FTAI Aviation Ltd
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
Contents
Item 1. Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
(Dollars in thousands, except share and per share data)
| Three Months Ended March 31, | |||
|---|---|---|---|
| Notes | 2025 | 2024 | |
| Revenues | |||
| Aerospace products revenue (1) | $365,063 | $189,057 | |
| Lease income | 68,471 | 53,240 | |
| Maintenance revenue | 49,607 | 45,790 | |
| Asset sales revenue | 18,939 | 38,607 | |
| Total revenues | 12 | 502,080 | 326,694 |
| Expenses | |||
| Cost of sales | 248,714 | 142,804 | |
| Operating expenses | 2 | 32,438 | 25,317 |
| General and administrative | 3,116 | 3,683 | |
| Acquisition and transaction expenses | 7,292 | 6,179 | |
| Management fees and incentive allocation to affiliate | 11 | — | 4,895 |
| Depreciation and amortization | 4, 6 | 59,562 | 49,920 |
| Asset impairment | — | 962 | |
| Total expenses | 351,122 | 233,760 | |
| Other (expense) income | |||
| Interest expense | (62,040) | (47,707) | |
| Equity in losses of unconsolidated entities (2) | 5 | (7,614) | (667) |
| Other income (3) | 43,941 | 634 | |
| Total other expense | (25,713) | (47,740) | |
| Income before income taxes | 125,245 | 45,194 | |
| Provision for income taxes | 10 | 22,859 | 5,572 |
| Net income | 102,386 | 39,622 | |
| Less: Dividends on preferred shares | 6,115 | 8,335 | |
| Less: Loss on redemption of preferred shares | 6,327 | — | |
| Net income attributable to shareholders | $89,944 | $31,287 | |
| Earnings per share: | 13 | ||
| Basic | $0.88 | $0.31 | |
| Diluted | $0.87 | $0.31 | |
| Weighted average shares outstanding: | |||
| Basic | 102,552,436 | 100,245,905 | |
| Diluted | 103,159,051 | 100,960,065 | |
(2) Includes the profit elimination of $(6,950) and $0 for the three months ended March 31, 2025 and 2024, respectively, for sales to the 2025 Partnership.
(3) Includes gain on sale of $10,870 and $0 for the three months ended March 31, 2025 and 2024, respectively, for sales to the 2025 Partnership.
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