8 May 2014
Aircastle Ltd. (NYSE: AYR) reported first quarter 2014 net income of USD5.8m, or USD0.07 per diluted common share, and adjusted net income of USD13.3m, or USD0.16 per diluted common share.
Operating and finance lease revenues for the first quarter were USD178.3m, up USD17.8m or 11 percent year over year, due primarily to the revenue impact of aircraft acquisitions of USD38.0m, partially offset by lower revenues from aircraft sold of USD16.9m and the effect of lease extensions, transitions and terminations of USD3.4m.
Total revenues for the first quarter were USD176.6m, essentially flat versus the previous year. The USD17.8m increase in operating and finance lease revenues were partially offset by USD13.8m of lower maintenance revenues compared to the first quarter of 2013. Maintenance revenue in the first quarter of 2014 was reduced by USD16.4m of contra maintenance revenue, reflecting engine restoration work completed by a lessee prior to the scheduled return of three 737-800 aircraft. Other revenue was lower by USD4.1m in the first quarter of 2014 versus 2013, due primarily to the repayment of a debt investment in the first quarter of 2013 and revenues earned during the first quarter of 2013 related to aircraft returned to us early.
Aircastle Ltd. acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2014, Aircastle´s aircraft portfolio consisted of 164 aircraft on lease with 65 customers located in 37 countries.
Aircastle Q1 2014 lease revenues up 11%
8 May 2014