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AerSale reports $10 million first-quarter income

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AerSale Corp. had $58.4 million in revenues and $10 million in net income for the first quarter of 2021, which ended March 31.

The publicly traded company released its financial statement Friday through a newswire service. AerSale has its corporate headquarters in Coral Gables, Florida, but has operations at the Roswell Air Center.

According to the company release, the $58.4 million in revenues included $13.8 million of flight equipment sales. Net income was $10 million, or 17.1% of sales, up from $1.1 million, or 1.9% of sales, in the first quarter of 2020.

Adjusted earnings before interest, taxes, depreciations and amortization amounted to $16.5 million, or 28.3% of sales, compared to $9.8 million, or 17.2% of sales, in the first quarter of 2020.

The Company also received $6.4 million in federal relief funds through the Payroll Support Programs during the period, while incurring costs related to program eligibility.

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“We are performing well and as expected in our first full quarter as a public company,” said Chief Executive Officer Nicolas Finazzo. “The gradual recovery in commercial markets continues to materialize, with our aircraft MRO (maintenance, repair and overhaul) services operating at near-capacity as airlines recommission parked aircraft. We are also making meaningful progress on our 24 aircraft B757 fleet acquisition, with 18 aircraft contracted or under letters of intent for sale or lease, including four passenger-to-freighter conversions that we expect to complete in 2021 at our Goodyear facility. We believe that this positions us well for accelerating performance throughout the balance of 2021, particularly in the second half.”

The company said revenues were helped by near-capacity MRO maintenance schedules, at-capacity storage facilities and engine sales.

A “softer” segment of its operations is the sale of used serviceable materials (USM) parts, as AerSale’s commercial customers continue to be affected by COVID-19 conditions and as the company concludes three lease programs that contributed to revenues in prior years.

The company said it expects continued growth in 2021 to be driven by strong MRO volume as commercial aircraft are recommissioned, by sales from its Boeing 757 procurement program, by the gradual recovery of commercial markets and by the launch of its AerAware product. According to its website, AerAware is an enhanced flight vision product to help pilots maneuver in low-visibility conditions.

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