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Under The Radar Stock FLY Gains 45.2%

The stock, Fly Leasing Ltd. (FLY), featured on our 'Under The Radar' on March 7, 2019, at an opening price of $12.16. On June 28, 2019, the stock touched a new 52-week high of $17.66, representing a gain of 45.2%. The stock closed Friday's trade at $17.19.

Why we published this stock?

Fly Leasing reported strong Q4 results.

The company's Q4 net income was $31.0 million or $0.95 per share compared to $7.2 million or $0.25 per share in the prior year period.

Adjusted net income was $30.8 million or $0.94 per share for the fourth quarter of 2018, compared to $7.3 million or $0.26 per share for the fourth quarter of 2017.

Total revenues increased to $122.3 million from $107.9 million generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $0.53 per share on revenue of $106.58 million for the quarter. Analysts' estimate typically exclude certain special items.

"FLY is reporting a great financial outcome for the fourth quarter and a record result for the full year," said Colm Barrington, FLY's Chief Executive Officer. "Our renewed and larger fleet drove a 26% increase in operating lease rental revenue as compared to the fourth quarter of 2017...”

"FLY's strong operating performance throughout 2018 produced a record full-year result, with Adjusted EPS of $3.06 per share," added Barrington. "Based on these strong trends, FLY is expecting another great financial result in 2019, starting with first quarter expected pre-tax income of more than $45 million."

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