Business
AerSale Reports Third Quarter 2022 Results
Third Quarter 2022 Highlights Lower quarterly revenue and earnings due to timing of flight equipment sales. Year-to-date sales up 40.1% to $313.4 million.
About this update from Aersale Corporation
[{"type":"text","content":"\nThird Quarter 2022 Highlights\n\n\nLower quarterly revenue and earnings due to timing of flight equipment sales.\n\n\nYear-to-date sales up 40.1% to $313.4 million.\n\n\nYear-to-date basic EPS up 13.6%; Adjusted basic EPS up 4.1%.\n\n\nYear-to-date Adjusted EBITDA up 16.2%\n\n\nThird quarter revenue of $51.0 million, compared to $73.3 million in the prior year period.\n\n\nThird-quarter GAAP net loss of $9.0 million versus GAAP net loss of $1.6 million in prior year period.\n\n\nAdjusted Net Loss of $1.9 million in the third quarter, versus Adjusted Net Income of $9.2 million in prior year period.\n\n\nThird quarter Adjusted EBITDA of $(0.5) million compared to Adjusted EBITDA of $13.9 million in the prior year period.\n\n\nFlight equipment sales in the third quarter consisted of two engines compared to three aircraft and one engine in the prior year quarter.\n\n\nContinue to monetize Boeing 757s with one additional AerSale converted P2F aircraft monetized in October 2022 and up to twelve additional aircraft to be converted to freighters by third parties and become available to lease or sell in 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 third quarter ended September 30, 2022. The Company’s revenue for the third quarter of 2022 was $51.0 million compared to $73.3 million in the third quarter of 2021. Revenue for the third quarter of 2022 included $2.7 million of flight equipment sales versus $27.4 million of flight equipment sales in the prior-year period. Flight equipment sales in the third quarter of 2022 consisted of two engines compared to three aircraft and one engine in the third quarter of 2021. The pacing of flight equipment sales led to substantially lower revenue in the third quarter, primarily due to the sale of a B747 freighter which was planned to close in the third quarter, but was accelerated into the second quarter, plus a delay of the sale of the last AerSale passenger to freighter (P2F) converted B757 aircraft shifting to the beginning of the fourth quarter.\n\nExcluding flight equipment sales, Asset Management Solutions (AMS) revenue would have been $17.9 million in the third quarter of 2022 compar...