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AerCap Holdings Reports Third Quarter Net Income of $434 Million on 42% Revenue Increase to $1.45 B

AerCap Holdings has reported a third quarter 2021 net income of $434 million or $3.35 per share on a year-over-year increase in revenue of 42 percent to $1.45 billion. Excluding expenses related to the GECAS acquisition, net income was $522 million or $4.04 per share.

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

On Wednesday (November 10, 2021), AerCap Holdings N.V. (NYSE:AER) reported their third quarter financial results for the period ending September 30, 2021. The company reported a third quarter net income of $434 million or $3.35 per share on a year-over-year increase in revenue of 42 percent to $1.45 billion. When expenses related to the closing of the GECAS transaction are excluded, AerCap reported a third quarter net income of $522 million or $4.04 per share. During the third quarter, the company signed lease agreements for 42 aircraft and 100 percent of their new aircraft order book have been placed through 2022.

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

“I am pleased to report a strong quarter of earnings, with net income of $434 million, or $3.35 per share. This quarter was an important inflection point for the company. Our business continues to recover from the effects of the Covid-19 pandemic, with leasing demand and cash collections remaining strong. The GECAS transaction adds a portfolio of well-priced assets and a deeply experienced team of people that will further enhance AerCap’s position as the lessor of choice for airlines around the world.”

On November 1st, 2021, AerCap completed their acquisition of GE Capital Aviation Services (GECAS), making AerCap the worldwide leader across all areas of aviation leasing, including aircraft, engines and helicopters. In October, the company completed the offering of $21 billion of senior unsecured notes, and in November AerCap received a $2.0 billion secured institutional term loan to finance the GECAS acquisition, with an average coupon of 2.6% and an average tenor (maturity) of 7.1 years.

At September 30, 2021, AerCap’s portfolio consisted of 1,304 owned ordered or managed aircraft. The average age of the company’s owned fleet at September 30th was 6.7 years, including 3.6 years for new technology aircraft and 12.7 years for current technology aircraft, with an average remaining contracted lease term of 7.3 years. The company ended the third quarter with cash, cash equivalents and restricted cash totaling $1.535 billion, total lease assets of $36 billion, total assets of $41.5 billion, and debt of $27.5 billion.

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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