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AerCap reports 2016 earnings

AerCap has reported net income of $364.7 million for the fourth quarter of 2016 and $1,046.6 million for the full year 2016. Diluted earnings per share for the fourth quarter and full year 2016 were $2.01 and $5.52 on a reported basis (US GAAP).

During the year, AerCao executed 458 aircraft transactions, including 126 widebody transactions. The lessor enjoyed a 99.5% fleet utilization rate for the full year 2016. The average age of its owned fleet is 7.4 years, with 6.4 years average remaining lease term. Some 98% of new aircraft deliveries through 2018 and 78% through 2019 have been leased.    Over $3 billion of sales closed in 2016. AerCap was upgraded to investment grade rating by Moody’s during the year.

AerCap repurchased 5.7 million shares in the fourth quarter of 2016 for $241 million and 25 million shares in 2016 for $966 million. The board has now authorized a new $350 million share repurchase program, which will run through June 30, 2017.

Aengus Kelly, CEO of AerCap, commented: “AerCap delivered record results in the fourth quarter, finishing off a very successful year for the company. During the fourth quarter, we generated $2.01 of earnings per share and net income of $364.7 million on a reported basis. This results in full year numbers of $5.52 and $1,046.6 million, respectively. We continued to focus on proactive portfolio management initiatives which have resulted in executing over $3 billion in asset sales. This, combined with signing a record 279 lease agreements, illustrates the scale of AerCap’s platform and the expertise of its people.”

Date: February 22, 2017
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