Fly Leasing is reporting net income of $45 million, or $1.38 per share, for the first quarter of 2019, a significant increase from $9.6 million, or $0.34 per share, in its net income in the same period of 2018.
Adjusted net income was also up significantly for the group at $47.2 million, up from $12.4 million for the same period last year.
On a per share basis, adjusted net income for the first three months of 2019 was up to $1.44, compared to $0.44 for the first quarter of 2018.
"FLY has started the year with a very strong first quarter," said Colm Barrington, FLY's chief executive officer. "Our renewed and larger fleet contributed to an 18% increase in operating lease rental revenue. Gains of over $27 million from the sale of ten aircraft helped us to achieve record Adjusted Net Income of $47.2 million and Adjusted EPS of $1.44. Looking ahead, we expect another strong result in Q2."
"Our strong results have also added significantly to shareholders' equity, which is now nearly $23 per share and 15% above the level of a year ago," added Barrington. "Sales of ten aircraft in the quarter, completed at a 12% premium to book value, have again demonstrated the value embedded in FLY's fleet. These sales have also contributed to our accelerated deleveraging. We are on track to meet our debt-to-equity targets more than a year ahead of our schedule.