ASLE - Why AerSale Stock Is Down Big Today
2023-08-09 11:10:13 ET
Aviation broker and maintenance company AerSale (NASDAQ: ASLE) reported an unexpected quarterly loss and lowered full-year revenue guidance. Investors are running for the exits, sending AerSale shares down more than 15%.
AerSale is involved in the sale and lease of used aircraft, engines, and components and provides a range of maintenance, repair, and overhaul services to aviation customers. It is currently a seller's market for aircraft, but most of that demand is on the commercial passenger side.
AerSale is seeing significantly softer demand in the freight and cargo market, where it has a strong emphasis, and it is weighing on results. AerSale lost $0.03 per share in the quarter on revenue of $69.3 million, falling well short of analyst expectations for a profit of $0.11 per share on revenue of $87 million.
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Why AerSale Stock Is Down Big Today