Aircastle Reports 3Q Losses

Aircastle has reported a 3Q net loss of $74.6m or $0.95 per diluted common share. The firm’s adjusted net loss was $69.1m, or $0.88 per diluted common share. However, operating and finance lease rental revenues to the end of September were $165.3m, an increase of 1.4 per cent on 2012. Net income during the period was $21m or $0.27 per diluted share, while adjusted net income was $26.5m or $0.34 per diluted share. Aircastle’s quarterly dividend also increased 21 per cent to $0.20 per share, which represented its thirtieth consecutive quarterly dividend. It also recorded $106.1m of non-cash impairment charges, with $97.6m related to its annual fleet review. At the end of 3Q, Aircastle owned 161 aircraft with a net value of $5.1bn, and 80 aircraft, which had a net value of $2.7bn. Total unencumbered assets were $3.0bn. Ron Wainshal, Aircastle’s CEO, said: “Aircastle’s operating results during the 3Q were excellent as we achieved 100 per cent utilisation for our fleet while maintaining high rental yields. The company benefitted from strong portfolio management and favourable market conditions, with the exception of the air freight sector, where stagnant demand and increasing supply has resulted in a capacity glut and depressed lease rates.”

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