FLY Leasing announces Q2 results

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By admin July 31, 2014 21:22

FLY Leasing announces Q2 results

Dublin-based lessor FLY Leasing has announced its financial results for the second quarter of 2014.

The second quarter 2014 highlights include a net income of $21.7 million, or $0.51 per share; and a 26% growth in operating lease rental revenue.

FLY also sold seven aircraft and recorded gains on the sales of $18.9 million. The company achieved 100% fleet utilization and acquired seven aircraft for $226 million. At quarter-end, FLY acquired one B737-800 and contracted to buy three A330-300s. The company also declared its 27th consecutive quarterly dividend on July 17th ($0.25 per share).

Colm Barrington, FLY’s Chief Executive Officer, said: “FLY had a strong second quarter with 26% growth in operating lease rental revenue compared to the same quarter last year. This is the fourth consecutive quarter in which we have increased rental revenue, driven by FLY’s strong fleet growth over the last 12 months. We continue to find attractive acquisition opportunities in the sale and leaseback and secondary markets. We have already acquired 12 aircraft for more than $247 million this year and have an identified pipeline of more than $450 million. At June 30th, we had unrestricted cash of $253 million and $325 million available under our acquisition facility, giving us ample capacity to fund our pipeline. As a result, we are confident of achieving our 15% net fleet growth target this year.”

admin
By admin July 31, 2014 21:22