Dublin-based aircraft leasing company FLY Leasing has announced adjusted net income of $32.3m (€30.1m) for the third quarter, while the firm invested $214m (€200m) in new aircraft during the period.
Between July and September FLY also completed sales for 15 aircraft and executed an agreement to sell 12 older aircraft.
Alongside its Q3 results, the leasing company announced it is to enter into a $100m (€93m) tender offer and share repurchase programme.
Commenting on the results, FLY CEO Colm Barrington said: “Our third quarter results demonstrate our progress in selling older and underperforming assets, enhancing our fleet metrics and reducing costs.
“Today we announced the next step in FLY’s transformation: a $100 million share repurchase programme that will replace our dividend. The tender offer and open market share repurchase announced today will accelerate the return of capital to shareholders and will drive improved return on equity and earnings per share for FLY,” he added.
FLY has entered into agreements to sell 57 aircraft with an average age of 13 years. These sales, combined with the purchase of seven newer aircraft, helped to reduce the average fleet age at the company to seven years by the end of Q3.
Commenting on the fleet age Mr Barrington said: “Our aircraft sales have generated significant levels of investible cash, enabling us to simultaneously invest in newer, higher yielding aircraft and accelerate the return of capital to our shareholders.”
