Fly Leasing (NYSE: FLY) reported Q4 EPS of $0.94, $0.41 better than the analyst estimate of $0.53. Revenue for the quarter came in at $122.31 million versus the consensus estimate of $106.58 million.

• Net income of $31.0 million, $0.95 per share
• Adjusted Net Income of $30.8 million, $0.94 per share
• 26% increase in operating lease rental revenue
• 100% fleet utilization
• Sold three aircraft for a gain of $7.9 million, a 12% premium to book value

"FLY is reporting a great financial outcome for the fourth quarter and a record result for the full year," said Colm Barrington, FLY's Chief Executive Officer. "Our renewed and larger fleet drove a 26% increase in operating lease rental revenue as compared to the fourth quarter of 2017. We held expenses below last year\'s level, resulting in Adjusted Net Income of $30.8 million for the quarter, or 94 cents per share."

"FLY's strong operating performance throughout 2018 produced a record full-year result, with Adjusted EPS of $3.06 per share," added Barrington. "Based on these strong trends, FLY is expecting another great financial result in 2019, starting with first quarter expected pre-tax income of more than $45 million."

"The strategy that we have implemented at FLY over the last few years is bearing fruit," said Barrington. "During 2018 we increased our fleet significantly, and since then we have reduced our leverage through profitable aircraft sales and now have ample financial capacity for growth."

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