Exchange Income Corp

Latest Results (07.08.2024):

Record Revenue

Exchange Income Corporation (EIC) reported record revenue of $602 million for the first quarter of 2024, marking a 14% increase from the previous year's first quarter revenue of $527 million. This growth was driven by both the Aerospace & Aviation and Manufacturing segments, which saw revenue increases of $43 million and $32 million, respectively.

Adjusted EBITDA Growth

For Q1 2024, EIC achieved an Adjusted EBITDA of $111 million, representing a 14% increase over the prior year's $97 million. This record-setting performance was primarily due to continued growth in the Aerospace & Aviation segment, although it was partially offset by a decline in profitability within the Manufacturing segment.

Free Cash Flow

Exchange Income Corporation generated a first quarter record Free Cash Flow of $62 million, up from $60 million in the same period last year. Additionally, Free Cash Flow less Maintenance Capital Expenditures increased by $4 million to $23 million, setting another first quarter record for the company.

Net Earnings

Net Earnings for EIC in Q1 2024 were $5 million, down from $7 million in the prior year's first quarter. This resulted in Net Earnings per share of $0.10, compared to $0.16 in Q1 2023. Adjusted Net Earnings were $10 million, or $0.20 per share, compared to $12 million, or $0.27 per share, in the previous year.

Dividends Declared

Exchange Income Corporation declared dividends totaling $31.2 million for the first quarter of 2024, a 16% increase from the $26.8 million declared in Q1 2023. The company maintained a Trailing Twelve Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio of 58%, consistent with the comparative period.