AerCap reports Q2 results

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By admin August 12, 2014 20:19

AerCap reports Q2 results

AerCap Holdings N.V. has announced that its adjusted net income was $212.4 million for the second quarter of 2014. Adjusted earnings per share were $1.29 for the second quarter of 2014, an increase of 118% over the second quarter of 2013.

The company’s adjusted debt to equity ratio increased to 3.7 to 1 at June 30th, 2014, from 2.6 to 1 for the same period in 2013, reflecting AerCap’s acquisition of ILFC.

AerCap also executed $3 billion of financing transactions, including the previously announced private placement of $2.6 billion of notes for the ILFC acquisition-related take-out financing.

During the second quarter of 2014, the company purchased ten aircraft with a total value of $0.7 billion. Its fleet utilization rate was 98.8% for the second quarter of 2014. Subsequent to the second quarter of 2014, AerCap exercised an option to purchase 50 A320neo Family aircraft from Airbus.

AerCap also completed the sale of 100% of the class A common shares in Genesis Funding Limited (GFL), an aircraft securitization vehicle with a portfolio of 37 aircraft with an average age of 13 years valued at approximately $750 million.

Aengus Kelly, CEO of AerCap, said: “We are very pleased with our financial results and the ongoing ILFC integration process, as evidenced by the numbers. Our net spread of 10% is running at a 5-year high with fleet utilization of approximately 99%. Further, we have placed 50% of our committed aircraft purchases through 2022. We have also far exceeded our aircraft sales target by $1 billion, resulting in a robust liquidity profile.

Finally, the ILFC asset migration to our Irish operations is ahead of schedule. From these figures, I am extremely proud of the entire AerCap/ILFC team who are working diligently to integrate the combined operations which we anticipate will be completed in 2015.”

admin
By admin August 12, 2014 20:19