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AerCap Reports Record Third Quarter Record Net Profit of $1.1 Billion or $4.86 per Share

AerCap Holdings has reported a record third quarter net profit of $1.1 billion or $4.86 per share, and an Adjusted Q3 net income of $639 million or $2.81 per share. The lessor’s third quarter revenue increased 10 percent year-over-year to $1.89 billion.

AerCap Holdings Reports Third Quarter 2023 Financial Results - Courtesy AerCap

On Friday (October 27, 2023), AerCap Holdings N.V. reported their third quarter financial results for the period ending September 30, 2023. The aircraft leasing company reported a record third quarter net profit of $1.1 billion or $4.86 per share on a 10 percent year-over-year increase in revenue to $1.89 billion. On an adjusted basis, AerCap reported a Q3 net income of $639 million or $2.81 per share. During the third quarter, AerCap received cash insurance settlement proceeds of $646 million in full settlement of claims under the Aeroflot Group’s insurance policies in respect to 17 aircraft and five spare engines. These aircraft were on lease to Aeroflot at the time of Russia’s invasion of Ukraine in February 2022.

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

“This was another great quarter for AerCap. We generated adjusted net income of $639 million and adjusted earnings per share of $2.81. As a result of this strong performance and our outlook for the rest of the year, we are once again raising our guidance for the year. Our underlying business continues to perform well and demand for our assets remains robust, evidenced by the significant number of transactions completed during the quarter. We are pleased to announce a new $500 million share repurchase program, taking total authorizations to $2.65 billion so far this year and underlying our confidence in the value on offer today.”

AerCap's Third Quarter and Nine Month Financial Highlights - Courtesy AerCap

During the third quarter GE’s ownership in the company decreased from 33.6 percent to 14.5 percent following a successful secondary offering, down from 45 percent at the beginning of the year.

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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