AerCap raises earnings forecast again on 'robust' sales market
Lagest The World In Aercap Is Owners Aircraft The Pany One Dublin Airline Leasing Of Headquared
AerCap raised its full-year earnings guidance for the second time this year after recording further gains on the sale of aircraft and higher lease revenue in the second quarter, the world's largest aircraft lessor said.
The company posted revenues of $1.96bn (€1.81bn) during the period April to June compared to the $1.92bn during the same period last year. Its total lease revenue amounted to $1.75bn.
AerCap expects full-year adjusted earnings per share of around $10.25, including gains on the sale of aircraft, engines and helicopters in the first half of the year but excluding any potential further gains in the second half.
The Dublin-based lessor had forecast a range of $7.50 - $8.50 in March, excluding any gains on sale for the year, and raised it to $9.20 in May after reporting a €160m net gain on asset sales during the first three months of the year.
It reported a further €129m net gain in the period from April to June after it sold 29 aircraft, seven engines and one helicopter in what it described as a "robust sales market".
AerCap's portfolio consisted of 3,492 owned, managed or ordered aircraft, engines and helicopters at the end of June, a fleet that far dwarfs its nearest rival. It entered into lease agreements for 162 of those assets in the second quarter.