AerCap Holdings reports USD 309.8m in Q4 2019 net income

AerCap Holdings N.V. has reported net income of USD 309.8 million for the fourth quarter of 2019 and USD 1,145.7 million for the full year 2019, the company said.

The company reported diluted earnings per share of USD 2.34 for the fourth quarter of 2019 and USD 8.43 for the full year 2019.

The airline reported the following highlights for the fourth quarter 2019:
-44% increase in diluted EPS for the fourth quarter of 2019 year over year.
-New technology aircraft now comprise 58% of our owned fleet.
-Approximately USD 40 billion of contracted future lease rents.
-Approximately 97% of lease rents through 2022 already contracted.
-Average current lease expires in the third quarter of 2027.
-99.8% fleet utilization rate for the fourth quarter of 2019 (99.6% for full year 2019).
-Adjusted debt/equity ratio of 2.6 to 1.
-22% secured debt to total assets ratio.
-6.1 years average age of owned fleet.
-USD 1.4 billion increase in average lease assets over the fourth quarter of 2018.
-15% increase in book value per share since December 31, 2018.
-Repurchased 3.4 million shares in the fourth quarter of 2019 for USD 197 million.

Fourth quarter 2019 financial results include:

-Net income increased by 33% to USD 309.8 million, from USD 232.6 million for the same period in 2018. Diluted earnings per share was USD 2.34, compared with USD 1.62 for the same period in 2018.
-The increase in net income was primarily driven by higher maintenance revenue and lower leasing expenses.
-Diluted earnings per share increased by 44%, driven by the repurchase of 16.6 million shares from October 2018 through December 2019 and the same factors as net income.

The airline reported full year 2019 financial results as follows:

-Net income was USD 1,145.7 million, compared with USD 1,015.6 million for 2018. Diluted earnings per share was USD 8.43, compared with USD 6.83 for 2018.
-The increase in net income was primarily driven by higher lease rents resulting from an increase in average lease assets due to the delivery of new technology aircraft in 2018 and 2019.
-Diluted earnings per share increased by 23%, driven by the repurchase of 25.9 million shares during 2018 and 2019 and the same factors as net income.

AerCap is an aircraft leasing company with 1,334 aircraft owned, managed or on order and USD 43.7 billion of total assets as of December 31, 2019. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions.