10 Best Performing NASDAQ Stocks in 2024

3. FTAI Aviation Ltd. (NASDAQ:FTAI)

Year-to-Date Performance as of October 2: 183.73%

Number of Hedge Fund Holders: 33

FTAI Aviation Ltd. (NASDAQ:FTAI) owns and acquires aviation and offshore energy equipment for the transportation of goods and people worldwide, operating through two main segments, Aviation Leasing and Aerospace Products. It has a fleet of commercial aircraft, which it leases to airlines around the world, and also provides aircraft maintenance and management services, including technical support, crew training, and regulatory compliance.

Revenue was up 61.69% year-over-year in the second quarter of 2024, despite a loss per share of $2.26. EBITDA reached $213.9 million, with $125 million from Leasing, $91.2 million from Aerospace Products, and a negative $2.3 million from Corporate and Other.

The company just announced that it’s going to buy back all of its Series A Preferred Shares. This means that investors who own these shares will receive $25.00 per share, plus any dividends they’ve earned up until the redemption date of October 30 this year.

FTAI Aviation Ltd.’s (NASDAQ:FTAI) Module Factory is a key competitive advantage that positions the company for future success. As Boeing’s production challenges limit the global supply of commercial jets, FTAI can benefit from airlines extending the life of their existing fleets. By expanding its engine support and partnering with more engine manufacturers, the company can further strengthen its market position.

Its exposure to the growing commercial travel industry, coupled with its unique Module Factory, offering a competitive advantage in the face of global supply chain challenges, positions it well to benefit from increased demand and limited supply. The company’s ability to expand its engine support and develop strong industrial relationships will be crucial for maintaining its market position. Given these factors, FTAI Aviation Ltd. (NASDAQ:FTAI) is poised for success.

Columbia Acorn Fund stated the following regarding FTAI Aviation Ltd. (NASDAQ:FTAI) in its Q2 2024 investor letter:

“FTAI Aviation Ltd. (NASDAQ:FTAI) is an aviation leasing, maintenance and repair company that has built a unique business model, with exposure to the most attractive part of the aerospace aftermarket today — the CFM56 jet engine (sole-sourced engine for the Boeing 737 family and one of the two engine options for the Airbus A320 family). CFM56 engines are the largest engine market, with more than 22,000 engines manufactured and more than 21,000 in service today. FTAI’s strategic partnerships with Lockheed Martin and other engine manufacturers provide a significant moat. The company is well positioned to take advantage of the utilization of engine leasing assets due to strong demand, as airline traffic continues to pick up amid asset scarcity.”