Business
Fly Leasing Reports Third Quarter 2019 Financial Results
DUBLIN, Nov. 8, 2019 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced its financial results for
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[{"type":"text","content":"DUBLIN, Nov. 8, 2019 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) (\"FLY\"), a global leader in aircraft leasing, today announced its financial results for the third quarter of 2019.\n\n \nHighlights\nNet income of $51.7 million, $1.67 per share Adjusted Net Income of $59.8 million, $1.93 per share Return on equity of 26.6%, Adjusted Return on Equity of 30.8% Sold eight aircraft for a gain of $38.9 million, a 17% premium to book value Purchased two aircraft for $53.7 million $25.85 book value per share at quarter end, a 20% increase since December 31, 2018 Net debt to equity ratio of 2.6x\"FLY continued to produce excellent results in the third quarter, with Adjusted Net Income of nearly $60 million, or $1.93 per share,\" said Colm Barrington, FLY's Chief Executive Officer. \"This was our sixth straight quarter of double-digit ROE, with Adjusted Return on Equity of over 30%. In the nine months ended September 30, FLY produced Adjusted Net Income of $168.9 million, or $5.28 per share. Looking ahead, we expect another strong result in the fourth quarter.\" \n\"The aircraft sales in the quarter were completed at a 17% premium to book value, again demonstrating the value embedded in FLY's fleet,\" said Barrington. \"Our strong results are also adding significantly to shareholders' equity, which is now nearly $26 per share, an increase of 20% from the beginning of the year.\"\n\"Our deleveraging following last year's major fleet acquisition has continued and at quarter end our net debt to equity ratio was 2.6x,\" added Barrington. \"FLY has plentiful financial capacity to acquire the 21 A320neo family aircraft that we contracted in a purchase and leaseback transaction last year, the first of which is scheduled to deliver later this year. We also expect to acquire six more aircraft in the fourth quarter.\" \nFinancial Results \nFLY is reporting net income of $51.7 million, or $1.67 per share, for the third quarter of 2019. This compares to net income of $20.7 million, or $0.68 per share, for the same period in 2018. \nNet income for the nine months ended September 30, 2019 was $150.7 million, or $4.72 per share, compared to net income of $54.7 million, or $1.90 per share, for the nine months ended September 30, 2018.\nAdjusted Net Income\nAdjusted Net Income was $59.8 million for the third quarter of 2019, compared to $22.8 million...