Thu, Jul 11, 5:45 PM (102 days ago)
Aircastle Limited's Form 10-Q for the quarter ending May 31, 2024, highlights several key financial metrics and operational updates. The company reported total revenues of $205.2 million, a decrease from $218.5 million in the same period last year, primarily due to lower gains on the sale of flight equipment. Lease rental revenue increased by $15.8 million, driven by the acquisition of 39 aircraft since June 2023. However, this was offset by a $9.4 million decrease from the sale of 23 aircraft. Operating expenses rose slightly to $185.7 million, with notable increases in interest expenses and impairment charges on flight equipment. Net income decreased to $16.1 million from $22.8 million, mainly due to a higher effective tax rate and increased operating costs. Cash flow from operations was strong at $147.0 million, up from $100.5 million, reflecting higher maintenance payments. The company also made significant investments in new aircraft, spending $223.0 million on acquisitions. Aircastle's balance sheet remains robust with total assets of $7.8 billion and a slight increase in shareholders' equity to $2.15 billion. The company continues to maintain a diversified portfolio and has commitments to purchase 15 additional aircraft for $502.5 million through mid-2026.