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.”
