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AerSale Corporation (ASLE+0.85%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $82,684,000 from $92,484,000 in the same quarter the previous year. The decrease is attributed to reduced sales in the Asset Management Solutions segment.
Revenue from the Asset Management Solutions segment decreased by 22.5% to $50,414,000, primarily due to lower Flight Equipment sales and leasing revenues.
Revenue from the TechOps segment increased by 17.6% to $32,270,000, driven by higher contributions from component and landing gear repair activities.
Cost of sales for the quarter was $59,009,000, representing 71.4% of sales, compared to 74.6% in the same quarter of the previous year.
The company reported a gross profit of $23,675,000 for the quarter, compared to $23,474,000 in the previous year, with the slight increase attributed to improved margins in the Asset Management Solutions segment.
Selling, general, and administrative expenses decreased to $21,679,000 from $25,403,000, primarily due to lower repair and maintenance and payroll costs.
Net income for the quarter was $509,000, compared to a net loss of $148,000 in the previous year.
Cash used in operating activities was $26,354,000, while cash used in investing activities was $11,456,000, primarily for purchases of property and equipment.
The filing also details various financial agreements, including a revolving credit facility with Wells Fargo (WFC+1.47%) and a property and equipment loan with Synovus (SNV+0.77%).
AerSale does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material changes in its risk factors as reported in its previous annual report.
AerSale continues to focus on its Asset Management Solutions and TechOps segments to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AerSale Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.