AerCap Holdings N.V. (NYSE:AER):
- Net income for the fourth quarter
and full year 2016 was:
- $364.7 million and $1,046.6 million
on a reported basis (US GAAP)
- Diluted earnings per share for the
fourth quarter and full year 2016 were:
- $2.01 and $5.52 on a reported basis
(US GAAP)
The Company’s reporting of financial results was changed from
prior periods. Going forward, adjusted net income and adjusted
earnings per share will no longer be provided. Please refer to the
Appendix for additional detail for this transitional
period.
Highlights
- 458 aircraft transactions executed in
2016, including 126 widebody transactions.
- 99.5% fleet utilization rate for the
full year 2016.
- 7.4 years average age of owned fleet
and 6.4 years average remaining lease term.
- 98% of new aircraft deliveries through
2018 and 78% through 2019 have been leased.
- Over $3 billion of sales closed in
2016.
- $9.5 billion of available
liquidity.
- Adjusted debt/equity ratio of 2.7 to
1.
- Upgraded to investment grade rating by
Moody’s.
- $49.33 book value per share.
- Repurchased 5.7 million shares in the
fourth quarter of 2016 for $241 million and 25 million shares in
2016 for $966 million.
- Board authorized a new $350 million
share repurchase program, which will run through June 30,
2017.
Aengus Kelly, CEO of AerCap, commented: “AerCap delivered record
results in the fourth quarter, finishing off a very successful year
for the company. During the fourth quarter, we generated $2.01 of
earnings per share and net income of $364.7 million on a reported
basis. This results in full year numbers of $5.52 and $1,046.6
million, respectively. We continued to focus on proactive portfolio
management initiatives which have resulted in executing over $3
billion in asset sales. This, combined with signing a record 279
lease agreements, illustrates the scale of AerCap’s platform and
the expertise of its people.”
Full Year 2016 Financial
Results
- Net income of $1,046.6 million,
compared with $1,178.7 million for the same period in 2015. Diluted
earnings per share of $5.52, compared with $5.72 for the same
period in 2015.
- Net income and diluted earnings per
share decreased due to various items, including sales of older
aircraft during 2015 and 2016, which reduced average lease assets
by approximately $1.6 billion. Diluted earnings per share was
favorably impacted by the repurchase of 40.7 million shares for
$1.7 billion during 2015 and 2016.
Fourth Quarter 2016 Financial
Results
- Net income of $364.7 million, compared
with $264.2 million for the same period in 2015. Diluted earnings
per share of $2.01, compared with $1.33 for the same period in
2015.
- Net income and diluted earnings per
share were driven by higher gains on sale and other non-recurring
items, as well as lower AeroTurbine losses.
Components of Net Income/Earnings Per
Share
Set forth below are the components of net income and diluted
earnings per share.
Three months ended December 31, Year ended
December 31, 2016
2015 2016
2015
(U.S. dollar amounts in millions
except
share data)
(U.S. dollar amounts in millions
except
share data)
Components of Net
Income
Gains on sale and other non-recurring items $ 115.4 $
57.0 $ 248.2 $ 194.4 AeroTurbine results, including restructuring
related expenses (13.6 ) (86.2 ) (123.4 ) (80.4 ) Maintenance
rights amortization impact (33.6 ) (16.7 ) (128.0 ) (72.8 ) All
other earnings 296.5 310.1
1,049.8 1,137.5
Reported Net Income
$ 364.7 $ 264.2 $
1,046.6 $ 1,178.7
$ 0.0 $ 0.0 $ 0.0
$ 0.0
Components of
Earnings Per Share
Gains on sale and other non-recurring items $ 0.64 $ 0.29 $ 1.31 $
0.94 AeroTurbine results, including restructuring related expenses
(0.07 ) (0.43 ) (0.65 ) (0.39 ) Maintenance rights amortization
impact (0.19 ) (0.08 ) (0.67 ) (0.35 ) All other earnings
1.63 1.55 5.53 5.52
Reported Diluted Earnings Per Share $
2.01 $ 1.33 $ 5.52
$ 5.72
Gains on sale and other non-recurring items includes gain on
sale of assets, income from lease terminations, net insurance
proceeds, a gain related to the repayment of a note receivable
earlier than expected and gains from the settlement of asset value
guarantees. Maintenance rights amortization impact represents the
difference between the amortization cost of the maintenance rights
asset as compared to depreciation expense if this asset had been
classified as flight equipment. Please refer to Notes regarding
Financial Information Presented in this Press Release for
additional detail.
Revenue and Net Spread
Three months ended December 31, Year ended December
31, 2016 2015
% increase/
(decrease)
2016 2015
% increase/
(decrease)
(U.S. dollar amounts in millions) (U.S. dollar amounts in
millions) Lease revenue: Basic lease rents $ 1,061.8 $
1,148.8 (8%) $ 4,395.3 $ 4,635.8 (5%) Maintenance rents and other
receipts 159.1 136.7 16% 472.3 355.8 33% Lease revenue 1,220.9
1,285.5 (5%) 4,867.6 4,991.6 (2%) Net gain on sale of assets 58.7
43.4 35% 138.5 183.3 (24%) Other income 89.0 9.1 878% 146.0 112.7
30%
Total Revenues and other income $ 1,368.6 $
1,338.0 2% $ 5,152.1 $ 5,287.6 (3%)
Basic lease rents were $1,061.8 million for the fourth quarter
of 2016, compared with $1,148.8 million for the same period in
2015. The decrease was primarily due to sales of older aircraft
during 2015 and 2016, which reduced average lease assets. Our
average lease assets for the fourth quarter of 2016 were $34.2
billion, compared with $35.8 billion for the same period in
2015.
Maintenance rents and other receipts were $159.1 million for the
fourth quarter of 2016, compared with $136.7 million for the same
period in 2015.
Net gain on sale of assets for the fourth quarter of 2016 was
$58.7 million, relating to 37 aircraft sold and three aircraft
reclassified to finance leases, compared with $43.4 million for the
same period in 2015, relating to 22 aircraft sold and three
aircraft reclassified to finance leases.
Other income for the fourth quarter of 2016 was $89.0 million,
compared with $9.1 million for the same period in 2015. Other
income for the fourth quarter of 2016 included $73.2 million of
non-recurring income from lease terminations and a gain related to
the repayment of a note receivable earlier than expected.
Three months ended December 31, Year ended
December 31, 2016 2015
% increase/
(decrease)
2016 2015
% increase/
(decrease)
(U.S. dollar amounts in millions) (U.S. dollar amounts in
millions) Basic lease rents $
1,061.8 $ 1,148.8 (8 %) $
4,395.3 $ 4,635.8 (5 %)
Interest expense 252.7 274.4 (8 %) 1,091.9 1,099.9 (1 %) Adjusted
for: Mark-to-market of interest rate caps and swaps 18.6
0.1 14,185 % (1.6 ) (18.1 ) (91 %) Adjusted
interest expense 271.3 274.5 (1 %) 1,090.3 1,081.8 1 %
Net interest margin, or net
spread $ 790.5 $ 874.3 (10
%) $ 3,305.0 $ 3,554.0
(7 %)
As shown in the table above, adjusted interest expense was
$271.3 million in the fourth quarter of 2016, compared with $274.5
million for the same period in 2015.
Net spread was $790.5 million in the fourth quarter of 2016,
compared with $874.3 million for the same period in 2015. The
decrease was primarily impacted by lower average lease assets,
lower age of owned fleet and higher average cost of debt. Our
average cost of debt increased primarily due to the issuance of new
longer-term bonds to replace shorter-term ILFC notes, which had
lower reported interest expense as a result of ILFC acquisition
purchase accounting.
Selling, General
and Administrative Expenses
Three months ended December 31, Year
ended December 31, 2016 2015
% increase/
(decrease)
2016 2015
% increase/
(decrease)
(U.S. dollar amounts in millions) (U.S. dollar amounts in
millions) Share-based compensation expenses $ 26.5 $
25.0 6% $ 102.8 $ 100.2
3%
AeroTurbine selling, general and administrative expenses 7.6 16.4
(54%) 43.1 65.2 (34%) AerCap selling, general and administrative
expenses 62.7 62.2 1% 205.1 215.9 (5%)
Total selling, general
and administrative expenses $ 96.8 $ 103.6
(7%) $ 351.0 $ 381.3 (8%)
The decrease in selling, general, and administrative expenses
quarter over quarter was primarily due to the AeroTurbine
downsizing.
Other Expenses
Asset impairment was $11.4 million for the fourth quarter of
2016, compared to $1.0 million for the same period in 2015. Asset
impairment recorded in the fourth quarter of 2016 primarily related
to the lease termination of two aircraft, which was more than
offset by $13.4 million of related maintenance rents. Leasing
expenses were $143.3 million for the fourth quarter of 2016,
compared with $126.3 million for the same period in 2015.
Transaction, integration and restructuring related expenses were
$8.3 million for the fourth quarter of 2016, compared with $50.8
million for the same period in 2015. Transaction, integration and
restructuring related expenses in the fourth quarter of 2016 and
2015 primarily represented non-recurring charges related to the
downsizing of AeroTurbine.
Effective Tax Rate
AerCap’s effective tax rate was 14.5% during the full year 2016,
compared to 13.9% for the same period in 2015. The effective tax
rate in any year is impacted by the source and amount of earnings
among AerCap’s different tax jurisdictions.
Book Value Per Share
December 31,
2016
December 31,
2015
% increase/
(decrease) over
December 31,
2015
(U.S. dollar amounts in millions except share data)
Total AerCap Holdings N.V.
shareholders' equity
$ 8,524.4 $ 8,349.0 2%
Ordinary shares outstanding 176,247,154 200,342,204 (12%) Unvested
restricted stock (3,426,810 ) (3,030,724 ) 13%
Ordinary shares outstanding (excl. unvested restricted
stock) 172,820,344
197,311,480 (12%) Book value per
ordinary share outstanding (excl. unvested restricted stock)
$ 49.33 $ 42.31
17%
Financial
position
December 31,
2016
December 31,
2015
% increase/
(decrease) over
December 31,
2015
(U.S. dollar amounts in millions except d/e ratio)
Total cash (incl. restricted) $ 2,364.6 $ 2,822.5 (16%) Total
assets 41,615.5 43,749.5 (5%) Debt 27,717.0 29,641.9 (6%) Total
liabilities 33,033.2 35,323.7 (6%) Total AerCap Holdings N.V.
shareholders' equity 8,524.4 8,349.0 2% Total equity 8,582.3
8,425.8 2% Adjusted debt (*) 24,931.6 26,488.8 (6%) Adjusted equity
(*) 9,332.3 9,175.8 2% Adjusted debt/equity ratio (*) 2.7 to 1 2.9
to 1 (7%) (*) Refer to Notes Regarding Financial Information
Presented in This Press Release for details relating to the
adjustments
As of December 31, 2016, AerCap’s portfolio consisted of 1,566
aircraft that were owned, on order or managed (including aircraft
owned by AerDragon, a non-consolidated joint venture). The average
age of our owned fleet as of December 31, 2016 was 7.4 years and
the average remaining contracted lease term was 6.4 years.
Share Repurchase Program
We have authorized a new $350 million share repurchase program,
which will run through June 30, 2017. Repurchases under the program
may be made through open market purchases or privately negotiated
transactions in accordance with applicable U.S. federal securities
laws. The timing of repurchases and the exact number of shares of
common stock to be purchased will be determined by the Company’s
management, in its discretion, and will depend upon market
conditions and other factors. The program will be funded using the
Company’s cash on hand and cash generated from operations. The
program may be suspended or discontinued at any time.
Notes Regarding Financial Information
Presented in This Press Release
The financial information presented in this press release is not
audited.
In connection with the ILFC transaction, we have recognized
maintenance rights intangible assets associated with existing
leases on the legacy ILFC aircraft and we are expensing these
assets during the remaining lease terms. The maintenance rights
amortization impact represents the difference between expensing the
maintenance rights intangible assets on a more accelerated basis
during the remaining lease terms as compared to expensing these
assets on a straight-line basis over the remaining economic life of
the aircraft.
The following is a definition of non-GAAP measures used in this
press release. We believe these measures may further assist
investors in their understanding of our operational
performance.
Adjusted debt/equity ratio. This measure is the ratio obtained
by dividing adjusted debt by adjusted equity.
- Adjusted debt means consolidated total
debt less cash and cash equivalents, and less a 50% equity credit
with respect to certain long-term subordinated debt.
- Adjusted equity means total equity,
plus the 50% equity credit relating to the long-term subordinated
debt.
Adjusted debt and adjusted equity are adjusted by the 50% equity
credit to reflect the equity nature of those financing arrangements
and to provide information that is consistent with definitions
under certain of our debt covenants.
December 31,
2016
December 31,
2015
(U.S. dollar amounts in millions
except
d/e ratio)
Debt $ 27,717 $ 29,642
Adjusted for: Cash and cash equivalents (2,035 ) (2,403 )
50% credit for long-term subordinated debt (750 )
(750 )
Adjusted debt $ 24,932 $
26,489 Equity $
8,582 $ 8,426 Adjusted for: 50% credit
for long-term subordinated debt 750 750
Adjusted equity $ 9,332 $
9,176 Adjusted debt/equity ratio 2.7
to 1 2.9 to 1
Net interest margin, or net spread (refer to second table under
Revenue and Net Spread section of this press release). This measure
is the difference between basic lease rents and interest expense,
excluding the impact of the mark-to-market of interest rate caps
and swaps. We believe this measure may further assist investors in
their understanding of the changes and trends related to the
earnings of our leasing activities. This measure reflects the
impact from changes in the number of aircraft leased, lease rates,
utilization rates, as well as the impact from changes in the amount
of debt and interest rates.
Conference Call
In connection with the earnings release, management will host an
earnings conference call today, Tuesday, February 21, 2017, at 8:30
am Eastern Time. The call can be accessed live by dialing
(U.S./Canada) +1 719 325 2213 or (International) +353 1 246 5621
and referencing code 9184593 at least 5 minutes before start time,
or by visiting AerCap’s website at www.aercap.com under “Investor
Relations”.
The webcast replay will be archived in the “Investor Relations”
section of the Company’s website for one year. For further details
and to register for this event please email:
aercap@instinctif.com.
For further information, contact Brian Canniffe: +353 1 418 0461
(bcanniffe@aercap.com) or Mark Walter (Instinctif Partners): +44 20
7457 2020 (aercap@instinctif.com).
About AerCap
AerCap is the global leader in aircraft leasing with, as of
December 31, 2016, 1,566 owned, managed or on order aircraft in its
portfolio. AerCap has one of the most attractive order books in the
industry. AerCap serves approximately 200 customers in
approximately 80 countries with comprehensive fleet solutions.
AerCap is listed on the New York Stock Exchange (AER) and has its
headquarters in Dublin with offices in Amsterdam, Los Angeles,
Shannon, Fort Lauderdale, Miami, Singapore, Shanghai, Abu Dhabi,
Seattle and Toulouse.
Forward-Looking Statements
This press release contains certain statements, estimates and
forecasts with respect to future performance and events. These
statements, estimates and forecasts are "forward-looking
statements". In some cases, forward-looking statements can be
identified by the use of forward-looking terminology such as "may,"
"might," "should," "expect," "plan," "intend," "estimate,"
"anticipate," "believe," "predict," "potential" or "continue" or
the negatives thereof or variations thereon or similar terminology.
All statements other than statements of historical fact included in
this press release are forward-looking statements and are based on
various underlying assumptions and expectations and are subject to
known and unknown risks, uncertainties and assumptions, and may
include projections of our future financial performance based on
our growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity performance
or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied in the
forward-looking statements. As a result, we cannot assure you that
the forward-looking statements included in this press release will
prove to be accurate or correct. In light of these risks,
uncertainties and assumptions, the future performance or events
described in the forward-looking statements in this press release
might not occur. Accordingly, you should not rely upon
forward-looking statements as a prediction of actual results and we
do not assume any responsibility for the accuracy or completeness
of any of these forward-looking statements. Except as required by
applicable law, we do not undertake any obligation to, and will
not, update any forward-looking statements, whether as a result of
new information, future events or otherwise.
For more information regarding AerCap and to be added to our
email distribution list, please visit www.aercap.com and follow us
on Twitter www.twitter.com/aercapnv.
AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets (U.S.
Dollars in thousands)
December 31, 2016 December
31, 2015 Assets Cash and cash equivalents $
2,035,447 $ 2,403,098 Restricted cash 329,180 419,447 Trade
receivables 64,923 106,794 Flight equipment held for operating
leases, net 31,501,973 32,219,494 Maintenance rights intangible and
lease premium, net 2,167,925 3,139,045 Flight equipment held for
sale 107,392 71,055 Net investment in finance and sales-type leases
755,882 469,198 Prepayments on flight equipment 3,265,979 3,300,426
Other intangibles, net 397,101 461,006 Deferred income tax assets
210,498 161,193 Other assets 779,206 998,743
Total Assets $ 41,615,506
$ 43,749,499 Liabilities and
Equity Accounts payable, accrued expenses and other liabilities
$ 1,132,536 $ 1,239,199 Accrued maintenance liability 2,750,576
3,185,794 Lessee deposit liability 859,099 891,454 Debt 27,716,999
29,641,863 Deferred income tax liabilities 574,032
365,380 Total liabilities 33,033,242 35,323,690
Ordinary share capital €0.01 par value, 350,000,000 ordinary
shares authorized as of December 31, 2016 and December 31,
2015;187,847,345 and 203,411,207 ordinary shares issued and
176,247,154 and 200,342,204 ordinary shares outstanding(including
3,426,810 and 3,030,724 unvested restricted stock) as of December
31, 2016 and December 31, 2015, respectively 2,282 2,457 Additional
paid-in capital 4,505,019 5,026,993 Treasury shares, at cost
(11,600,191 and 3,069,003 ordinary shares as of December 31, 2016
and December 31, 2015, respectively) (490,092 ) (146,312 )
Accumulated other comprehensive loss (1,769 ) (6,307 ) Accumulated
retained earnings 4,509,007 3,472,132
Total AerCap Holdings N.V. shareholders' equity 8,524,447 8,348,963
Non-controlling interest 57,817 76,846
Total Equity 8,582,264 8,425,809
Total Liabilities
and Equity $ 41,615,506 $
43,749,499 AerCap Holdings N.V.
Unaudited Consolidated Income Statements (U.S. Dollars in
thousands, except share and per share data)
Three
months ended December 31, Year ended December 31,
2016 2015
2016 2015
Revenues and other income Lease revenue $ 1,220,872 $
1,285,446 $ 4,867,623 $ 4,991,551 Net gain on sale of assets 58,681
43,445 138,522 183,328 Other income 89,004
9,123 145,986 112,676
Total
Revenues and other income 1,368,557 1,338,014
5,152,131 5,287,555 Expenses
Depreciation and amortization 433,533 471,719 1,791,336 1,843,003
Asset impairment 11,428 980 81,607 16,335 Interest expense 252,679
274,410 1,091,861 1,099,884 Leasing expenses 143,306 126,309
582,530 522,413 Transaction, integration and restructuring related
expenses 8,272 50,814 53,389 58,913 Selling, general and
administrative expenses 96,768 103,579
351,012 381,308
Total Expenses
945,986 1,027,811
3,951,735 3,921,856
Income before income taxes and income of investments accounted
for under the equity method 422,571
310,203 1,200,396 1,365,699 Provision
for income taxes (60,712 ) (47,311 ) (173,496 ) (189,805 ) Equity
in net earnings of investments accounted for under the equity
method 3,556 1,820 12,616
1,278
Net income $
365,415 $ 264,712 $ 1,039,516
$ 1,177,172 Net (income) loss attributable to
non-controlling interest (765 ) (503 ) 7,114 1,558
Net income attributable to AerCap Holdings N.V
$ 364,650 $ 264,209
$ 1,046,630 $ 1,178,730
Basic earnings per share $ 2.07 $ 1.34 $ 5.64 $ 5.78 Diluted
earnings per share $ 2.01 $ 1.33 $ 5.52 $ 5.72 Weighted
average shares outstanding - basic 175,871,138 197,310,382
185,514,370 203,850,828 Weighted average shares outstanding -
diluted 181,223,598 199,266,901 189,682,036 206,224,135
AerCap Holdings N.V. Unaudited Consolidated Statements of
Cash Flows (U.S. Dollars in thousands)
Year
ended December 31, 2016
2015 Net income $ 1,039,516 $ 1,177,172
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 1,791,336
1,843,003 Asset impairment 81,607 16,335 Amortization of debt
issuance costs and debt discount 55,768 45,582 Amortization of
lease premium intangibles 19,836 23,042 Amortization of fair value
adjustment on debt (335,998 ) (442,972 ) Accretion of fair value
adjustment on deposits and maintenance liabilities 55,210 76,246
Maintenance rights write off 652,111 628,643 Maintenance liability
release to income (421,332 ) (243,809 ) Net gain on sale of assets
(138,522 ) (183,328 ) Deferred income taxes 161,340 110,353
Restructuring related expenses 33,588 49,311 Other 121,700 90,074
Changes in operating assets and liabilities: Trade
receivables 40,065 48,468 Other assets 257,190 88,418 Accounts
payable, accrued expenses and other liabilities (32,183 )
33,502
Net cash provided by operating
activities 3,381,232 3,360,040 Purchase of
flight equipment (2,892,731 ) (2,772,110 ) Proceeds from sale or
disposal of assets 2,366,242 1,568,235 Prepayments on flight
equipment (947,419 ) (791,546 ) Collections of finance and
sales-type leases 74,207 54,975 Movement in restricted cash 90,267
297,941 Other (21,678 ) (73,400 )
Net cash used in
investing activities (1,331,112 )
(1,715,905 ) Issuance of debt 3,642,166
3,913,840 Repayment of debt (5,213,724 ) (4,043,743 ) Debt issuance
costs paid (34,687 ) (49,417 ) Maintenance payments received
794,711 776,488 Maintenance payments returned (505,407 ) (558,477 )
Security deposits received 201,970 171,408 Security deposits
returned (270,575 ) (144,445 ) Dividend paid to non-controlling
interest holders (10,501 ) - Repurchase of shares and tax
withholdings on share-based compensation (1,021,119 )
(793,945 )
Net cash used in financing activities
(2,417,166 ) (728,291 ) Net
(decrease) increase in cash and cash equivalents (367,046 ) 915,844
Effect of exchange rate changes on cash and cash equivalents (605 )
(3,115 ) Cash and cash equivalents at beginning of period
2,403,098 1,490,369
Cash and cash
equivalents at end of period $ 2,035,447
$ 2,403,098
Appendix
Following the SEC’s issuance of updated guidance on the use of
non-GAAP financial measures, the Company will no longer report
adjusted net income. Below are reconciliations of reported net
income to adjusted net income and reported earnings per share to
adjusted earnings share, as previously reported, which is provided
as a final transitional disclosure.
Three months ended December 31, Year ended December
31, 2016 2015
% increase/
(decrease)
2016 2015
% increase/
(decrease)
(U.S. dollar amounts in millions except share data) (U.S.
dollar amounts in millions except share data) Net
income $ 364.7 $ 264.2 38
%
$
1,046.6
$
1,178.7
(11 %) Adjusted for: - Eliminate reported
maintenance right expense $ 94.5 $ 85.0 11 % $ 381.6 $ 348.4 10 % -
Establish adjusted maintenance right expense (56.2 )
(66.0 ) (15 %) (235.4 ) (265.2 ) (11 %) Maintenance
rights adjustment 38.3 19.0 102 % 146.2 83.2 76 % AeroTurbine
pre-tax results including restructuring related expenses 13.6 83.4
(84 %) 123.3 74.0 67 % Mark-to-market of interest rate caps and
swaps (18.6 ) (0.1 ) 18,500 % 1.6 18.1 (91 %) ILFC transaction and
integration related expenses - 1.5 NA - 9.6 NA Income tax impact of
above adjustments (2.5 ) 0.3 NA
(18.3 ) (7.4 ) 147 %
Adjusted net income $
395.5 $ 368.3 7 %
$
1,299.4
$
1,356.2
(4 %)
Reported earnings per share - diluted $
2.01 $ 1.33 51 % $
5.52 $ 5.72 (3 %)
Adjusted for: - Eliminate reported maintenance right expense $ 0.52
$ 0.42 $ 2.01 $ 1.69 19 % - Establish adjusted maintenance right
expense (0.31 ) (0.33 ) (1.24 ) (1.29 )
(4 %) Maintenance rights adjustment 0.21 0.09 133 % 0.77 0.40 93 %
AeroTurbine pre-tax results including restructuring related
expenses 0.07 0.42 (83 %) 0.65 0.36 81 % Mark-to-market of interest
rate caps and swaps (0.10 ) - NA 0.01 0.09 (89 %) ILFC transaction
and integration related expenses - 0.01 NA - 0.05 NA Income tax
impact of above adjustments (0.01 ) - NA
(0.10 ) (0.04 ) 150 %
Adjusted earnings per
share - diluted $ 2.18 $
1.85 18 % $ 6.85
$ 6.58 4 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170221005782/en/
AerCapFor Investors:Brian Canniffe, +353 1 418 0461Head
of Investor Relationsbcanniffe@aercap.comorFor Media:Gillian
Culhane, +353 1 636 0945Vice President Corporate
Communicationsgculhane@aercap.com
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