Aircastle reports USD 47.3m in Q4 2019 net income

Aircastle has reported net income of USD 47.3 million, or USD 0.62 per diluted common share, for the fourth quarter 2019 and USD 156.6 million, or USD 2.06 per diluted common share, for the year, the company said.

Total revenues for the fourth quarter of 2019 were USD 243.7 million and USD 917.9 million for the year.

Adjusted net income was USD 66.0 million, or USD 0.87 per diluted common share, for the fourth quarter and USD 196.5 million, or USD 2.59 per diluted common share, for the year.

Adjusted EBITDA was USD 229.5 million for the fourth quarter and USD 862.2 million for the year.

Highlights include:

-Acquisition of Aircastle by affiliates of Marubeni Corporation and Mizuho Leasing Company, Limited is on track to close in the first half
-Acquired sixteen narrow-body aircraft during the fourth quarter for USD 283.6 million and 49 aircraft in 2019 for USD 1.3 billion
-Committed to acquire seven additional narrow-body aircraft in 2020 for USD 165.0 million
-Sold eight aircraft during the fourth quarter and twenty aircraft for the full year; full year gain on sale of USD 45.5 million represents 12.6% of net proceeds; 2019 sales included two wide-body aircraft
-Placed eleven Embraer E195-E2 aircraft with KLM

In the fourth quarter 2019:
-Total revenues were USD 243.7 million, a decrease of USD 48.8 million, or 16.7%, from the prior year.
-Lease rental and direct financing and sales-type lease revenues were USD 207.6 million, versus USD 192.7 million the prior year. The 7.7% increase was primarily due to net fleet growth. Over the past two years, Aircastle´s aircraft fleet increased by 24.1%, from 224 aircraft at the beginning of 2018 to 278 aircraft at year-end 2019.

-Adjusted EBITDA was USD 229.5 million, down 17.1%, or USD 47.3 million. Lower maintenance revenues of USD 72.8 million were partially offset by higher lease rental and direct financing and sales-type lease revenues of USD 14.9 million and higher gains from the sale of flight equipment of USD 11.9 million.

In the full year of 2019 total revenues iwere USD 917.9 million, an increase of USD 27.6 million, while lease rental and direct financing and sales-type lease revenues rose USD 51.9 million to USD 809.7 million.

Adjusted EBITDA for the full year was USD 862.2 million, up USD 22.3 million versus 2018. Lease rental and direct financing and sales-type lease revenues rose USD 51.9 million, and gains from the sale of flight equipment increased by USD 8.8 million.

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of December 31, 2019, Aircastle owned and managed on behalf of its joint ventures 287 aircraft leased to 85 customers located in 49 countries.