Business
AerSale Reports First Quarter 2023 Results
First Quarter 2023 Highlights Revenue and earnings reflect the pacing of flight equipment sales. Revenue of $78.3 million versus $122.8 million in the prior
About this update from Aersale Corporation
[{"type":"text","content":"\nFirst Quarter 2023 Highlights\n\n\n\nRevenue and earnings reflect the pacing of flight equipment sales.\n\n\n\nRevenue of $78.3 million versus $122.8 million in the prior year period.\n\n\n\nGAAP net income of $5 thousand versus $17.2 million in the prior year period.\n\n\n\nAdjusted Net Income1 of $3.3 million versus $22.2 million in the prior year period.\n\n\n\nAdjusted EBITDA1 of $5.0 million versus $29.9 million in the prior year period.\n\n\n\nFlight equipment sales consisted of two aircraft, one airframe, and one engine.\n\n\n\nOn track to convert 11 additional 757 aircraft to freighters by third parties.\n\n\n\nEight converted aircraft are anticipated to become available for sale or lease in 2023.\n\n\n\nReaffirms 2023 guidance: expects revenue in the range of $460 - $490 million and adjusted EBITDA in the range of $70 - $80 million, which excludes any potential AerAware sales2.\n\n\n\n CORAL GABLES, Fla.--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the first quarter ended March 31, 2023. The Company’s revenue for the first quarter of 2023 was $78.3 million compared to $122.8 million in the first quarter of 2022. Revenue for the first quarter of 2023 included $27.7 million of flight equipment sales compared to $75.9 million of flight equipment sales in the prior-year period. Flight equipment sales in the first quarter of 2023 consisted of two cargo aircraft (a 737 and 757), one airframe, and one engine compared to six aircraft and four engines, which included five Boeing 757s, in the first quarter of 2022. Lower sales were mainly on account of the pacing of flight equipment sales, which tend to occur at irregular intervals throughout the year. As a reminder to investors, the Company’s revenues are likely to fluctuate from quarter-to-quarter and year-to-year based on flight equipment sales and therefore, progress should be monitored based on asset purchases and related sales.\n\n\nNicolas Finazzo, AerSale’s Chief Executive Officer, commented, “Our first quarter results were in-line with our internal forecast and expectations for the year. As we have noted in the past, the timing of flight equipment sales can cause substantial fluctuations in year-over-year comparisons, which was pronounced in the first quarter of 2023. Our whole asset program is a critical and importa...