CFM56 engines, modules, and material supplier FTAI Aviation reported total revenues of $326.7 million in the first quarter of 2024, up from $292.7 million year-on-year (YoY). Its net income was $39.6 million, up from $29.4 million in the same period last year. The company declared a cash dividend on its ordinary shares of 30 cents per share for the quarter, payable on May 21, 2o24, to the holder of record on May 10, 2024.
Its basic earnings per share (EPS) were at 31 cents for the quarter, up from 23 cents a year prior. Its total net debt was up from $2.5bn at the end of 2023 to $2.7bn at the end of this year's first quarter.
Fitch Ratings, on the company's first quarter report, said: ""Liquidity remains adequate in the absence of a committed order book, supported by $91 million of unrestricted cash, $300 million of committed revolver capacity, which was fully undrawn at year end of 2023, and proceeds generated from aviation asset sales, which amounted to $478 million in 2023.""
The company had declared cash dividends on its fixed-to-floating rate series A, B, C, and D cumulative perpetual redeemable preferred shares of $0.51563, $0.50000, $0.51563 and $0.59375 per share, respectively, for the quarter ended March 31, 2024, payable on June 14, 2024, to the holders of record on June 3, 2024.
FTAI Aviation first quarter revenues at $327 million, declares $0.30 dividend
