FTAI Aviation Ltd. Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.30 per Ordinary Share, Announces Agreement to Expand Maintenance Capacity with QuickTurn Europe
FTAI Aviation reported strong Q4 and full year 2024 results, declaring a quarterly dividend of $0.30 per ordinary share. The company achieved significant growth in Aerospace Products, with net income of $346 million for fiscal year 2024, representing a 92% year-over-year increase, while Adjusted EBITDA grew 138%.
FTAI announced an agreement to acquire a 50% stake in IAG Engine Center, forming QuickTurn Europe. This joint venture will add a third CFM56 engine maintenance facility to FTAI's network, with capacity for 450 modules annually. The company projects 2025 Adjusted EBITDA of $1.1-1.15 billion and increased its 2026 forecast to $1.4 billion, up from $1.25 billion previously.
FTAI Aviation ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, dichiarando un dividendo trimestrale di $0,30 per azione ordinaria. L'azienda ha raggiunto una crescita significativa nei Prodotti Aerospaziali, con un reddito netto di $346 milioni per l'anno fiscale 2024, che rappresenta un aumento del 92% rispetto all'anno precedente, mentre l'EBITDA rettificato è cresciuto del 138%.
FTAI ha annunciato un accordo per acquisire una partecipazione del 50% in IAG Engine Center, formando QuickTurn Europe. Questa joint venture aggiungerà una terza struttura di manutenzione per motori CFM56 alla rete di FTAI, con una capacità di 450 moduli all'anno. L'azienda prevede un EBITDA rettificato per il 2025 di $1,1-1,15 miliardi e ha aumentato la sua previsione per il 2026 a $1,4 miliardi, rispetto ai $1,25 miliardi precedentemente stimati.
FTAI Aviation reportó resultados sólidos para el cuarto trimestre y el año completo 2024, declarando un dividendo trimestral de $0.30 por acción ordinaria. La compañía logró un crecimiento significativo en Productos Aeroespaciales, con un ingreso neto de $346 millones para el año fiscal 2024, lo que representa un aumento del 92% en comparación con el año anterior, mientras que el EBITDA ajustado creció un 138%.
FTAI anunció un acuerdo para adquirir una participación del 50% en IAG Engine Center, formando QuickTurn Europe. Esta empresa conjunta añadirá una tercera instalación de mantenimiento de motores CFM56 a la red de FTAI, con capacidad para 450 módulos anuales. La compañía proyecta un EBITDA ajustado para 2025 de $1.1-1.15 mil millones y aumentó su pronóstico para 2026 a $1.4 mil millones, frente a los $1.25 mil millones previamente.
FTAI 항공은 2024년 4분기 및 전체 연도 실적이 강력하다고 보고하며, 보통주당 분기 배당금 $0.30을 선언했습니다. 이 회사는 항공우주 제품에서 상당한 성장을 이루었으며, 2024 회계연도 순이익은 $346백만으로 전년 대비 92% 증가했으며, 조정된 EBITDA는 138% 성장했습니다.
FTAI는 IAG 엔진 센터의 50% 지분을 인수하는 계약을 발표하며, QuickTurn Europe을 설립했습니다. 이 합작 투자로 FTAI의 네트워크에 세 번째 CFM56 엔진 유지보수 시설이 추가되며, 연간 450 모듈의 용량을 갖추게 됩니다. 회사는 2025년 조정 EBITDA를 $1.1-1.15억으로 예상하며, 2026년 전망을 이전의 $1.25억에서 $1.4억으로 상향 조정했습니다.
FTAI Aviation a rapporté de bons résultats pour le quatrième trimestre et pour l'année entière 2024, déclarant un dividende trimestriel de 0,30 $ par action ordinaire. L'entreprise a connu une croissance significative dans les Produits Aérospatiaux, avec un revenu net de 346 millions de dollars pour l'exercice 2024, représentant une augmentation de 92 % par rapport à l'année précédente, tandis que l'EBITDA ajusté a augmenté de 138 %.
FTAI a annoncé un accord pour acquérir une participation de 50 % dans le IAG Engine Center, formant QuickTurn Europe. Cette coentreprise ajoutera une troisième installation de maintenance de moteurs CFM56 au réseau de FTAI, avec une capacité de 450 modules par an. L'entreprise prévoit un EBITDA ajusté pour 2025 de 1,1 à 1,15 milliard de dollars et a révisé à la hausse sa prévision pour 2026 à 1,4 milliard de dollars, contre 1,25 milliard de dollars précédemment.
FTAI Aviation berichtete über starke Ergebnisse im vierten Quartal und für das gesamte Jahr 2024 und erklärte eine vierteljährliche Dividende von $0,30 pro Stammaktie. Das Unternehmen erzielte ein signifikantes Wachstum im Bereich Luft- und Raumfahrtprodukte, mit einem Nettogewinn von $346 Millionen für das Geschäftsjahr 2024, was einem Anstieg von 92% im Vergleich zum Vorjahr entspricht, während das bereinigte EBITDA um 138% wuchs.
FTAI gab eine Vereinbarung zur Übernahme einer 50%igen Beteiligung am IAG Engine Center bekannt, wodurch QuickTurn Europe gegründet wird. Dieses Joint Venture wird FTAIs Netzwerk um eine dritte Wartungseinrichtung für CFM56-Triebwerke erweitern, mit einer Kapazität von 450 Modulen jährlich. Das Unternehmen prognostiziert ein bereinigtes EBITDA für 2025 von $1,1-1,15 Milliarden und hat die Prognose für 2026 auf $1,4 Milliarden angehoben, gegenüber zuvor $1,25 Milliarden.
- Net income up 92% YoY to $346M in 2024
- Adjusted EBITDA growth of 138% YoY
- 2026 Adjusted EBITDA guidance increased to $1.4B from $1.25B
- 50% acquisition of new maintenance facility adding 450 module capacity
- Consistent quarterly dividend of $0.30 per share maintained
- None.
Insights
FTAI Aviation's Q4 and full year 2024 results demonstrate exceptional momentum in its high-margin Aerospace Products segment, with net income up 92% year-over-year to
The announced 50% acquisition of IAG Engine Center (to be rebranded QuickTurn Europe) represents a strategically vital expansion of FTAI's maintenance capabilities in a key European hub. This addition will increase FTAI's annual maintenance capacity by 450 modules, bringing total capacity to 1,800 CFM56 modules – a critical competitive advantage as airlines face extended maintenance backlogs and rising shop visit demand. The Rome Fiumicino location provides FTAI with a strategic European foothold to serve its growing international customer base while reducing logistics costs and turnaround times.
The company's 2025 adjusted free cash flow projection of approximately
Most notably, FTAI has increased its 2026 Adjusted EBITDA guidance from
The company's guidance assumes 100 modules produced quarterly at its Montreal facility and 25-35 V2500 engine MRE transactions for 2025 – reasonable targets given current industry dynamics and FTAI's established market position. With aerospace aftermarket demand projected to remain robust through the decade due to aging fleets and OEM production constraints, FTAI appears exceptionally well-positioned to capitalize on these secular tailwinds.
NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the fourth quarter and full year 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
| (in thousands, except per share data) | ||
| Selected Financial Results | Q4’24 | |
| Net Income Attributable to Shareholders | $ | 86,692 |
| Basic Earnings per Ordinary Share | $ | 0.85 |
| Diluted Earnings per Ordinary Share | $ | 0.84 |
| Adjusted EBITDA(1) | $ | 252,015 |
Fourth Quarter 2024 Dividends
On February 26, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of
Additionally, on February 26, 2025, the Board declared cash dividends on its Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) and Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of
Business Highlights
- Continued growth in Aerospace Products, with net income attributable to shareholders of
$346 million for fiscal year 2024, up92% year over year, and Adjusted EBITDA up138% year over year(1) - 2025 target adjusted free cash flow(1)(2) of approximately
$650 million following significant growth investment undertaken in 2024, coupled with the Strategic Capital Initiative (“SCI”) commencing operations in 2025 - Expanding Maintenance Capacity with QuickTurn Europe
A subsidiary of FTAI has entered into an agreement to acquire a50% ownership stake in IAG Engine Center Europe S.r.l. (“IAG Engine Center”), an Italian company operating a 200,000 square-foot CFM56 engine maintenance repair and overhaul facility located at the Rome Fiumicino Airport, forming a joint venture which will be rebranded as Quick Turn Engine Center Europe S.r.l. (“QuickTurn Europe”). Completion of this transaction is expected to add a third owned and managed CFM56 engine shop to the FTAI network, complementing the Company’s existing facilities in Montréal and Miami. This new joint venture is also expected to help address the strong demand from the Company’s global customer base in a key geography.
In total, the joint venture operating at full capacity is expected to add capacity to maintain 450 modules (150 engines) per year, bringing FTAI’s maintenance capacity to 1,800 CFM56 modules (600 engines) and over 600 engine tests annually. The facility’s CFM56 engine test-cell is expected to be fully operational within 24 months and its piece-part repair capabilities are expected to be operational in the second half of 2025.
The transaction is expected to close in the first half of 2025, subject to the satisfaction of certain closing conditions.
“In the last quarter, we delivered outstanding financial performance across the board, and I am pleased to see the continued strength of our Aerospace Products and Aviation Leasing segments,” said Joe Adams, Chairman of the Board and CEO of FTAI. “We significantly expanded our Maintenance, Repair and Exchange capabilities and added financial firepower and flexibility with the successful launch of our Strategic Capital Initiative. Looking ahead to 2025, we are confident in our ability to take advantage of the tremendous market opportunity in our Aerospace Products business and deliver strong returns for our shareholders.”
Outlook
FTAI continues to expect 2025 Adjusted EBITDA of approximately
Additionally, FTAI is increasing its 2026 Adjusted EBITDA from its reportable segments from its previously projected
| (1) | For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. |
| (2) | 2025 target adjusted free cash flow is based on management’s current expectations and means target 2025 Adjusted EBITDA excluding gains on sales, including SCI sale proceeds, less estimated equity in SCI and replacement capital expenditures, related interest expense, maintenance capital expenditures, corporate expenses and working capital. |
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website, https://www.ftaiaviation.com/, and the Company’s Annual Report on Form 10-K, when available on the Company’s website.
Conference Call
In addition, management will host a conference call on Thursday, February 27, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BId401ec69ff8f491fb21444c5bbd87f54/. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.ftaiaviation.com/. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Thursday, February 27, 2025 through 11:30 A.M. on Thursday, March 6, 2025 on https://ir.ftaiaviation.com/news-events/presentations/.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Aviation Ltd.
FTAI owns and maintains commercial jet engines with a focus on CFM56 and V2500 engines. FTAI’s propriety portfolio of products, including the Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, 2025 target adjusted free cash flow of approximately
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
aandreini@ftaiaviation.com
Media
Tim Lynch / Aaron Palash / Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Exhibit - Financial Statements
| FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total revenues | $ | 498,819 | $ | 312,737 | $ | 1,734,901 | $ | 1,170,896 | |||||||
| Expenses | |||||||||||||||
| Cost of sales | 257,727 | 135,223 | 825,884 | 502,132 | |||||||||||
| Operating expenses | 34,587 | 28,945 | 115,861 | 110,163 | |||||||||||
| General and administrative | 3,566 | 3,430 | 14,263 | 13,700 | |||||||||||
| Acquisition and transaction expenses | 8,757 | 4,999 | 32,296 | 15,194 | |||||||||||
| Management fees and incentive allocation to affiliate | — | 4,900 | 8,449 | 18,037 | |||||||||||
| Internalization fee to affiliate | — | — | 300,000 | — | |||||||||||
| Depreciation and amortization | 54,678 | 46,478 | 218,064 | 169,877 | |||||||||||
| Asset impairment | — | 901 | 962 | 2,121 | |||||||||||
| Gain on sale of assets, net | (18,705 | ) | — | (18,705 | ) | — | |||||||||
| Total expenses | 340,610 | 224,876 | 1,497,074 | 831,224 | |||||||||||
| Other income (expense) | |||||||||||||||
| Equity in (losses) income of unconsolidated entities | (401 | ) | 63 | (2,200 | ) | (1,606 | ) | ||||||||
| Interest expense | (60,881 | ) | (43,663 | ) | (221,721 | ) | (161,639 | ) | |||||||
| Loss on extinguishment of debt | (3,181 | ) | — | (17,101 | ) | — | |||||||||
| Other income | 14,319 | 6,713 | 17,364 | 7,590 | |||||||||||
| Total other expense | (50,144 | ) | (36,887 | ) | (223,658 | ) | (155,655 | ) | |||||||
| Income before income taxes | 108,065 | 50,974 | 14,169 | 184,017 | |||||||||||
| Provision for (benefit from) income taxes | 5,617 | (67,386 | ) | 5,487 | (59,800 | ) | |||||||||
| Net income | 102,448 | 118,360 | 8,682 | 243,817 | |||||||||||
| Less: Dividends on preferred shares | 7,758 | 8,335 | 32,763 | 31,795 | |||||||||||
| Less: Loss on redemption of preferred shares | 7,998 | — | 7,998 | — | |||||||||||
| Net income (loss) attributable to shareholders | $ | 86,692 | $ | 110,025 | $ | (32,079 | ) | $ | 212,022 | ||||||
| Earnings (loss) per share: | |||||||||||||||
| Basic | $ | 0.85 | $ | 1.10 | $ | (0.32 | ) | $ | 2.12 | ||||||
| Diluted | $ | 0.84 | $ | 1.09 | $ | (0.32 | ) | $ | 2.11 | ||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 102,549,890 | 100,239,011 | 101,538,835 | 99,908,214 | |||||||||||
| Diluted | 103,603,350 | 100,853,151 | 101,538,835 | 100,425,777 | |||||||||||
| FTAI AVIATION LTD. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 115,116 | $ | 90,756 | |||
| Accounts receivable, net | 150,823 | 115,156 | |||||
| Inventory, net | 551,156 | 316,637 | |||||
| Other current assets | 408,923 | 148,885 | |||||
| Total current assets | 1,226,018 | 671,434 | |||||
| Leasing equipment, net | 2,373,730 | 2,032,413 | |||||
| Property, plant, and equipment, net | 107,451 | 45,175 | |||||
| Investments | 19,048 | 22,722 | |||||
| Intangible assets, net | 42,205 | 50,590 | |||||
| Goodwill | 61,070 | 4,630 | |||||
| Other non-current assets | 208,430 | 137,721 | |||||
| Total assets | $ | 4,037,952 | $ | 2,964,685 | |||
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 69,119 | $ | 41,590 | |||
| Accrued liabilities | 96,910 | 71,317 | |||||
| Current maintenance deposits | 62,552 | 39,455 | |||||
| Current security deposits | 18,100 | 17,735 | |||||
| Other current liabilities | 100,565 | 11,746 | |||||
| Total current liabilities | 347,246 | 181,843 | |||||
| Long-term debt, net | 3,440,478 | 2,517,343 | |||||
| Non-current maintenance deposits | 44,179 | 25,932 | |||||
| Non-current security deposits | 26,830 | 23,330 | |||||
| Other non-current liabilities | 97,851 | 40,354 | |||||
| Total liabilities | $ | 3,956,584 | $ | 2,788,802 | |||
| Commitments and contingencies | |||||||
| Equity | |||||||
| Ordinary shares ( | $ | 1,026 | $ | 1,002 | |||
| Preferred shares ( | 117 | 159 | |||||
| Additional paid in capital | 153,328 | 255,973 | |||||
| Accumulated deficit | (73,103 | ) | (81,785 | ) | |||
| Shareholders' equity | 81,368 | 175,349 | |||||
| Non-controlling interest in equity of consolidated subsidiaries | — | 534 | |||||
| Total equity | $ | 81,368 | $ | 175,883 | |||
| Total liabilities and equity | $ | 4,037,952 | $ | 2,964,685 | |||
Key Performance Measures
In addition to net income (loss), the Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as a key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA, if any.
Reconciliations of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this press release because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort.
The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) attributable to shareholders | $ | 86,692 | $ | 110,025 | $ | (32,079 | ) | $ | 212,022 | ||||||
| Add: Provision for (benefit from) income taxes | 5,617 | (67,386 | ) | 5,487 | (59,800 | ) | |||||||||
| Add: Equity-based compensation expense | 3,428 | 510 | 6,006 | 1,638 | |||||||||||
| Add: Acquisition and transaction expenses | 8,757 | 4,999 | 32,296 | 15,194 | |||||||||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | 11,179 | — | 25,099 | — | |||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | |||||||||||
| Add: Asset impairment charges | — | 901 | 962 | 2,121 | |||||||||||
| Add: Incentive allocations | — | 4,576 | 7,456 | 17,116 | |||||||||||
| Add: Depreciation & amortization expense (1) | 67,647 | 56,557 | 262,031 | 213,641 | |||||||||||
| Add: Interest expense and dividends on preferred shares | 68,639 | 51,998 | 254,484 | 193,434 | |||||||||||
| Add: Internalization fee to affiliate | — | — | 300,000 | — | |||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | (345 | ) | 214 | (1,892 | ) | 310 | |||||||||
| Less: Equity in losses (earnings) of unconsolidated entities | 401 | (63 | ) | 2,200 | 1,606 | ||||||||||
| Less: Non-controlling share of Adjusted EBITDA | — | — | — | — | |||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 252,015 | $ | 162,331 | $ | 862,050 | $ | 597,282 | |||||||
____________________
| (1) | Includes the following items for the three months ended December 31, 2024 and 2023: (i) depreciation and amortization expense of Includes the following items for the years ended December 31, 2024 and 2023: (i) depreciation and amortization expense of |
| (2) | Includes the following items for the three months ended December 31, 2024 and 2023: (i) net (loss) income of Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of |
The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aerospace Products for the twelve months ended December 31, 2024 and 2023:
| Year Ended December 31, | |||||||
| (in thousands) | 2024 | 2023 | |||||
| Net income attributable to shareholders | $ | 346,346 | $ | 180,177 | |||
| Add: Provision for (benefit from) income taxes | 22,221 | (24,440 | ) | ||||
| Add: Equity-based compensation expense | 309 | 225 | |||||
| Add: Acquisition and transaction expenses | 4,906 | 1,722 | |||||
| Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations | — | — | |||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | |||||
| Add: Asset impairment charges | — | — | |||||
| Add: Incentive allocations | — | — | |||||
| Add: Depreciation and amortization expense | 6,630 | 661 | |||||
| Add: Interest expense and dividends on preferred shares | — | — | |||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) | (1,769 | ) | 206 | ||||
| Less: Equity in losses of unconsolidated entities | 1,993 | 1,458 | |||||
| Less: Non-controlling share of Adjusted EBITDA | — | — | |||||
| Adjusted EBITDA (non-GAAP) | $ | 380,636 | $ | 160,009 | |||
________________________
| (1) | Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of |
FAQ
What is FTAI's projected Adjusted EBITDA for 2025?
How much capacity will QuickTurn Europe add to FTAI's maintenance operations?
What dividend did FTAI declare for Q4 2024?
How much did FTAI's Aerospace Products net income grow in 2024?
When will QuickTurn Europe's engine test-cell be fully operational?
