Summary
FTAI Aviation Ltd. (FTAI) reported its second-quarter 2017 financial results, showcasing significant growth in total revenues, which increased to $51.2 million from $33.2 million in the prior year's quarter, primarily driven by a substantial rise in equipment leasing revenues, especially from its Aviation Leasing segment. Despite the top-line growth, the company reported a net loss attributable to shareholders of $1.5 million for the quarter, an improvement from a $11.2 million loss in the same period last year. This improvement was largely due to a significant decrease in other expenses, notably the absence of a $7.5 million asset impairment charge recorded in the prior year. However, total expenses also increased due to higher operating expenses, depreciation, and interest expense, largely driven by new asset acquisitions and debt issuances. The company ended the period with total assets of $1.74 billion and total equity of $1.10 billion.
Financial Highlights
44 data points| Revenue | $51.19M |
| Operating Expenses | $58.31M |
| Interest Expense | $7.68M |
| Net Income | -$1.46M |
| EPS (Basic) | $-0.02 |
| EPS (Diluted) | $-0.02 |
| Shares Outstanding (Basic) | 75.76M |
| Shares Outstanding (Diluted) | 75.76M |
Key Highlights
- 1Total revenues increased significantly by 54% year-over-year to $51.2 million, primarily driven by a strong performance in the Aviation Leasing segment.
- 2The company reported a reduced net loss attributable to shareholders of $1.5 million, compared to a $11.2 million loss in the prior year's second quarter.
- 3Equipment leasing revenues more than doubled to $40.4 million, with Aviation Leasing lease income and maintenance revenue showing substantial increases.
- 4Infrastructure revenues remained relatively flat at $10.8 million, with increases in Railroad and Jefferson Terminal segments offset by declines in Ports and Terminals and Jefferson Terminal terminal services.
- 5Total operating expenses increased by $4.5 million, mainly due to higher compensation, facility operations, and professional fees across various segments.
- 6Interest expense increased by $2.6 million, largely due to the issuance of Senior Notes in March 2017.
- 7The company's total assets grew to $1.74 billion, while total equity decreased slightly to $1.10 billion, impacted by dividends declared.
- 8FTAI Aviation entered into a revolving credit facility providing up to $75 million in liquidity.