AerCap Holdings N.V. reports financial results for second quarter 2018

AerCap Holdings N.V. has reported net income of US$254.2 million for the second quarter of 2018 and US$519.6 million for the first half of 2018.

Highlights:

– 90 aircraft transactions executed in the second quarter of 2018, including 17 widebody transactions.
– 20 aircraft purchased for $1.5 billion.
– 6.6 years average age of owned fleet.
– 7.1 years average remaining lease term.
– 98.9% fleet utilization rate for the second quarter of 2018.
– Closed on US$2.7 billion of debt financing.
– US$11.7 billion of available liquidity and adjusted debt/equity ratio of 2.8 to 1.
– Book value per share of US$59.25, an increase of 12% since June 30, 2017.
– Repurchased 1.9 million shares in the second quarter of 2018 for US$101 million.

Basic lease rents were US$1,023.1 million for the second quarter of 2018, compared with US$1,053.5 million for the same period in 2017. The decrease was primarily due to the sale of mid-life and older aircraft from April 2017 through June 2018.

Maintenance rents and other receipts were US$107.9 million for the second quarter of 2018, compared with US$104.1 million for the same period in 2017.

Net gain on sale of assets for the second quarter of 2018 was US$51.2 million, relating to 30 aircraft sold and four aircraft reclassified to finance leases, compared with US$69.5 million for the same period in 2017, relating to 24 aircraft sold and six aircraft reclassified to finance leases. The decrease was primarily due to the composition of asset sales.

Other income for the second quarter of 2018 was US$12.4 million, compared with US$36.7 million for the same period in 2017. Other income for the second quarter of 2017 included contractual payments related to a lease termination agreement.

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