FTAI Aviation: Business Humming Macro Concerns Overblown

FTAI Aviation (FTAI) delivered a strong Q1, with EBITDA of $325.6M, beating consensus and driven by robust aerospace segment growth. Market share in Aerospace Products rose from 10% to 12%, with management targeting 25% and prioritizing absolute dollar growth over margins. Strategic Capital is transitioning from SCI I to SCI II, increasing scale and shifting leasing to a higher-multiple, programmatic model.