Business
AerSale Reports Second Quarter 2023 Results
Second Quarter 2023 Highlights Revenue of $69.3 million versus $139.6 million in the prior year period. GAAP net loss of $2.7 million versus GAAP net income
About this update from Aersale Corporation
[{"type":"text","content":"\nSecond Quarter 2023 Highlights\n\n\n\nRevenue of $69.3 million versus $139.6 million in the prior year period.\n\n\n\nGAAP net loss of $2.7 million versus GAAP net income of $26.5 million in the prior year period.\n\n\n\nAdjusted Net Loss of $0.6 million versus Adjusted Net Income of $31.7 million in the prior year period.\n\n\n\nAdjusted EBITDA1 of $(0.5) million versus $41.1 million in the prior year period.\n\n\n\nRevenue and earnings reflect the pacing of flight equipment sales.\n\n\n\nFlight equipment sales of $13.3 million comprising of four engines and no aircraft versus $92.5 million consisting of three engines and three aircraft in the prior period, which included two AerSale converted Boeing 757 freighters and a Boeing 747 freighter.\n\n\n\n2023 guidance update: expects revenue in the range of $400 - $440 million and adjusted EBITDA in the range of $40 - $55 million, which excludes any potential AerAware sales2.\n\n\n\nUpdated 2023 guidance takes into consideration soft demand in the freight market that is likely to extend the sales cycle of AerSale’s Boeing 757 passenger to freighter (“P2F”) converted aircraft.\n\n\n\nCompany has completed FAA requested modifications of AerAware, with final flight testing tentatively scheduled to commence the week of August 14th or August 21st.\n\n\n\n CORAL GABLES, Fla.--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the second quarter ended June 30, 2023. The Company’s revenue for the second quarter of 2023 was $69.3 million compared to $139.6 million in the second quarter of 2022. Revenue for the second quarter of 2023 included $13.3 million of flight equipment sales compared to $92.5 million of flight equipment sales in the prior-year period. Flight equipment sales in the second quarter of 2023 consisted of only four engines and no aircraft compared to three engines and three aircraft in the second quarter of 2022, which included two AerSale converted Boeing 757 freighter aircraft and a Boeing 747 Freighter. The decline in sales was primarily the result of the pacing of flight equipment sales, which tend to occur at irregular intervals throughout the year as evidenced by these fluctuations, which led to record first and second quarters in 2022. As a reminder to investors, the Company’s revenues are likely to fluctuate from quarte...