Business
AerSale Reports First Quarter 2022 Results
First Quarter 2022 Highlights Revenue of $122.8 million, up 110% as compared to prior year period. GAAP net income of $17.2 million, or 14.0% of sales, up
About this update from Aersale Corporation
[{"type":"text","content":"\nFirst Quarter 2022 Highlights\n\n\nRevenue of $122.8 million, up 110% as compared to prior year period.\n\n\nGAAP net income of $17.2 million, or 14.0% of sales, up 72% as compared to prior year period.\n\n\nAdjusted Net Income of $22.2 million, or 18.1% of sales, up 115% as compared to prior year period.\n\n\nAdjusted EBITDA of $29.9 million or 24.4% of sales, up 81% as compared to prior year period.\n\n\nFlight equipment sales consistent of six aircraft and four engines, which included five Boeing 757 assets\n\n\nContinue to anticipate the monetization of the remaining Boeing 757 package in the remainder of 2022 and 2023.\n\n\nReaffirms 2022 guidance: expects revenue in the range of $420 - $450 million and adjusted EBITDA in the range of $80 - $90 million1.\n\n\n MIAMI--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the first quarter ended March 31, 2022. The Company’s revenue for the first quarter of 2022 was $122.8 million compared to $58.4 million in the first quarter of 2021. Revenue for the first quarter of 2022 included $75.9 million of flight equipment sales versus $13.8 million of flight equipment sales in the prior-year period. Flight equipment sales in the first quarter of 2022 consisted of six aircraft and four engines, which included the sale of five Boeing 757 aircraft with four being sold to cargo operators and one to a passenger airline. Leasing revenue for the current quarter was also higher due to additional engines put on lease and increased utilization from the Company’s leased assets compared to the year ago period. Revenue from Used Serviceable Material (USM) also increased compared to the same quarter last year due to increase in demand and availability of feedstock.\n\nTechOps revenue climbed during the first quarter, primarily driven by the flight equipment sale of the Boeing 737 NG which served as the initial experimental aircraft for testing of the Company’s AerAware technology. This aircraft was highly modified to meet the specific requirements of a governmental agency. This improvement was somewhat offset by lower revenue from maintenance, repair and overhaul (MRO) activities at AerSale’s Goodyear facility, following the previously mentioned reallocation of resources to the Company’s Boeing 757 passenger-to-cargo conversion program , as well as dec...