News
AerCap posts a Q3 profit as it reaches an ‘inflection point’
November 11th 2021
Aviation leasing company, AerCap Holdings, said it returned a US$434 million net profit for the third quarter in what chief executive, Aengus Kelly, described as “an important inflection point” for the lessor. Read More » The result was up from a US$850 million loss a year earlier as the business recovered from the impact of the coronavirus. Revenue and other income rose 42% compared with the same quarter a year ago, to US$1.45 billion. “This quarter was an important inflection point for the company,’’ Kelly said. “Our business continues to recover from the effects of the pandemic with leasing demand and cash collections remaining strong.” The healthy result followed AerCap’s successful completion of a deal to acquire GE Capital Aviation Services. Sealed on November 1, GE received 111.5 million newly issued AerCap shares, about US$23 billion in cash and $1 billion of AerCap notes as a result of the takeover. “The GECAS transaction adds to a portfolio of well-priced assets and a deeply experienced team of people that will further enhance AerCap’s position as the lessor of choice for airlines around the world,’’ Kelly said. The company signed lease agreements for 42 aircraft in the quarter.
