FLY extends leases with Virgin Atlantic

In a presentation to investors, FLY confirmed that it had extended its two A340 leases with Virgin Atlantic from 2018 to 2019. In Gary Liebowitz’s report from the meeting, the Wells Fargo analyst says that this has reduced the required depreciation and turned these aircraft into positive earnings contributors, which has been factored into FLY’s third quarter guidance. Liebowitz’s report also notes that FLY’s exposure to Air Berlin – one A321 and one A330-200 – will likely “snap FLY’s streak of five quarters of 100% fleet utilization”. In its presentation to investors, FLY confirmed that it had repurchased 3.3 million