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AerCap Holdings Reports Fourth Quarter 2021 Net Income of $89 Million, FY Net Income of $1.0 Billion

AerCap has reported a fourth quarter 2021 net income of $89 million or $0.44 per share and a full year 2021 net income of $1.0 billion or $6.71 per share. Excluding GECAS transaction expenses, the company’s Q4 net income was $211 million or $1.04 per share.

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

On Wednesday (March 30, 2022), AerCap Holdings N.V. reported their financial results for the fourth quarter and full year 2021 for the period ending December 31, 2021. The company reported a fourth quarter net income of $89 million or $0.44 per share and a full year net income of $1.0 billion or $6.71 per share. When expenses related to the GECAS acquisition are excluded, AerCap reported a Q4 net income of $211 million or $1.04 per share and a FY21 net income of $1.29 billion or $8.68 per share. AerCap’s fourth quarter revenue increased 40 percent compared to Q4 2020 to $1.44 billion, while full year 2021 revenue increased year-over-year by 16 percent to $5.22 billion. At December 31, 2021, AerCap had total cash, cash equivalents and restricted cash of $1.92 billion.

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

“2021 was a milestone year for AerCap as we closed the GECAS transaction on November 1st. This transaction significantly enhanced and diversified our fleet, broadened our customer base and geographic reach, increased our product offering and added outstanding new talent - the combination of which we expect to lead to increased revenues, earnings and cash flows in the future. Notwithstanding the Ukraine invasion and the broad sanctions imposed against Russia, where we had approximately 5% of our fleet, we believe the continued recovery in air travel in many parts of the world puts AerCap on a positive trajectory heading into 2022.”

AerCap's Fourth Quarter and Full Year 2021 Financial Results - Courtesy AerCap

As of December 31, 2021, AerCap’s portfolio included 3,701 owned, ordered or managed aircraft, engines and helicopters. At year-end, the average age of the company’s owned fleet was 7.1 years (3.4 years for new technology aircraft and 13.0 years for current technology aircraft), with an average remaining contracted lease term of 7.3 years.

As a result of the Russian invasion of Ukraine and associated sanctions and prohibitions, AerCap has terminated all aircraft and engine leases with Russian airlines. At December 31, 2021, approximately five percent of the lessor’s fleet by net book value fell into this category. AerCap continues efforts to repossess aircraft and engines from their former Russian customers, but it remains unclear if this will be possible, or in what condition the assets will be at the time of retrieval. Therefore, the company expects to recognize an impairment on unreturned Russian assets as early as the first quarter of 2022, with a value yet to be determined.

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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