Fly Leasing reports USD 38.1m in Q1 2020 net income

Dublin-based aircraft leasing company Fly Leasing Limited (NYSE: FLY) has announced USD 38.1m in first quarter 2020 net income, or USD 1.24 per share, the company said.

This compares to net income of USD 45.0 million, or USD 1.38 per share, for the same period in 2019. The first quarter 2020 results include a USD 9.4 million unrealized fair value loss related to investments in ABS equity certificates.

Adjusted Net Income was USD 43.6 million for the first quarter of 2020, compared to USD 47.2 million for the same period in the previous year. On a per share basis, Adjusted Net Income was USD 1.42 in the first quarter of 2020, compared to USD 1.44 for the first quarter of 2019.

At March 31, 2020, FLY´s total assets were USD 3.6 billion, including investment in flight equipment totaling USD 3.0 billion. Total cash at March 31, 2020 was USD 391.7 million, of which USD 361.2 million was unrestricted. The book value per share at March 31, 2020 was USD 29.21, a 28% increase since March 31, 2019. At March 31, 2020, FLY´s net debt to equity ratio was 2.1x, reduced from 3.4x as of March 31, 2019.

At March 31, 2020, FLY had 84 aircraft and seven engines in its portfolio. FLY´s aircraft and engines are on lease to 40 airlines in 24 countries.

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.