Fly Leasing Limited (NYSE: FLY), a global provider of aircraft leasing, has announced its financial results for the third quarter of 2017, the company said.
FLY is reporting a net loss of USD 12.5 million, or USD 0.43 per share, for the third quarter of 2017, primarily driven by a USD 22.0 million non-cash impairment charge. This compares to net income of USD 22.9 million, or USD 0.70 per share, for the same period in 2016.
Net loss for the nine months ended September 30, 2017 was USD 4.6 million, or USD 0.15 per share. For the same nine-month period in 2016, net income was USD 34.7 million, or USD 1.03 per share.
Adjusted Net Income was USD 14.9 million for the third quarter of 2017, compared to USD 17.3 million for the same period in the previous year. On a per share basis, Adjusted Net Income was USD 0.51 in the third quarter of 2017, compared to USD 0.53 for the third quarter of 2016. For the nine months ended September 30, 2017, Adjusted Net Income was USD 35.7 million, or USD 1.15 per share, compared to USD 48.7 million, or USD 1.45 per share, for the same nine-month period in 2016.
FLY is a global aircraft leasing company with a fleet of modern, high-demand, and fuel efficient commercial jet aircraft. FLY leases its aircraft under multi-year lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide provider of aircraft lease management and financing.