Dublin-based AerCap Holdings has reported net income of US$265.4m, compared with us$261.2m for the same period in 2017. The increase in net income was primarily driven by an increase in net gain on sale of assets, partially offset by the impact of the Air Berlin and Monarch Airlines lease terminations in the second half of 2017, as well as by lower other income.
Diluted earnings per share increased 16%, primarily driven by the repurchase of 29.6 million shares from January 2017 through March 2018.
Basic lease rents were US$1,032.9m for the first quarter of 2018, compared with US$1,067.1m for the same period in 2017. The decrease was primarily due to the sale of mid-life and older aircraft during 2017 and the first quarter of 2018 and lower utilization as a result of the Air Berlin and Monarch Airlines lease terminations in the second half of 2017.
Net gain on sale of assets for the first quarter of 2018 was US$89.3m, relating to 21 aircraft sold and two aircraft reclassified to finance leases, compared with US$47.3m for the same period in 2017, relating to 21 aircraft sold and three aircraft reclassified to finance leases. The increase was primarily due to the composition of asset sales.
AirCap’s Board of Directors approved a new share repurchase program authorizing total repurchases of up to US$200m of AerCap ordinary shares through September 30, 2018.
