Aircraft lessor Fly Leasing released its financial results for the fourth quarter and full year of 2018. Net income for Q4 reached $31 million, while full year net income reached $85.7 million.

“FLY is reporting a great financial outcome for the fourth quarter and a record result for the full year,” said Colm Barrington, Fly Leasing CEO. “Our renewed and larger fleet drove a 26% increase in operating lease rental revenue as compared to the fourth quarter of 2017. We held expenses below last year’s level, resulting in Adjusted Net Income of $30.8 million for the quarter, or 94 cents per share.”

FLY is reporting net income of $31 million, or $0.95 per share, for the fourth quarter of 2018. This compares to a net income of $7.2 million, or $0.25 per share, for the same period in 2017.

Net income for the year ended December 31, 2018 was $85.7 million, or $2.88 per share, compared to a net income of $2.6 million, or $0.09 per share, for the year ended December 31, 2017.

Adjusted net income was $30.8 million for the fourth quarter of 2018, compared to adjusted net income of $7.3 million for the same period in the previous year. On a per share basis, adjusted net income was $0.94 in the fourth quarter of 2018, compared to adjusted net income of $0.26 for the fourth quarter of 2017. For the year ended December 31, 2018, adjusted net income was $91.2 million, or $3.06 per share, compared to $8.2 million, or $0.27 per share, for the same period last year.

A reconciliation of adjusted net income to net income determined in accordance with GAAP is shown below.

As of December 31, 2018, FLY had completed the acquisition of 33 Airbus A320 aircraft and seven engines pursuant to the transaction that was first announced in February 2018.

At December 31, 2018, FLY’s total assets were $4.2 billion, including investment in flight equipment totaling $3.8 billion. Total cash at December 31, 2018 was $281.1 million, of which $180.2 million was unrestricted. The book value per share at December 31, 2018 was $21.50, an 11% increase since the beginning of the year. At December 31, 2018, FLY’s net debt to equity ratio was 4.0x, an improvement from 4.3x as of the beginning of the year.

At December 31, 2018, FLY had 113 aircraft and seven engines in its portfolio. Of the 113 aircraft, 100 were held for operating lease, one was classified as an investment in finance lease and 12 were classified as held for sale. FLY’s aircraft are on lease to 46 airlines in 26 countries.