Aircastle reports fourth quarter and full year 2014 results

Aircastle reported total revenues for the fourth quarter were US$238.3m, an increase of US$46.3m, or 24% from the previous year, driven by higher maintenance revenues of US$27.6m reflecting the early return of several aircraft on lease with Russia-based airlines and higher lease rentals of US$8.9m. Adjusted EBITDA for the fourth quarter was US$233.2m, up US$37.2m, or 19% from the fourth quarter of 2013, due primarily to higher total revenues, excluding amortization of net lease discounts and incentives, of US$38.3m. Adjusted net income for the quarter was US$80.1m, up US$25.2m or 46%, year over year. Total revenues for 2014 were US$818.6m, an increase of US$110.0m, up 16% from the previous year. The increase reflects higher lease rental and finance lease revenue of US$64.5m, higher maintenance revenue of US$19.7m and lower amortization of lease premiums, discounts and lease incentive amortization of US$26.2m. Adjusted EBITDA for the full year was US$792.3m, up US$75.1m or 10% versus 2013, reflecting higher total revenues excluding amortization of net lease discounts and lease incentives of US$83.7m, partially offset by lower gains from the sale of flight equipment of US$14.1m. Adjusted net income for the full year was US$167.6m compared to US$59.3m in 2013, an increase of US$108.4m.