Aircastle announces first quarter 2015 results

Aircastle reported first quarter 2015 total revenues of US$194.3m, an increase of US$17.7m, or 10% from the previous year, driven by higher maintenance revenues of US$15.0m. During the first quarter of 2014, the company recorded US$16.4m of contra maintenance revenue in connection with engine restoration work completed by a lessee prior to the scheduled return of three aircraft. Adjusted EBITDA for the first quarter was US$190.2m, up US$20.2m, or 12% from the first quarter of 2014, due primarily to higher maintenance revenues of US$15.0m and higher gains from aircraft sales of US$5.1m. Adjusted net income for the quarter was US$50.5m, up US$37.2m year over year. The increase was due primarily to higher total revenues of US$17.7m and lower non-cash aircraft impairment charges of US$18.3m. During the first quarter of 2015, Aircastle acquired six aircraft for US$254m and is currently committed to acquire an additional 19 aircraft for US$515m. The aircraft acquired during the first quarter had a weighted average age of less than two years and are on long term leases. Also during the first quarter of 2015, the company completed the profitable sale of two aircraft leased to an airline based in India and other flight equipment for a total of US$50.5m.