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AerCap Holdings Reports First Quarter Net Loss of $2.0 Billion or $8.35 per Share

AerCap Holdings has reported a first quarter 2022 net loss of $2.0 billion or ($8.35) per share on a 63 percent year-over-year increase in revenue to $1.79 billion. The net loss is attributable to a pre-tax charge of $2.7 billion on Russian and Ukrainian assets.

Boeing 737-10 MAX Rendered in AerCap Livery - Courtesy Boeing

On Tuesday (May 17, 2022), AerCap Holdings N.V. reported their first quarter financial results for the period ending March 31, 2022. The company reported a first quarter net loss of $2.0 billion, including net charges related to the war in Ukraine, or ($8.35) per share on a year-over-year increase in revenue to $1.79 billion. During the first quarter, AerCap terminated leases for all engines and aircraft with Russian airlines. Before the invasion, the company had 135 aircraft and 14 engines on lease with Russian carriers, representing around 5.0 percent of AerCap’s fleet by net book value at December 31, 2022. AerCap has removed 22 aircraft and three engines outside of Russia and 113 aircraft and 11 engines remain in Russia.

AerCap recognized a first quarter pre-tax charge of $2.7 billion or $2.4 billion after-tax charge comprised of flight equipment write-offs and impairments, partially offset by the derecognition of lease-related assets and liabilities. The company recognized a total loss of assets remaining in Russia and Ukraine and impairment losses on assets recovered from Russian and Ukrainian airlines. AerCap had letters of credit related to aircraft and engines leased to Russian airlines as of February 24, 2022 of approximately $260 million from nine Western European financial institutions. To date, the company has received $210 million in payments related to the letters of credit, and has filed suit against one financial institution that refused payment. AerCap has also submitted an insurance claim for approximately $3.5 billion with respect to all aircraft and engines remaining in Russia, but had not recognized any claim receivables as of March 31, 2022.

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

“During the first quarter, we continued to see a broad-based recovery in travel around the world as governments lifted travel restrictions and demand for travel continued to increase. We expect to see demand for travel continue to grow as the recovery progresses. During the first quarter, we ceased all of our leasing activity to Russian airlines and took a charge primarily related to our aircraft and engines that remain in Russia. We have filed insurance claims related to these assets and will vigorously pursue all available remedies to recover our losses.”

AerCap executed 157 transactions in Q1 2022, including 102 lease agreements, 25 purchases and 30 sales. As of March 31, 2022, 92 percent of the company’s new aircraft orderbook through 2023 has been placed. AerCap ended the first quarter with $17 billion in total liquidity and a fleet of 3,615 aircraft, engines and helicopters that were owned, on order or managed. The company’s owned aircraft fleet at March 31, 2022 had an average age of 7.0 years (3.6 years for new technology aircraft and 12.9 years for current technology aircraft) and an average remaining lease term of 7.3 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 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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