The 10-second takeaway
For the quarter ended March 31 (Q1), FLY Leasing beat expectations on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share increased significantly. GAAP earnings per share grew significantly.
Gross margins contracted, operating margins grew, net margins grew.
FLY Leasing notched revenue of $114.4 million. The four analysts polled by S&P Capital IQ predicted a top line of $103.6 million on the same basis. GAAP reported sales were 12% higher than the prior-year quarter's $102.4 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.37. The four earnings estimates compiled by S&P Capital IQ averaged $0.83 per share. Non-GAAP EPS of $1.37 for Q1 were 32% higher than the prior-year quarter's $1.04 per share. GAAP EPS of $1.15 for Q1 were 47% higher than the prior-year quarter's $0.78 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 98.8%, 30 basis points worse than the prior-year quarter. Operating margin was 60.1%, 350 basis points better than the prior-year quarter. Net margin was 28.7%, 880 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $93.5 million. On the bottom line, the average EPS estimate is $0.49.
Next year's average estimate for revenue is $387.2 million. The average EPS estimate is $2.37.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 267 members out of 276 rating the stock outperform, and nine members rating it underperform. Among 73 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give FLY Leasing a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on FLY Leasing is outperform, with an average price target of $15.14.
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