AerCap has reported a first quarter 2024 net profit of $604 million or $3.02 per share on a year-over-year increase in revenue of 8.0 percent to $2.0 billion.
On Wednesday (May 1, 2024), AerCap Holdings N.V. reported their first quarter financial results for the period ending March 31, 2024. The aircraft lessor reported a first quarter 2024 net profit of $604 million or $3.02 per share on a year-over-year increase in revenue of 8.0 percent to $2.0 billion. At the close of the first quarter, the company’s book value per share was $87.47, up 27 percent versus the end of March 2023. During the first quarter, AerCap returned $336 million to shareholders through the repurchase of 4.3 million shares at an average price of $77.89.
In Wednesday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,
“AerCap continued its strong performance during the first quarter. Our business is performing very well and the demand for our aviation assets remains robust. During the quarter, we generated adjusted net income of $658 million and adjusted earnings per share of $3.29, as well as operating cash flow of $1.4 billion. As a result of this strong start to the year, we are raising our earnings guidance for the full year 2024.”
At the close of the first quarter 2024, AerCap’s portfolio included 3,427 owned or managed aircraft, engines and helicopters. The company’s owned aircraft fleet had an average age of 7.4 years (4.6 years for new generation aircraft and 14.4 years for previous generation aircraft), with an average remaining contracted lease term of 7.2 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, Dubai, Seattle, Toulouse, and other locations around the world.
Source: AerCap/PRNewswire
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