logo
Plus   Neg
Share
Email

Stock Alert: Fly Leasing Climbs 20%

Shares of Fly Leasing Ltd. (FLY) are gaining more than 20 percent or $1.64 in Wednesday's morning trade at $9.79 despite no stock-specific news. The stock has traded in a range of $3.41 to $23.21 in the past 52 weeks.

U.S. stocks are rising on Wednesday amid continued optimism about the reopening of the economy. Airline and related stocks surged on Tuesday as they are expected to benefit from a pick up in travel demand when economic activity returns to normal.

Ireland-based Fly Leasing, through its subsidiaries, purchases and leases commercial aircraft under multi-year contracts to various airlines worldwide.

In early May, Fly Leasing reported first-quarter net income of $38.1 million or $1.24 per share, down from $45.0 million or $1.38 per share in the year-ago period. Adjusted earnings were $1.42, compared to $1.44 per share last year. Total revenues for the quarter declined to $121.56 million from $134.70 million a year ago.

At that time, Fly Leasing said it does not have any orders with the aircraft manufacturers and also has no near-term refinancing requirements.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Santa Cruz Bicycles LLC has recalled certain model year 2020 bicycles with aluminum frames citing fall risks, according to the U.S. Consumer Product Safety Commission. The recall involves about 2,900 units of model year 2020 Auminum Santa Cruz and Juliana Bicycles. In addition, about 216 were sold in Canada. AstraZeneca is mulling an additional global trial to confirm the 90% efficacy rate of its Covid-19 vaccine candidate at lower dosage, Bloomberg news quoted Chief Executive Officer Pascal Soriot as saying. In an interview, Soriot noted that instead of adding the trial to an ongoing U.S. process, the company might launch a fresh study to evaluate efficacy of lower dosage of its vaccine that perform U.S. airline Delta Air Lines, Inc. and its Italian codeshare partner Alitalia are planning to launch quarantine-free, COVID-free flights between U.S. and Europe through new testing protocols, starting in December. In a statement, Delta said it has signed deals with airports and governments eliminating quarantine requirements on COVID-tested flights connecting Atlanta and Rome.
Follow RTT