Stock Alert: Fly Leasing Climbs 20%

(RTTNews) - Shares of Fly Leasing Ltd. (FLY) are gaining more than 20 percent or $1.64 in Wednesday's morning trade at $9.79 despite no stock-specific news. The stock has traded in a range of $3.41 to $23.21 in the past 52 weeks.

U.S. stocks are rising on Wednesday amid continued optimism about the reopening of the economy. Airline and related stocks surged on Tuesday as they are expected to benefit from a pick up in travel demand when economic activity returns to normal.

Ireland-based Fly Leasing, through its subsidiaries, purchases and leases commercial aircraft under multi-year contracts to various airlines worldwide.

In early May, Fly Leasing reported first-quarter net income of $38.1 million or $1.24 per share, down from $45.0 million or $1.38 per share in the year-ago period. Adjusted earnings were $1.42, compared to $1.44 per share last year. Total revenues for the quarter declined to $121.56 million from $134.70 million a year ago.

At that time, Fly Leasing said it does not have any orders with the aircraft manufacturers and also has no near-term refinancing requirements.