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FORTRESS TRSP(FTAIN) - 2025 Q1 - Quarterly Results
FTAINFORTRESS TRSP(FTAIN)2025-04-30 21:23

Financial Performance - Net income attributable to shareholders for Q1 2025 was 89.9million,comparedto89.9 million, compared to 31.3 million in Q1 2024, representing a significant increase[6] - Basic earnings per ordinary share for Q1 2025 were 0.88,upfrom0.88, up from 0.31 in Q1 2024, reflecting a growth of 184%[14] - Total revenues for Q1 2025 reached 502.1million,a53.7502.1 million, a 53.7% increase from 326.7 million in Q1 2024[15] - Adjusted EBITDA for Q1 2025 was 268.6million,withanadjustedEBITDAmarginof36268.6 million, with an adjusted EBITDA margin of 36% for Aerospace Products[6] - Adjusted EBITDA for Q1 2025 reached 268,558,000, reflecting a 63.7% increase compared to 164,101,000inQ12024[23]−IntheAerospaceProductssegment,netincomeattributabletoshareholdersincreasedto164,101,000 in Q1 2024[23] - In the Aerospace Products segment, net income attributable to shareholders increased to 106,643,000 in Q1 2025, up 60.5% from 66,433,000inQ12024[26]−AdjustedEBITDAforAerospaceProductsinQ12025was66,433,000 in Q1 2024[26] - Adjusted EBITDA for Aerospace Products in Q1 2025 was 130,945,000, representing an increase of 86.3% from 70,277,000inQ12024[26]RevenueGrowth−Thecompanygenerated70,277,000 in Q1 2024[26] Revenue Growth - The company generated 365.1 million in Aerospace products revenue, compared to 189.1millioninthesamequarterlastyear,markinga93189.1 million in the same quarter last year, marking a 93% increase[15] - Total assets increased to 4.27 billion as of March 31, 2025, up from 4.04billionattheendof2024[18]DebtandExpenses−Long−termdebtincreasedto4.04 billion at the end of 2024[18] Debt and Expenses - Long-term debt increased to 3.64 billion as of March 31, 2025, compared to 3.44billionattheendof2024[18]−ProvisionforincometaxesinQ12025was3.44 billion at the end of 2024[18] - Provision for income taxes in Q1 2025 was 22,859,000, compared to 5,572,000inQ12024,indicatingariseof3115,572,000 in Q1 2024, indicating a rise of 311%[23] - Depreciation and amortization expense for Q1 2025 was 68,387,000, an increase of 15.7% from 59,122,000inQ12024[23]−Equity−basedcompensationexpenseroseto59,122,000 in Q1 2024[23] - Equity-based compensation expense rose to 4,889,000 in Q1 2025, compared to 510,000inQ12024,markingasubstantialincreaseof855510,000 in Q1 2024, marking a substantial increase of 855%[23] - Interest expense and dividends on preferred shares increased to 68,155,000 in Q1 2025, up from 56,042,000inQ12024,ariseof21.656,042,000 in Q1 2024, a rise of 21.6%[23] - Acquisition and transaction expenses for Q1 2025 were 7,292,000, compared to 6,179,000inQ12024,reflectinganincreaseof18.06,179,000 in Q1 2024, reflecting an increase of 18.0%[23] Market Demand and Initiatives - FTAI's Module Factory has over 100 customers worldwide, indicating strong market demand[6] - As of March 31, 2025, FTAI owned or had letters of intent for 98 aircraft under its Strategic Capital Initiative 2025 partnership[6] Dividends - The company declared a cash dividend of 0.30 per ordinary share for Q1 2025, payable on May 23, 2025[3] Other Financial Metrics - The pro-rata share of Adjusted EBITDA from unconsolidated entities improved to 41,000inQ12025,comparedtoalossof41,000 in Q1 2025, compared to a loss of 548,000 in Q1 2024, a positive change of $589,000[23]