• Joe Breitfeller

AerCap Holdings N.V. Reports Fourth Quarter Net Income of $28 Million or $0.22 Per Share

The company’s fourth quarter results were impacted by pre-tax cash accounting and debt extinguishment of $117 million and $76 million respectively. Cash flow from operations increased 21 percent versus the third quarter to $653 million.


AerCap Reports Fourth Quarter and Full Year 2020 Financial Results - Courtesy AerCap

On Tuesday (March 2, 2021), AerCap Holdings N.V. reported their fourth quarter 2020 financial results. The company reported a net income of $28 million or $0.22 per share, with results impacted by pre-tax cash accounting and debt extinguishment costs of $117 million and $76 million respectively. AerCap’s cash flow from operating activities increased 21 percent from the third quarter to $653 million. The company ended the fourth quarter with $9.0 billion in total liquidity and approximately $26 billion in unencumbered assets. In January 2021, AerCap completed an offer of $1.0 billion 5-year unsecured notes with a 1.75 percent coupon.


In Tuesday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,


“I am pleased to report further positive progress for the company in the fourth quarter. Our operating cash flows increased significantly, we ran a number of successful aircraft placement campaigns and we see a renewed enthusiasm from our customers. As the pace of vaccinations accelerates around the world, allowing governments to ease restrictions, we believe the strength of consumer demand will become more evident, driving further confidence in the sector.”


AerCap Holdings N.V. Consolidated Income Statement (Unaudited) - Courtesy AerCap

Currently, AerCap’s average lease expires in 2028 and only 7% of the company’s aircraft, by book value, are scheduled to come off lease through the end of 2022. The company has already placed 100% of their new aircraft deliveries for its 2021 order book and 98% through 2022. AerCap’s fleet consists of 63 percent new technology aircraft and the average age of the company’s owned fleet at December 31, 2020 was 6.4 years (3.0 years for new technology aircraft and 12.1 for current technology aircraft). The company’s average remaining contracted lease term at the end of the fourth quarter was 7.3 years. AerCap’s portfolio at the end of the year consisted of 1,330 owned, ordered or managed aircraft.


AerCap Holdings N.V. (NYSE: AER) is the global leader in aircraft leasing and maintains one of the most attractive order books in the industry. The company serves around 200 customers in 80 countries with comprehensive fleet solutions. AerCap is headquartered in Dublin and maintains offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.



Source: AerCap Holdings N.V.

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