Fly Leasing Limited (NYSE:FLY) Q3 2019 Earnings Conference Call Transcript
Nov 08, 2019 • 09:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Fly Leasing Third Quarter Earnings Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. Matt Dallas. You may begin sir.
Thank you, and good morning. I am Matt Dallas, the Investor Relations Manager of Fly Leasing, and I'd like to welcome everyone to our third quarter 2019 earnings conference call. Fly Leasing issued its third quarter earnings results press release earlier today, which is posted on the Company's website at flyleasing.com.
We have a slide presentation that accompanies today's call, which is available to participants on the webcast. If you are not accessing the webcast, you can find a copy of today's presentation in the Investor Relations section of our website on the Events and Presentations page.
Representing the Company today on this call will be Colm Barrington, our Chief Executive Officer; Julie Ruehl, our Chief Financial Officer; and Steve Zissis, the President and CEO of BBAM, the company that manages and services FLY's fleet.
This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to statements regarding the outlook for the Company's future business and financial performance. Forward-looking statements are based on the current expectations and assumptions of FLY's management, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict.
Actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and are described more fully in the Company's filings with the SEC. Please refer to these sources for additional information. An archived webcast of this call will be available for one year on the Company's website.
And with that, I would now like to hand the call over to Colm Barrington, the CEO of Fly Leasing. Colm?
Thank you, Matt, and welcome everyone. I'm happy to say FLY is again reporting excellent results for the third consecutive quarter this year. We can ascribe this success to the development of the strategy that we put in place over the last few years. And which has been executed expertly by BBAM and supported by continuing strong industry conditions.
The fundamentals of our industry remain positive, supported primarily by continuing strong growth in global air passenger traffic. The International Air Transport Association continues to report constant growth numbers each month, including 3.8% growth in September and is predicting air traffic growth of 5% for all of 2019.
Meanwhile passenger load factors in IATA airlines, which is a very important metric for the aircraft leasing industry as it shows the supply demand relationship for aircraft, continues at record highs. Including all-time high of 8.0 [Phonetic] 85.7% in August. IATA continues to predict worldwide airline profits of $28 billion for 2019 despite some pressure on yields and on the profitability of some carriers. World air traffic and prosperous airlines each support a strong aircraft leasing industry.