AerCap Holdings Reports Record Financial Results

AerCap Holdings reported adjusted net income was $296.7 million for Q4/14 and $855.5 million for the full year 2014 compared to $72.8 million and $291.8 million, respectively, for the same periods a year earlier. AerCap said the increase in net income was driven primarily by the ILFC transaction.

Highlights from the news release included:

  • Maintained one of the industry’s most attractive order books, purchasing 33 aircraft during 2014 with a total value of $2.3 billion.
  • 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, the company had committed to purchase 380 aircraft with scheduled delivery dates up to 2022. Over 90% of our 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, the company 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, the company 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.

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.”

To view the full AerCap news release, click here.

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