Aircastle Reports First Quarter 2020 Results
Aircastle announced Q12020 total revenues were $282.5 million up 32.1% and closed previously announced merger with Marubeni Corporation and Mizuho Leasing in March. Mike Inglese, Aircastle’s Chief Executive Officer said “Our thoughts are with all who have been impacted by the COVID-19 crisis. The novel coronavirus has affected individuals, families, healthcare and other front line workers and first responders around the world. Aircastle is well positioned to work through the significant challenges posed by the crisis. We have always operated with minimal forward commitments, low balance sheet leverage and a very strong liquidity position. Because our contractual obligations are minimal, we estimate having the ability to cover our obligations by a comfortable margin over the next twelve months.”
Airlines Will Utilize RJs In Current Crisis: Embraer’s Slattery
Embraer argues that smaller aircraft will be utilized more during the current crisis and recovery phase, than larger aircraft, and that it will take the aviation industry three to five years to recover. Embraer commercial aircraft president and CEO, John Slattery said “There does seem to be a consensus building among the airframe and the engine-makers that you are looking at a three to five-year recovery in terms of capacity and yield. It is important when you talk about recovery to look at capacity and yield. It’s not about revenue share, it is about profitability. The essence of sustainability [for airlines] is generating free cash-flow and profitability. That is the key metric.”
Fly Leasing Reports First Quarter 2020 Financial Results
Fly Leasing announced its financial results for the first quarter of 2020 with net income of $38.1 million on revenues of $121 million. Colm Barrington CEO Fly Leasing said “The COVID-19 pandemic has caused tremendous distress in the global aviation industry, and FLY remains highly focused on successfully managing through the crisis. FLY is well positioned to face what is certain to be a difficult year. Our high cash balance and low leverage puts us in a strong position to meet our operating and financial commitments in 2020. FLY does not have any orders with the aircraft manufacturers and the company has no near-term refinancing requirements.”
Sean Sullivan Joins Vx Capital Partners as Chief Financial Officer
Vx Capital Partners (Vx) has announced the appointment of Sean Sullivan as its Chief Financial Officer. Sullivan, previously Head of Americas at AerCap, will oversee finance, accounting, and acquisitions. Sean previously held senior positions at International Lease Finance Corporation, Allco Finance Group, and Bank of America Leasing and Capital.
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