Fly Leasing has reported net income of $51.7 million, $1.67 per share, for the third quarter of 2019. Adjusted net income was $59.8 million or $1.93 per share. Fly’s return on equity was 26.6%, with adjusted return on equity of 30.8%
"FLY continued to produce excellent results in the third quarter, with Adjusted Net Income of nearly $60 million, or $1.93 per share,” said Colm Barrington, FLY’s Chief Executive Officer. “This was our sixth straight quarter of double-digit ROE, with Adjusted Return on Equity of over 30%. In the nine months ended September 30, FLY produced Adjusted Net Income of $168.9 million, or $5.28 per share. Looking ahead, we expect another strong result in the fourth quarter.”
During the period, Fly sold eight aircraft for a gain of $38.9 million, a 17% premium to book value. The lessor purchased two aircraft for $53.7 million.
"The aircraft sales in the quarter were completed at a 17% premium to book value, again demonstrating the value embedded in FLY’s fleet,” said Barrington. “Our strong results are also adding significantly to shareholders’ equity, which is now nearly $26 per share, an increase of 20% from the beginning of the year.”
Fly has a net debt to equity ratio of 2.6x.
"Our deleveraging following last year’s major fleet acquisition has continued and at quarter end our net debt to equity ratio was 2.6x,” added Barrington. “FLY has plentiful financial capacity to acquire the 21 A320neo family aircraft that we contracted in a purchase and leaseback transaction last year, the first of which is scheduled to deliver later this year. We also expect to acquire six more aircraft in the fourth quarter.”