Aircastle Limited (NYSE: AYR) has reported a third quarter 2016 net income of USD27.4 million, or USD0.35 per diluted common share, an increase of USD41.4 million, compared to a net loss of (USD14.0) million in the previous year, the company said.
The adjusted net income in the third quarter was USD29.7 million, or USD0.38 per diluted common share, the company said.
The third quarter results included total revenues of USD194.7 million, a decrease of 8.2 percent, versus USD212.1 million in the third quarter of 2015.
The company acquired ten aircraft for USD303 million during the third quarter. During the first nine months of 2016, it purchased 32 aircraft for USD961 million. The aircraft we acquired year to date had an average age of 6.8 years and an average remaining lease term of 6.4 years. For the full year, the company said it expects to complete USD1.5 billion in aircraft acquisitions, of which USD1.4 billion will be narrow-body aircraft.
As of September 30, 2016, Aircastle owned 175 aircraft having a net book value of USD6.3 billion. The company manages 11 aircraft with a net book value of USD629 million dollars on behalf of its joint ventures with Ontario Teachers´ Pension Plan and IBJ Leasing of Japan.
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world.