Fly Leasing (NYSE: FLY) reported Q3 EPS of ($0.30), $0.66 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $60.08 million versus the consensus estimate of $77.9 million.

Highlights

• Net loss of $8.1 million, $0.26 loss per share
• 2.1x net debt to equity
• $285.1 million of unrestricted cash and cash equivalents at quarter end
• New $180.0 million five-year senior secured term loan closed in October

"Despite the challenges of the COVID-19 pandemic, we are encouraged by improved domestic air travel demand in the quarter and the recent news of successful vaccine trials, which we believe will drive a recovery in air travel demand in 2021," said Colm Barrington, Chief Executive Officer of FLY. "Total cash collected improved from the prior quarter and we have begun to receive repayment of some deferred rents. A number of our lessees have received government support, which is helping the airlines meet their payment obligations."

"To buttress the balance sheet, we recently raised a new $180 million term loan," said Barrington. "FLY continues to have a historically low debt to equity ratio, no orders for aircraft or other capital commitments and no significant near-term refinancing requirements. FLY also benefits from BBAM's decades of experience and expertise in navigating industry cycles, which is a truly invaluable resource at this time."

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