FLY Leasing Limited Earnings: Here’s Why Shares are Up Now

FLY Leasing Limited (NYSE:FLY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.32%.

FLY Leasing Limited Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 59.6% to $0.40 in the quarter versus EPS of $0.99 in the year-earlier quarter.

Revenue: Decreased 18.38% to $90.53 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: FLY Leasing Limited reported adjusted EPS income of $0.40 per share. By that measure, the company beat the mean analyst estimate of $0.19. It beat the average revenue estimate of $88.89 million.

Quoting Management: “We have grown the fleet by $330 million so far this year and expect that FLY will exceed the high end of our previously announced 2013 growth target of $500 million,” said Colm Barrington, CEO of FLY. “With our current acquisition pipeline, the expansion of our Acquisition Facility up to $450 million and the proceeds from our $173 million equity capital raise, we are well-positioned to continue executing on our strategic growth plan. We have identified additional acquisition opportunities to deploy the recently raised capital in a manner that is accretive to our EPS, our cash flow per share and shareholders’ equity over the long term,” said Colm Barrington.

Key Stats (on next page)…

Revenue decreased 20.84% from $114.37 million in the previous quarter. EPS decreased 65.22% from $1.15 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.39 to a profit $0.24. For the current year, the average estimate has moved down from a profit of $2.12 to a profit of $1.74 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)