Fly Leasing (FLY) Reports Q3 EPS of $0.75, Revenues Beat

Fly Leasing (NYSE: FLY) reported Q3 EPS of $0.75, versus $0.00 reported last year. Revenue for the quarter came in at $104.57 million versus the consensus estimate of $100.69 million.

• Net income of $20.7 million, $0.68 per share
• Adjusted Net Income of $22.8 million, $0.75 per share
• 13% increase in operating lease rental revenue
• Completed acquisition of 28 A320s on lease to AirAsia group airlines
• Book value of $20.89 per share at September 30

"FLY had one of its best quarters ever, driven by a 13% increase in operating lease rental revenue as compared to the same quarter in 2017," said Colm Barrington, FLY's Chief Executive Officer. "Our quarterly adjusted net income of $22.8 million, adjusted earnings per share of $0.75 and adjusted ROE of 14.4% reflect significant improvements in our business."

"For the first nine months of the year, operating lease revenue increased by 17%, generating adjusted net income of $60.4 million, or $2.10 per share," said Barrington.

"We have completed the initial phase of the AirAsia transactions with the acquisition of 33 aircraft," added Barrington. "We now look forward to executing on our $2 billion pipeline comprised of the 41 A320neo family aircraft that will begin delivering next year."

For earnings history and earnings-related data on Fly Leasing (FLY) click here.

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