Business
Fly Leasing Reports Fourth Quarter and Full Year 2019 Financial Results
DUBLIN, Feb. 27, 2020 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced its financial results for
About this update from Firefly Aerospace Inc.
[{"type":"text","content":"DUBLIN, Feb. 27, 2020 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) (\"FLY\"), a global leader in aircraft leasing, today announced its financial results for the fourth quarter and full year of 2019.\n\n \n \n\n \nFourth Quarter 2019 Highlights\nNet income of $75.2 million, $2.43 per share Adjusted Net Income of $77.0 million, $2.49 per share Return on equity of 35.9%, Adjusted return on equity of 36.7% Sold ten aircraft for an economic gain of $62.7 million, a 31% premium to book value Purchased seven aircraft for $217.0 million2019 Full Year Highlights\nNet income of $225.9 million, $7.12 per share Adjusted Net Income of $245.9 million, $7.75 per share Return on equity of 29.2%, Adjusted return on equity of 31.8% Sold 35 aircraft for an economic gain of $149.1 million, an 18% premium to book value $28.42 book value per share at year end, a 32% increase since December 31, 2018 Net debt to equity ratio of 2.3x\"FLY is reporting record financial outcomes for the fourth quarter and full year 2019 along with adjusted returns on equity of more than 30% in both the quarter and full year,\" said Colm Barrington, FLY's Chief Executive Officer. \"At year end, our book value per share was $28.42, which was a 32% increase in the year. Our leverage was reduced to 2.3x at year end, down from 4.0x at the beginning of the year.\"\n\"Our aircraft sales in 2019 demonstrated the value in our balance sheet, reduced lessee concentration, generated cash and reduced our leverage,\" added Barrington. \"In the year we sold 35 aircraft with an average age of over 10 years, generating an economic gain of nearly $150 million, which was an 18% premium to book value.\" \n\"FLY remains well positioned for a period of fleet enhancement as we continue to take delivery of our committed pipeline of new, fuel-efficient and low polluting Airbus A320neo family aircraft and pursue other opportunities to acquire attractive aircraft,\" said Barrington. \"FLY has a strong balance sheet and ample financial capacity to support the acquisition of both our committed deliveries and additional aircraft that we expect to acquire this year.\"\nFinancial Results \nFLY is reporting net income of $75.2 million, or $2.43 per share, for the fourth quarter of 2019. This compares to net income of $31.0 million, or $0.95 per share, for the same period in 2018. \nNet income for the ...