Fly Leasing (FLY) Misses Q1 EPS by 22c, Revenues Beat

May 13, 2021 7:07 AM EDT

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Fly Leasing (NYSE: FLY) reported Q1 EPS of ($0.04), $0.22 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $80.86 million versus the consensus estimate of $75.52 million.


  • Signed merger agreement to be acquired by Carlyle Aviation for $17.05 per share
  • Total revenues of $80.9 million
  • Net loss of $3.4 million, $0.11 per share
  • Unrestricted cash and cash equivalents of $117.2 million
  • $157 million net book value of unencumbered assets

"The pending acquisition of FLY by an affiliate of Carlyle Aviation Partners is on track and is expected to close in the third quarter," said Colm Barrington, CEO of FLY. "We believe that this transaction represents strong value for FLY shareholders with the per share cash consideration representing a premium of nearly 30% to FLY's closing price on March 26, 2021, the last trading day prior to the merger announcement."

"In the quarter, FLY's revenues and net income were again adversely impacted by the global pandemic," added Barrington. "While we are seeing improvements in some sectors of the global airline industry, particularly in U.S. and Chinese domestic traffic, there are still large parts of the world where COVID-19 is surging and both domestic and international air traffic is at a virtual standstill due to continuing travel restrictions. It now appears likely that it will be well into 2022 before global air traffic returns towards 2019 levels."

For earnings history and earnings-related data on Fly Leasing (FLY) click here.

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