Fly Leasing acquires five aircraft in Q2 2017
Fly Leasing Limited
Fly Leasing Limited, a global lessor of commercial jet aircraft, announced its financial results for the second quarter of 2017 and confirmed the $290 million purchase of five aircraft.
"We grew our fleet by investing $290 million in five aircraft in the second quarter, including four new aircraft purchased from the manufacturers," said Colm Barrington, CEO of FLY. "The five aircraft are on leases with an average term of 11 years, further enhancing the overall quality of our fleet. We expect to see improved earnings from these aircraft, and others in our pipeline, as the year progresses."
"FLY continues to aggressively repurchase its shares," added Barrington. "In the second quarter, we bought back nearly two million shares for a total of $25.9 million. At quarter end, we repurchased approximately 6.5 percent of the shares outstanding at the beginning of the year. Our average repurchase price of just over $13 per share has helped increase our net book value per share this year to $19.08."
"We are focused on growth and have a strong pipeline of attractive aircraft investments that we expect to announce in the coming months," said Barrington. "We expect to meet our $750 million acquisition target in 2017 – and we have the financial resources to acquire an additional $2 billion of aircraft."
FLY is reporting net income of $2.9 million, or $0.09 per diluted share, for the second quarter of 2017. This compares to net income of $4.7 million, or $0.14 per share, for the same period in 2016.
Net income for the six months ended June 30, 2017 was $7.9 million, or $0.25 per share. For the same six month period in 2016, net income was $11.8 million, or $0.35 per share.