Fly Leasing’s CEO Discusses Q2 2012 Results – Earnings Call Transcript
Matt Dallas – Manager, Investor Relations
Steve Zissis – President and Chief Executive Officer, BBAM
Colm Barrington – Chief Executive Officer and Director
Gary Dales – Chief Financial Officer
Gary Liebowitz – Wells Fargo Securities
John D. Godyn – Morgan Stanley & Co. LLC
Jamie Baker – JPMorgan
Victor Zajdel – Maxim Group
Glenn Engel – Bank of America/Merrill Lynch
Fly Leasing Limited (FLY) Q2 2012 Earnings Call August 2, 2012 9:00 AM ET
Good morning, everyone. I’d like to make a few remarks regarding the health of the overall leasing market. In general, I’d describe the dynamics in the industry to be relatively healthy notwithstanding the uncertainty in Europe and slowing of the economic recovery in the United States and certain other jurisdiction. In particular, the demand for used Boeing narrow-body remains relatively active with good demand coming from Russia, Central Asia, Latin America and certain parts of Southeast Asia.
Lease rates remained stable with a slight uptick for the 737-800. On the other side, demand for used A319s and 320s is slowly recovering as many airlines keep bargaining these rates at levels attractive enough to replace older and less productive aircrafts. We see this is a healthy development as airlines are reacting to the marketplace.