Aircastle posts first quarter 2016 total revenues of US$183.7m

Aircastle reported first quarter 2016 results with total revenues of US$183.7m, a decrease of US$10.6m, or 5% from the previous year, driven by a US$16.8m decrease in maintenance revenues. During the first quarter of 2015, Aircastel recorded US$18.1m of maintenance revenue, primarily from two scheduled lease expirations with significant return compensation payments. Adjusted EBITDA for the first quarter was US$183.9m, down US$6.3m, or 3% from the first quarter of 2015, due primarily to lower maintenance revenues of US$16.8m, partially offset by higher gains from aircraft sales of US$6.6m and higher lease rental and finance lease revenues of US$4.3m. Adjusted net income for the quarter was US$44.1m, down US$6.4m year over year. The decrease was due primarily to lower total revenues of US$10.6m, partially offset by higher gains from aircraft sales of US$6.6m.