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FTAI Aviation Ltd. Reports Third Quarter 2024 Results, Declares Dividend of $0.30 per Ordinary Share

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FTAI Aviation reported strong financial results for Q3 2024, with net income of $78.1 million and earnings per share of $0.76. The company achieved Adjusted EBITDA of $232 million, with over $100 million coming from Aerospace Products. The Board declared a quarterly cash dividend of $0.30 per ordinary share, payable on November 25, 2024. Additional preferred share dividends were declared for Series B, C, and D shares, ranging from $0.50000 to $0.59375 per share, payable on December 16, 2024.

FTAI Aviation ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 78,1 milioni di dollari e un utile per azione di 0,76 dollari. L'azienda ha raggiunto un EBITDA rettificato di 232 milioni di dollari, con oltre 100 milioni provenienti dai Prodotti Aerospaziali. Il Consiglio ha dichiarato un dividendo in contante trimestrale di 0,30 dollari per azione ordinaria, pagabile il 25 novembre 2024. Sono stati dichiarati ulteriori dividendi sulle azioni privilegiate per le azioni di Serie B, C e D, che vanno da 0,50000 a 0,59375 dollari per azione, pagabili il 16 dicembre 2024.

FTAI Aviation informó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto de 78,1 millones de dólares y ganancias por acción de 0,76 dólares. La compañía logró un EBITDA ajustado de 232 millones de dólares, con más de 100 millones provenientes de Productos Aeroespaciales. La Junta declaró un dividendo en efectivo trimestral de 0,30 dólares por acción ordinaria, que se pagará el 25 de noviembre de 2024. Se declararon dividendos adicionales para las acciones preferentes de las Series B, C y D, que varían de 0,50000 a 0,59375 dólares por acción, pagaderos el 16 de diciembre de 2024.

FTAI 항공은 2024년 3분기 강력한 재무 실적을 보고했으며, 순이익은 7,810만 달러, 주당 수익은 0.76달러였습니다. 이 회사는 조정 EBITDA로 2억 3천 2백만 달러를 달성했으며, 그 중 1억 달러 이상이 항공 우주 제품에서 발생했습니다. 이사회는 보통주에 대해 분기 현금 배당금으로 주당 0.30달러를 선언했으며, 이는 2024년 11월 25일에 지급될 예정입니다. B, C, D 시리즈 주식에 대해서는 추가 우선주 배당금이 주당 0.50000에서 0.59375달러 사이로 선언되었으며, 2024년 12월 16일에 지급될 예정입니다.

FTAI Aviation a rapporté des résultats financiers solides pour le troisième trimestre 2024, avec un revenu net de 78,1 millions de dollars et un bénéfice par action de 0,76 dollar. La société a atteint un EBITDA ajusté de 232 millions de dollars, dont plus de 100 millions provenaient des Produits Aérospatiaux. Le Conseil d'administration a déclaré un dividende en espèces trimestriel de 0,30 dollar par action ordinaire, payable le 25 novembre 2024. Des dividendes supplémentaires ont été déclarés pour les actions privilégiées des Séries B, C et D, variant de 0,50000 à 0,59375 dollar par action, payables le 16 décembre 2024.

FTAI Aviation berichtete über starke Finanzergebnisse im 3. Quartal 2024, mit einem Nettoeinkommen von 78,1 Millionen USD und einem Gewinn pro Aktie von 0,76 USD. Das Unternehmen erzielte ein bereinigtes EBITDA von 232 Millionen USD, wobei über 100 Millionen USD aus Luft- und Raumfahrtprodukten stammten. Der Vorstand erklärte eine vierteljährliche Bardividende von 0,30 USD pro Stammaktie, zahlbar am 25. November 2024. Zusätzlich wurden Vorzugsdividenden für die Aktien der Serien B, C und D erklärt, die zwischen 0,50000 und 0,59375 USD pro Aktie liegen und am 16. Dezember 2024 zahlbar sind.

Positive
  • Net income of $78.1 million for Q3 2024
  • Strong Adjusted EBITDA of $232 million
  • Aerospace Products segment generated over $100 million in Adjusted EBITDA
  • Consistent dividend payment of $0.30 per ordinary share maintained
Negative
  • None.

Insights

FTAI Aviation delivered strong Q3 2024 results with $78.1 million in net income and earnings of $0.76 per share. The standout metric is the impressive $232 million in Adjusted EBITDA, with Aerospace Products segment contributing over $100 million. This demonstrates robust operational execution and growing market presence in the aviation sector.

The company maintains its shareholder-friendly capital return policy with a quarterly dividend of $0.30 per ordinary share, while also declaring preferred share dividends across multiple series. The consistent dividend payments signal financial stability and management's confidence in sustained cash flow generation.

The strong EBITDA performance in Aerospace Products suggests successful market positioning and potential for continued growth in high-margin aviation services. This could drive further value creation for shareholders in the medium term.

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the third quarter 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 ResultsQ3’24   
Net Income Attributable to Shareholders$78,147  
Basic Earnings per Ordinary Share$0.76  
Diluted Earnings per Ordinary Share$0.76  
Adjusted EBITDA(1)$232,030  

_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

Third Quarter 2024 Dividends

On October 30, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of $0.30 per share for the quarter ended September 30, 2024, payable on November 25, 2024 to the holders of record on November 14, 2024.

Additionally, on October 30, 2024, the Board declared cash dividends on its Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”), 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 $0.50000, $0.51563 and $0.59375 per share, respectively, for the quarter ended September 30, 2024, payable on December 16, 2024 to the holders of record on December 2, 2024.

Business Highlights

  • FTAI reports over $100 million Adjusted EBITDA in Aerospace Products(1).

(1)   This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure.

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 Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Thursday, October 31, 2024, at 9:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI913234e28b444fe8bfdec58056b9ad40/. 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, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 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. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
aandreini@fortress.com

Exhibit - Financial Statements

FTAI AVIATION LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
 
 Three Months Ended September 30, Nine Months Ended September 30,
  2024   2023  2024   2023 
Revenues       
Lease income$65,450  $45,622 $189,365  $161,141 
Maintenance revenue 59,917   63,925  156,894   141,131 
Asset sales revenue 34,953   61,400  145,993   246,927 
Aerospace products revenue 303,469   118,675  737,726   296,513 
Other revenue 2,005   1,474  6,104   12,447 
Total revenues 465,794   291,096  1,236,082   858,159 
        
Expenses       
Cost of sales 219,496   116,707  568,157   366,909 
Operating expenses 26,858   33,887  81,274   81,218 
General and administrative 4,045   3,015  10,697   10,270 
Acquisition and transaction expenses 9,341   4,261  23,539   10,195 
Management fees and incentive allocation to affiliate    4,577  8,449   13,137 
Internalization fee to affiliate      300,000    
Depreciation and amortization 56,775   43,959  163,386   123,399 
Asset impairment      962   1,220 
Interest expense 57,937   40,185  160,840   117,976 
Total expenses 374,452   246,591  1,317,304   724,324 
        
Other income (expense)       
Equity in (losses) earnings of unconsolidated entities (438)  46  (1,799)  (1,669)
Loss on extinguishment of debt      (13,920)   
Other income 2,909   461  3,045   877 
Total other income (expense) 2,471   507  (12,674)  (792)
Income (loss) before income taxes 93,813   45,012  (93,896)  133,043 
Provision for (benefit from) income taxes 7,331   3,705  (130)  7,586 
Net income (loss) 86,482   41,307  (93,766)  125,457 
Less: Dividends on preferred shares 8,335   8,334  25,005   23,460 
Net income (loss) attributable to shareholders$78,147  $32,973 $(118,771) $101,997 
        
Earnings (loss) per share:       
Basic$0.76  $0.33 $(1.17) $1.02 
Diluted$0.76  $0.33 $(1.17) $1.02 
        
Weighted average shares outstanding:       
Basic 102,380,659   99,927,594  101,199,356   99,796,736 
Diluted 103,395,348   100,482,309  101,199,356   100,269,203 
               


FTAI AVIATION LTD.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
 
 (Unaudited)  
 September 30, 2024 December 31, 2023
Assets   
Cash and cash equivalents$111,888  $90,756 
Restricted cash 150   150 
Accounts receivable, net 166,338   115,156 
Leasing equipment, net 2,066,337   2,032,413 
Property, plant, and equipment, net 103,605   45,175 
Investments 19,448   22,722 
Intangible assets, net 38,001   50,590 
Assets held for sale 119,012    
Goodwill 31,533   4,630 
Inventory, net 490,997   316,637 
Other assets 591,601   286,456 
Total assets$3,738,910  $2,964,685 
    
Liabilities   
Accounts payable and accrued liabilities$196,660  $112,907 
Debt, net 3,218,343   2,517,343 
Maintenance deposits 75,606   65,387 
Security deposits 42,863   41,065 
Other liabilities 86,906   52,100 
Total liabilities$3,620,378  $2,788,802 
    
Commitments and contingencies   
    
Equity   
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,549,679 and 100,245,905 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)$1,025  $1,002 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 15,920,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 159   159 
Additional paid in capital 292,899   255,973 
Accumulated deficit (175,551)  (81,785)
Shareholders' equity 118,532   175,349 
Non-controlling interest in equity of consolidated subsidiaries    534 
Total equity 118,532   175,883 
Total liabilities and equity$3,738,910  $2,964,685 
 

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our 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 from continuing operations, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt 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.

The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:

 Three Months Ended
September 30,
     Nine Months Ended
September 30,
    
(in thousands) 2024   2023  Change  2024   2023   Change
Net income (loss) attributable to shareholders$78,147  $32,973  $45,174  $(118,771) $101,997 $(220,768)
Add: Provision for (benefit from) income taxes 7,331   3,705   3,626   (130)  7,586  (7,716)
Add: Equity-based compensation expense 1,430   510   920   2,578   1,128  1,450 
Add: Acquisition and transaction expenses 9,341   4,261   5,080   23,539   10,195  13,344 
Add: Losses on the modification or extinguishment of debt and capital lease obligations          13,920     13,920 
Add: Changes in fair value of non-hedge derivative instruments                
Add: Asset impairment charges          962   1,220  (258)
Add: Incentive allocations    4,274   (4,274)  7,456   12,540  (5,084)
Add: Depreciation and amortization expense(1) 69,453   59,380   10,073   194,384   157,084  37,300 
Add: Interest expense and dividends on preferred shares 66,272   48,519   17,753   185,845   141,436  44,409 
Add: Internalization fee to affiliate          300,000     300,000 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) (382)  642   (1,024)  (1,547)  96  (1,643)
Less: Equity in losses (earnings) of unconsolidated entities 438   (46)  484   1,799   1,669  130 
Less: Non-controlling share of Adjusted EBITDA                
Adjusted EBITDA (non-GAAP)$232,030  $154,218  $77,812  $610,035  $434,951 $175,084 

________________________________________________________

(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $56,775 and $43,959, (ii) lease intangible amortization of $3,720 and $3,726 and (iii) amortization for lease incentives of $8,958 and $11,695, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $163,386 and $123,399, (ii) lease intangible amortization of $11,482 and $11,325 and (iii) amortization for lease incentives of $19,516 and $22,360, respectively.

(2) Includes the following items for the three months ended September 30, 2024 and 2023: (i) net (loss) income of $(438) and $46, (ii) depreciation and amortization expense of $56 and $367, and (iii) acquisition and transaction expenses of $0 and $229, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $1,799 and $1,669, (ii) depreciation and amortization expense of $252 and $1,202, and (iii) acquisition and transaction expenses of $0 and $563, respectively.


FAQ

What was FTAI Aviation's net income for Q3 2024?

FTAI Aviation reported a net income of $78.147 million for the third quarter of 2024.

When will FTAI pay its Q3 2024 dividend?

FTAI will pay its Q3 2024 dividend of $0.30 per ordinary share on November 25, 2024, to shareholders of record on November 14, 2024.

What was FTAI's Adjusted EBITDA in Q3 2024?

FTAI reported an Adjusted EBITDA of $232.03 million for the third quarter of 2024.

How much did FTAI's Aerospace Products segment generate in Q3 2024?

FTAI's Aerospace Products segment generated over $100 million in Adjusted EBITDA during Q3 2024.

FTAI Aviation Ltd.

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