Fly Leasing: Still A Deep Value Opportunity [Seeking Alpha]
Fly Leasing Ltd (FLY)
Last fly leasing ltd earnings: 2/27 07:00 am
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US:NYSE Investor Relations:
flyleasing.com/investor-relations
Company Research
Source: Seeking Alpha
Summary Fly Leasing (NYSE: FLY ) has been a compelling deep value type opportunity for some time now. Its 1Q17 core results beat estimates, but management hasn't quite tugged on the key levers most investors are keenly looking at - share repurchases, acquisitions and privatization. Good Core 1Q17 Results On GAAP EPS terms, FLY missed by quite a big margin, posting $0.16/ share. GAAP results included amortization from purchase accounting ($0.5m), amortization of debt discounts/issuance costs ($2.1m), and loss on extinguishment of debt ($0.5m). However, excluding various non-core items, core pre-tax EPS beat consensus at $0.32/ share (vs $0.29 consensus). Expectations around the stock vary widely - 1Q17 EPS expectations ranged from $0.17-$0.40. The core beat was driven by higher than expected lease revenue, while expenses were higher as well. FLY remains in a healthy financial position at 1Q17 with a total cash balance of $606m ($537m unrestricted) and the capacity to acq
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