AerCap has today reported a record full year 2023 net profit of $3.1 billion or $13.78 per share, and an adjusted record net profit of $2.4 billion or $10.73 per share. For Q4 2023, the aircraft lessor reported a net profit of 1.1 billion or $5.37 per share.
On Friday (February 23, 2024), AerCap Holdings N.V. reported their fourth quarter and full year financial results for the period ending December 31, 2023. For the fourth quarter, the global aircraft lessor reported a net profit of $1.1 billion or $5.11 per share on a year-over on a year-over-year increase in revenue of 4.0 percent to $1.9 billion. On an adjusted basis, AerCap’s Q4 net profit was $641 million or $3.11 per share. For the full year 2023, AerCap reported a record net profit of $3.1 billion or $13.78 per share on an increase in revenue of 8.0 percent versus FY 2022 to $7.6 billion. The company’s FY 2023 adjusted net profit was a record $2.4 billion or $10.73 per share. During 2023, AerCap returned $2.6 billion to shareholders, and has today authorized a new $500 million share repurchase.
In Friday’s announcement, AerCap’s Chief Executive Officer, Aengus Kelly, said,
“We are pleased to announce another record quarter for AerCap, completing a record year for our company across many fronts. These results reflect the continued strong operating environment across our businesses and the positive momentum for leasing and sales of aircraft, engines and helicopters. In addition, this quarter we collected over $600 million of insurance settlements, for a total of $1.3 billion collected during 2023. This strong performance is a testament to the talent, dedication and commitment of the entire AerCap team and our industry leadership. Given the strong tailwinds that we see for demand for aircraft, engines and helicopters, we are confident about the outlook for AerCap in 2024 and beyond.”
To date, AerCap has recovered $1.3 billion in cash insurance settlement proceeds, related to business with Russian carriers, including $609 million during Q4 2023. As previously mentioned, the aircraft lessor returned $2.6 billion to shareholders in 2023 through the repurchase of 44.3 million shares at an average price of $59.09 per share. Following a successful Q4 secondary offering of 30.7 million shares, GE has now sold all of their AerCap shares. At December 31, 2023, AerCap had $1.3 billion in cash, cash equivalents and restricted cash, and total assets of $71.3 billion.
As of year-end 2023, AerCap’s portfolio included 3,453 owned, on order, or managed aircraft, engines and helicopters, with an average owned aircraft age of 7.3 years (4.5 years for new technology aircraft, 14.2 years for previous generation aircraft), with an average remaining 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