FTAI Aviation(FTAI) - 2024 Q4 - Annual Results

Financial Performance - Net income attributable to shareholders for Q4 2024 was $86,692,000, with basic earnings per share of $0.85 and diluted earnings per share of $0.84[2] - For the fiscal year 2024, net income attributable to shareholders in Aerospace Products was $346 million, representing a 92% year-over-year increase, and Adjusted EBITDA increased by 138% year-over-year[6] - Total revenues for Q4 2024 were $498,819,000, compared to $312,737,000 in Q4 2023, marking a significant increase[23] - The company reported total expenses of $340,610,000 for Q4 2024, up from $224,876,000 in Q4 2023[23] - Adjusted EBITDA for the year ended December 31, 2024, was $862,050, representing a 44% increase from $597,282 in 2023[28] - Net income attributable to shareholders for the year ended December 31, 2024, was $(32,079), compared to $212,022 in 2023[28] - Adjusted EBITDA for Aerospace Products was $380,636 for the year ended December 31, 2024, compared to $160,009 in 2023, marking a 138% increase[32] Dividends and Cash Flow - The company declared a cash dividend of $0.30 per ordinary share for Q4 2024, payable on March 24, 2025[3] - FTAI targets adjusted free cash flow of approximately $650 million for 2025, following significant growth investments in 2024[6] Future Projections - FTAI expects 2025 Adjusted EBITDA to be approximately $1.1 to $1.15 billion, with $500 million from Aviation Leasing and $600 to $650 million from Aerospace Products[10] - FTAI is increasing its 2026 Adjusted EBITDA guidance from $1.25 billion to approximately $1.4 billion, reflecting expected upside from the Strategic Capital Initiative[11] Assets and Liabilities - Total assets increased to $4,037,952, up 36% from $2,964,685 in 2023[25] - Total current assets rose to $1,226,018, a 83% increase from $671,434 in 2023[25] - Long-term debt increased to $3,440,478, up 37% from $2,517,343 in 2023[25] - Shareholders' equity decreased to $81,368, down 54% from $175,349 in 2023[25] - Total current liabilities increased to $347,246, up 91% from $181,843 in 2023[25] Inventory and Cash Management - Cash and cash equivalents increased to $115,116, a 27% increase from $90,756 in 2023[25] - Inventory increased significantly to $551,156, up 74% from $316,637 in 2023[25] Operational Developments - The joint venture with IAG Engine Center is expected to add capacity to maintain 450 modules (150 engines) per year, increasing FTAI's total maintenance capacity to 1,800 CFM56 modules (600 engines)[7] - FTAI's maintenance facility in Rome is expected to be fully operational within 24 months, with piece-part repair capabilities anticipated in the second half of 2025[7]