The world's largest aircraft lessor AerCap has raised its full year earnings guidance for 2024 after a strong first quarter performance.
In its first quarter results statement today, Dublin-based AerCap said it generated adjusted net income of $658m and adjusted earnings per share of $3.29.
AerCap said today it was increasing its full year adjusted earnings per share guidance to about $9.20.
It said that by the end of March, its portfolio consisted of 3,427 aircraft, engines and helicopters that were owned, on order or managed.
The average age of the company's owned aircraft fleet was 7.4 years (4.6 years for new technology aircraft, 14.4 years for current technology aircraft) and the average remaining contracted lease term was 7.2 years.
"AerCap continued its strong performance during the first quarter. Our business is performing very well and the demand for our aviation assets remains robust," Aengus Kelly, chief executive of AerCap, said.
"During the quarter, we generated adjusted net income of $658m and adjusted earnings per share of $3.29, as well as operating cash flow of $1.4 billion. As a result of this strong start to the year, we are raising our earnings guidance for the full year 2024," he added.
AerCap said today that its basic lease rents amounted to $1.586 billion for the first quarter of 2024, compared with $1.537 billion for the same time in 2023.
Meanwhile, the head of AerCap dismissed the prospect that Brazil's Embraer would challenge the planemaking duopoly of Airbus and Boeing any time soon, after the Wall Street Journal reported it was exploring a new jet.
"I doubt we'll see anything in material numbers before the end of the 2030s. It's just impossible to develop a new aircraft, particularly if you need a new engine technology, you would have to be well down the track already to have that delivering this side of 2030. So that's not happening," AerCap CEO Aengus Kelly told analysts.
