FTAI Aviation Ltd. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $465.8 million for the three months ended September 30, 2024, marking a substantial increase of $174.7 million compared to $291.1 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $1.236 billion, up from $858.2 million in the prior year.

The revenue growth was primarily driven by the Aerospace Products segment, which generated $303.5 million in the third quarter, an increase of $184.8 million from $118.7 million in the previous year. This surge was attributed to a $164.3 million rise in sales of CFM56-7B, CFM56-5B, and V2500 engines and modules. The Aviation Leasing segment, however, saw a decrease in revenue, generating $152.3 million, down from $161.4 million in Q3 2023.

Despite the revenue growth, FTAI reported a net income of $86.5 million for the third quarter, an increase from $41.3 million in the same period last year. However, for the nine months ended September 30, 2024, the company recorded a net loss of $93.8 million, a significant decline from a net income of $125.5 million in the same period of 2023. The net loss attributable to shareholders for the nine months was $(118.8 million), compared to a profit of $102 million in the prior year.

The company's total assets increased to $3.739 billion as of September 30, 2024, up from $2.965 billion at the end of 2023. This growth was accompanied by a rise in total liabilities to $3.620 billion, compared to $2.789 billion at the end of the previous year. The increase in debt was notable, with net debt rising to $3.218 billion from $2.517 billion.

Strategically, FTAI completed the acquisition of Lockheed Martin Commercial Engine Solutions (LMCES) for $170 million on September 9, 2024, aimed at enhancing its maintenance, repair, and exchange business. The company also internalized its management function in May 2024, incurring a restructuring charge of $300 million, which included cash and share considerations to the former management.

Cash flows reflected a challenging environment, with net cash used in operating activities amounting to $(146.2 million) for the nine months ended September 30, 2024, compared to a positive cash flow of $116.8 million in the same period of 2023. The company declared cash dividends of $0.30 per ordinary share for the quarter, maintaining its commitment to shareholder returns despite the financial challenges faced during the year.