- Joe Breitfeller
AerCap Holdings Reports First Quarter Net Income of $432 Million or $1.79 per Share
AerCap Holdings has reported a first quarter net profit of $432 million or $1.79 per share on a year-over-year increase in revenue of 4.0 percent to $1.87 billion. The company’s Q1 adjusted net income was $566 million or $2.34 per share.
On Tuesday (May 2, 2023), AerCap Holdings N.V. reported their first quarter financial results for the period ending March 31, 2023. The company reported a first quarter net profit of $432 million or $1.79 per share on a 4.0 percent year-over-year revenue increase to $1.87 billion. On an adjusted basis, AerCap reported a Q1 net income of $566 million or $2.34 per share. During the first quarter of 2023, AerCap executed 252 transactions, including 155 lease agreements, 56 purchases and 41 sales. Additionally, 99 percent of the company’s new order book has been placed through 2024. Concurrent with GE’s secondary offer in early March, AerCap repurchased 8.8 million AerCap shares from GR for $500 million at a 15 percent discount to AerCap’s book value per share at December 31, 2022.
In Tuesday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,
"AerCap’s strong earnings and robust cash flows for the first quarter of 2023 reflect the ongoing normalization of air travel and a return to business as usual for the aviation leasing industry. We continue to experience strong demand for our aviation assets and our confidence in the future is demonstrated by our new $500 million share repurchase program.”
At March 31, 2023, AerCap’s portfolio included 3,500 aircraft, engines and helicopters, that were owned, managed or on order. The average age of the company’s owned aircraft was 7,2 years (4.2 years for new technology aircraft and 13.6 years for previous generation aircraft) and the average remaining contracted lease term was 7.1 years.
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 300 customers in 80 countries with comprehensive fleet solutions. AerCap is headquartered in Dublin and maintains offices in Shannon, Miami, Memphis, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse, and other locations around the world.