased 2.0 million shares at an average price of USD 16.29 per share, for a total cost of USD 32.8 million. As of December 31, 2019, FLY had 30.9 million shares outstanding and had USD 50.0 million remaining under its share repurchase authorization.

At December 31, 2019, FLY´s total assets were USD 3.7 billion, including investment in flight equipment totaling USD 3.2 billion. Total cash at December 31, 2019 was USD 338.3 million, of which USD 285.6 million was unrestricted.

At December 31, 2019, FLY´s portfolio consisted of 89 aircraft, six of which were classified as flight equipment held for sale, and seven engines. FLY´s aircraft and engines were on lease to 41 airlines in 24 countries. The table below does not include 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, an aircraft lease management and financing company.