FTAI Aviation Ltd - Class A

FTAI Aviation posted a solid first quarter for 2024, reporting earnings of $0.31 per diluted share on revenues of $326.69 million, as the company's rapidly expanding Aerospace Products segment more than carried its weight. The primary engine of growth was unmistakable: Aerospace Products revenue more than doubled year over year to $189.06 million, up from $85.11 million in Q1 2023, driving a 28.6% increase in adjusted EBITDA to $164.10 million. Net income attributable to shareholders rose to $31.29 million, compared to $22.61 million a year ago, even as interest expense climbed to $47.71 million reflecting a higher debt load. The quarter was not without its complications; operating cash flow turned slightly negative at roughly $345,000, weighed down by working capital headwinds, while capital expenditures on leasing equipment surged to $276.99 million, signaling aggressive fleet investment. FTAI also announced a Perpetual Power Program agreement with LATAM Airlines Group covering more than 60 engines, underscoring its deepening maintenance relationships with major airline customers.