AerCap Holding has reported a third quarter 2024 net profit of $375 million or $1.95 per diluted share on a year-over-year increase in revenue of 3.0 percent to $1.95 billion.
On Wednesday (October 30, 2024), AerCap Holdings N.V. reported their third quarter financial results for the period ending September 30, 2024. The aircraft lessor reported a third quarter net profit of $375 million or $1.95 per diluted share on a 3.0 percent year-over-year increase in revenue to $1.95 billion. AerCap’s basic lease rents for the period totaled $1.6 billion, up from $1.57 billion in Q3 2023. Maintenance rents and other receipts totaled $161 million, compared to $126 million for the same period last year. The company’s net gain on the sale of assets for the quarter totaled $102 million, related to 22 assets sold, compared to $130 million for the same period in 2023, related to the sale of 45 assets sold for $682 million. Other third quarter income was $79 versus $61 million in the third quarter of 2023, primarily driven by higher interest income.
In Wednesday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,
“This was another strong quarter for AerCap. Demand for aircraft remains high, as evidenced by our 99% utilization rate, 92% extension rate for used aircraft and 27% gain-on-sale margin for the quarter. Reflecting our confidence in AerCap's future, we are raising our full year guidance for 2024. We recently announced another $500 million share repurchase program, taking total authorizations for this year to $1.5 billion. These actions are underpinned by our industry leading operating cash flow, which was a record $5.6 billion for the last twelve months.”
\At September 30, 2024, AerCap’s portfolio included 3,491 aircraft, engines and helicopters that were either owned, on order or managed. The average age of AerCap’s owned aircraft fleet at the end of the period was 7.4 years (4.7 years for new technology aircraft and 14.7 years for current technology aircraft), with an average remaining contracted lease term of 7.3 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
To our valued readers: We have decided to enhance our visitor experience by eliminating user-targeted ads across our platform (excluding select static display ads). In order to make up for lost revenue, we are transitioning to a reader supported model, without a paywall, annoying pop-ups, or a required subscription. We thank you for your generous support!