AerCap has today raised its full-year earnings guidance for the second time this year after recording further gains on the sale of aircraft and higher lease revenue in the second quarter.
AerCap, the world's largest aircraft lessor, expects full-year adjusted earnings per share of around $10.25, including gains on the sale of aircraft, engines and helicopters in the first half of the year but excluding any potential further gains in the second half.
The Dublin-based lessor had forecast a range of $7.50 - $8.50 in March, excluding any gains on sale for the year, and raised it to $9.20 in May after reporting a €160m first quarter net gain on asset sales.
It reported a further €129m net gain in the period from April to June after it sold 29 aircraft, seven engines and one helicopter in what it described as a "robust sales market".
AerCap's portfolio consisted of 3,492 owned, managed or ordered aircraft, engines and helicopters at the end of June, a fleet that far dwarfs its nearest rival.
It entered into lease agreements for 162 of those assets in the second quarter.
"In an industry environment that has remained positive, AerCap continued to produce strong results in the second quarter," the company's chief executive Aengus Kelly said.
"We were pleased to receive credit rating upgrades from Moody's and S&P reflecting the company's best-in-class performance. We continue to actively deploy capital for growth opportunities and to return capital through share repurchases and dividends to our shareholders," the CEO said.
"As a result of our outperformance during the first half of the year and our positive outlook going forward, we have raised our earnings guidance for the full year," he added.
