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Published on May 18th, 2020 | by Mark Dwyer

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FLY Leasing Q1 2020 Financial Results

Dublin based FLY Leasing have released the Q1 2020 results. At 31st March, FLY had 84 aircraft and seven engines in its portfolio. FLY’s aircraft and engines are on lease to 40 airlines in 24 countries. The fleet include 33 x A320ceo, 1 x A320neo, 3 x A330, 38 x B737NG, 2 x B737MAX, 1 x B757, 2 x B777 and 4 x B787. The average age of the portfolio, weighted by net book value of each aircraft and engine, was 7.8 years. The average remaining lease term was 5.2 years, also weighted by net book value.

Other highlights from the quarter were

  • Net income of $38.1 million, $1.24 per share
  • Adjusted Net Income of $43.6 million, $1.42 per share
  • Return on equity of 17.2%, Adjusted return on equity of 19.7%
  • Sold six aircraft and two engines for a gain of $31.7 million, a 20% premium to book value
  • $29.21 book value per share, a 28% increase since March 31, 2019
  • Unrestricted cash and cash equivalents of $361.2 million 
  • $560 million net book value of unencumbered assets 
  • 2.1x net debt to equity

Colm Barrington, Chief Executive Officer of FLY said: “The COVID-19 pandemic has caused tremendous distress in the global aviation industry, and FLY remains highly focused on successfully managing through the crisis. FLY is well positioned to face what is certain to be a difficult year. Our high cash balance and low leverage puts us in a strong position to meet our operating and financial commitments in 2020. FLY does not have any orders with the aircraft manufacturers and the company has no near-term refinancing requirements.”

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About the Author

Mark Dwyer

Mark is an airline pilot by profession flying the Boeing 737 for a major European airline. In addition he is also a Type Rating Instructor on the B737. Outside of commercial flying Mark enjoys flying light aircraft from the smallest 3 Axis microlights up to heavier singles. He also instructs on them including tailwheel differences training and is a UK CAA Examiner. He also flies the Chipmunk for the Irish Historic Flight Foundation (IHFF). Mark became the Chairman of the National Microlight Association of Ireland (NMAI) in 2013 and has overseen a massive growth in the organisation. In this role he has worked at local and national levels. In 2015, Mark won ‘Upcoming Aviation Professional Award’ at the Aviation Industry Awards sponsored by the IAA. Mark launched this website back in 2002 while always managing the website, he has also been Editor and Deputy Editor of FlyingInIreland Magazine from 2005 to 2015.



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