Aircastle Limited (NYSE: AYR) reported first quarter 2018 net income of USD 57.5 million, or USD 0.73 per diluted common share, and adjusted net income of USD 56.8 million, or USD 0.72 per diluted common share, the company said.
The first quarter results included total lease rental and finance and sales-type lease revenues of USD 186.9 million, a decrease of 4.0%, versus USD 194.7 million in the first quarter of 2017. Compared sequentially to the fourth quarter of 2017, lease rental and finance and sales-type lease revenues increased by 4.3%, from USD 179.3 million.
Total revenues were USD 202.7 million, a decrease of USD 2.4 million, or 1.1%, from the previous year. The decrease was driven by a USD 7.7 million decline in lease rental and finance and sales-type lease revenues, partially offset by a USD 5.0 million increase in the gain on the sale of flight equipment. Rental revenues were lower primarily due to the impact of wide-body lease transitions and extensions which occurred during the fourth quarter of 2017 at lower lease rates.
Aircastle Limited, through its subsidiaries, leases, finances, sells, and manages commercial flight equipment to airlines worldwide. The company also invests in other aviation assets. As of December 31, 2017, its aircraft portfolio comprised 236 aircraft leased to 81 lessees located in 43 countries. Aircastle Limited was founded in 2004 and is based in Stamford, Connecticut.