AerCap reports record financial results and authorizes share repurchase program of up to $250 million

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By admin February 23, 2015 14:43

AerCap reports record financial results and authorizes share repurchase program of up to $250 million

AerCap has reported fourth quarter 2014 reported net income was $298.2 million, compared with $65.6 million for the same period in 2013. On an adjusted basis, net income was $296.7 million for the fourth quarter of 2014 (reported net income of $298.2 million), and $855.5 million for the full year 2014 (reported net income of $810.4 million).

Adjusted basic earnings per share were $1.40 for the fourth quarter of 2014 (reported basic earnings per share of $1.41), and $4.86 for the full year of 2014 (reported basic earnings per share of $4.61).

The new share repurchase program will run through December 31, 2015 and will allow total repurchases of up to $250 million in 2015.

AerCap’s debt/equity ratio was 3.4 to 1 at December 31, 2014, compared to 2.6 to 1 for the same period in 2013, reflecting its acquisition of ILFC.

Total assets were $43.9 billion as of December 31, 2014 compared to $9.5 billion at year-end 2013, again reflecting its acquisition of ILFC.

Aengus Kelly, CEO of AerCap, commented: “AerCap’s record results demonstrate the strength of our portfolio and order book following the successful acquisition of ILFC. Our integration remains on track due to the focused dedication of our people, and the efficiency and effectiveness of our integration plan. Demand for our product remains robust and we continue to expect lower fuel costs and higher global GDP to bolster the aircraft leasing environment in 2015. As we look to 2015, we are confident that we can deliver impressive results for our shareholders by continuing to execute our strategy and enhance value through our share repurchase program.”

AerCap states that its key targets relating to the acquisition of ILFC have been met or exceeded. These include: completing the transfer of aircraft to Ireland; accelerating its de-leveraging plan; achieving annualized earnings of $1 billion; and relocated personnel. It adds that its realization of cost synergies remains “on plan”.

Fleet utilization rate was 99.2% for the full year of 2014. As of December 31, 2014, the average age of the owned fleet was 7.7 years and the average remaining contracted lease term was 5.7 years.

As of December 31, 2014, AerCap had committed to purchase 380 aircraft with scheduled delivery dates up to 2022. Over 90% of its committed aircraft purchases delivering through December 2017 and over 60% delivering through 2019 are placed, either under lease contract or letter of intent.

Since September 30, 2014, AerCap signed agreements for the lease of 44 Airbus A320neo family aircraft and five Airbus A350 aircraft from our order book.

As of December 31, 2014, AerCap had $7.3 billion of available liquidity. Since the announcement of the ILFC transaction in December 2013, $13.0 billion of financing has been raised.

admin
By admin February 23, 2015 14:43