Aircastle posts first quarter 2014 net income of $5.8m

Aircastle reported first quarter 2014 net income of $5.8m down $17.3m and adjusted net income of $13.3 million. The first quarter results included operating and finance lease revenues of $178.3m versus $160.5m in the first quarter of 2013, up 11%. Thus far in 2014, Aircastle acquired or has committed to acquire thirteen aircraft for more than $1.1bn. During the first quarter, the Company closed on the purchase of four 777-300ER aircraft built in 2012 leased to LATAM Airlines and also completed the purchase of two A330-300 aircraft leased to Singapore Airlines and two 737-800 aircraft leased to Alaska Airlines. During the first quarter of 2014, Aircastle sold six 737 “classic” aircraft, four of which were in a freighter configuration. Aircraft sales and dispositions during the quarter totaled $28.0m, which resulted in a net gain on the sale of aircraft of $1.1m.