AerCap boosts earnings outlook after strong demand

Irish aircraft leasing giant AerCap has boosted its earnings estimates following another three months of strong demand.

Dublin-based AerCap, the largest global player in its industry, said on Thursday it was raising its full-year adjusted earnings per share estimate to $8-$8.50 from a previous prediction of $6.50-$7.

Chief executive Aengus Kelly said the company generated strong net income and cash in the three months ended September 30th.

He said the company was pleased to report another strong quarter. “We continued to see robust demand for air travel and growing demand for both new and used leased aircraft and engines,” Mr Kelly added.

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AerCap said the year to date had been strong while its outlook for the current quarter was positive.

Net income for the three months ended September 30th was $440 million, or $1.82 a share, AerCap said.

Total revenue for the quarter was $1.7 billion, an increase of 19 per cent on the same period last year.

Terminated leases to Russian carriers left AerCap with a $1.2 billion loss for the first nine months of the year.

However, excluding the impact of that, the Irish company earned $1.54 billion profit in that period.