Why Shares of Fly Leasing Are Falling Today
Shares of Fly Leasing (NYSE: FLY) fell more than 8% on Thursday after the aircraft leasing company reported weaker-than-expected earnings. The COVID-19 pandemic is weighing on airlines, making life difficult for companies that rely on aviation for revenue and profits.
Before markets opened on Thursday, Fly Leasing reported second-quarter earnings of $0.37 per share on revenue of $79.1 million, falling short of analyst expectations for $0.45 per share on revenue of $83 million.
The company is in the business of buying aircraft and leasing them to airlines. With travel demand plummeting due to the pandemic, the airlines need fewer planes, and are flying the ones they have less often.
Source Fool.com
