Why Fly Leasing Is Gaining Altitude Today

Shares of Fly Leasing (NYSE: FLY) traded up more than 10% on Thursday after the aircraft leasing specialist reported better-than-expected quarterly results and authorized a new share repurchase program. The company is deleveraging ahead of schedule, which gives it more financial flexibility.

Before markets opened Thursday, Fly Leasing reported adjusted earnings of $1.92 per share on revenue of $147 million, beating analyst expectations of $1.43 per share on revenue of $140 million. The company, which owns a portfolio of Boeing and Airbus aircraft that it leases to commercial airlines, reported net income of $54.1 million for the quarter, compared to $24.3 million in the same quarter last year.

During the quarter, Fly announced the sale of a portfolio of 12 A320 and 737 aircraft with an average age of eight years, a deal that will lower the age of the company's overall fleet while providing about $125 million in proceeds after debt repayments.

Source Fool.com