AerCap Holdings has Reported a second quarter net profit of $493 million or $2.12 per share on a year-over-year increase in revenue of 15 percent to $1.92 billion.
On Monday (July 31, 2023), AerCap Holdings N.V. reported their second quarter financial results for the period ending June 30, 2023. The international aircraft lessor reported a second quarter net profit of $493 million or $2.12 per share on a 15 percent year-over-year increase in revenue of 15 percent to $1.92 billion. Basic lease rents for the second quarter were $1.561 million, up from $1.462 million during the same period last year. AerCap’s Q2 maintenance rents and other receipts totaled $156 million, up from $103 million during Q2 2022. The company’s second quarter net gain on assets for the second quarter was $166 million, relating to 52 assets sold for $818 million, compared to $35 million in the same period last year relating to the sale of 29 assets sold for $386 million.
In Monday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,
“AerCap produced another strong performance for the second quarter of 2023. We continue to benefit from strong demand for our aviation assets, as well as a robust sales market. Our confidence in the future is demonstrated by our increased 2023 full year EPS guidance as well as our new $500 million share repurchase program, which takes our share repurchase authorizations so far this year to $1.5 billion.”
AerCap's Second Quarter and First Half 2023 Financial Results - Courtesy AerCap
During the second quarter of 2023, AerCap executed 215 transactions, including 124 lease agreements, 32 purchases and 59 sales, and at June 30, 2023, 100 percent of the company’s new aircraft orderbook has been placed through 2024. At the end of Q2 2023, AerCap’s portfolio included 3,467 owned, managed or on order aircraft, engines and helicopters. The average age of the company’s owned aircraft fleet was 7.3 years (4.3 years for new technology aircraft and 13.8 years for previous technology aircraft), with an average remaining contract 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