Aircastle reports first quarter 2024 results

Aircastle Limited, the firm that leases and sells commercial jet aircraft to airlines throughout the world has released its latest figures. The company reported total revenues of $205 million and net income of $16 million during the first quarter of 2024.  As of May 31, 2024, Aircastle owned and managed on behalf of its joint ventures 259 aircraft leased to 77 airline customers located in 44 countries.

Mike Inglese, Aircastle's Chief Executive Officer, commented, "The increasing demand for air travel has enabled global traffic to meet, and in some regions, exceed 2019 levels.  While IATA is predicting world passengers to increase 3.8% annually over the next 20 years, aircraft and engine manufacturers are not providing the output that meets even baseline needs of airlines.  As a result, we're seeing strong long-term demand for all narrow-body passenger aircraft types and extended viability of current technology aircraft."

Mr. Inglese concluded, "We recently announced that our shareholders, Marubeni Corporation and Mizuho Leasing, have completed their $500 million equity commitment. During the first quarter, our IG status was further bolstered by an Outlook revision to Positive from S&P. With positive tailwinds, we're pleased to be putting our equity to work and growing our fleet with the most sought-after narrow-body passenger aircraft."

Highlights for the Three Months Ended May 31, 2024

Total revenues of $205 million and net income of $16 million

Adjusted EBITDA(1) of $186 million

Lease rental revenue and direct financing and sales-type lease revenue increased 14% compared to first quarter 2023

Acquired 9 aircraft for $223 million; net book value of flight equipment is $7.3 billion, up 7% compared to first quarter 2023

Fleet utilization at 99%

Liquidity

Ratings Outlook revised to Positive by S&P

Received $300 million equity from shareholders in June 2024, completing a $500 million total commitment

Total liquidity as of July 5, 2024 of $2.6 billion includes $2.0 billion of undrawn facilities, $0.5 billion of projected adjusted operating cash flows and sales through July 5, 2025, and $0.1 billion of unrestricted cash

212 unencumbered aircraft and other flight equipment with a net book value of $6.0 billion

Aircastle reports revenues up by 7.2%

Leasing specialists Aircastle Limited reported its third quarter 2018 results this week which demonstrated the company had a net income of $36.3 million and adjusted net income of $38.2 million. The third quarter results included total lease rental and finance and sales-type lease revenues of $190.8 million, an increase of 7.2%, versus $178.1 million in the third quarter of 2017.  

Third Quarter 2018 Highlights

Aircastle results are in....

Aircastle Announces First Quarter 2018 Results

Aircastle Limited reported first-quarter 2018 net income of $57.5 million, or $0.73 per diluted common share, and adjusted net income of $56.8 million, or $0.72 per diluted common share.  The first quarter results included total lease rental and finance and sales-type lease revenues of $186.9 million, a decrease of 4.0%, versus $194.7 million in the first quarter of 2017.  Compared sequentially to the fourth quarter of 2017, lease rental and finance and sales-type lease revenues increased by 4.3%, from $179.3 million.