Brief Overview on Company’s Performance: Aircastle Limited’s (NYSE: AYR)

0
468
HP stocks price update HPQ stock news

On Tuesday, Aircastle Limited’s (NYSE: AYR) ended the last transaction at $19.61, with a change of +0.67% or +0.13 points. The daily volume was calculated at volume shares 248,621. The company has a market worth of $1.495B, it holds an average volume of 404,298 shares. In recent session, the stock hit the peak level of $19.77 and touched to lowest level of $19.45.

Aircastle Limited (AYR) stated third quarter 2018 net income of $36.3M, or $0.46 per diluted ordinary share, and adjusted net income of $38.2M, or $0.49 per diluted ordinary share.  The third quarter results included total lease rental and finance and sales-type lease revenues of $190.8M, an raise of 7.2%, versus $178.1M in the third quarter of 2017.  In the third quarter of 2017, the Company stated net income of $57.4M, or $0.73 per diluted ordinary share, and adjusted net income of $64.4M, or $0.82 per diluted ordinary share.

Third Quarter Results

Total revenues were $190.8M, a decrease of $22.2M, or 10.4%, from the third quarter of 2017.  Core lease rental and finance and sales-type lease revenues raised by $12.7M, which was offset by an $18.7M decrease in gains from the sale of flight equipment and a $14.5M decrease in maintenance revenue.  Gains from the sale of flight equipment declined because we sold fewer aircraft in the third quarter of 2018 than in the previous year.  Maintenance revenues declined as no aircraft transitioned during the third quarter of 2018.

Lease rental and finance and sales-type lease revenues were $190.8M versus $178.1M the previous year.  The 7.2% raise reflects the net year-over-year impact from aircraft acquisitions, dispositions and lease extensions.  Since the starting of the third quarter of 2017, acquisitions have outpaced sales.  Over that period, we’ve purchased 89 aircraft and sold 48 aircraft.

In the third quarter of 2018, net income was $36.3M, a decrease of $21.1M.  Adjusted net income was $38.2M, a decline of $26.2M versus the previous year.  Similarly, adjusted EBITDA declined by $20.3M versus the third quarter of 2017 to $179.2M.

The declines in net income, adjusted net income and adjusted EBITDA were all primarily Because of an $18.7M decline in gains from the sale of flight equipment and $14.5M of lower maintenance revenue, partially offset by higher lease rental and finance and sales-type lease revenue of $12.7M.

Aviation Assets

During the third quarter, we purchased eight aircraft for $262.4M, including two new A320neos, our first investment in new technology aircraft.  For the first nine months of 2018, we purchased 21 aircraft for $674.8M.  The aircraft we’ve purchased year-to-date had a weighted average age of 7.4 years and a weighted average remaining lease term of 5.5 years.  For the full year, we expect to complete $1.35B in aircraft acquisitions, including eight additional A320neos.

During the third quarter of 2018, we sold three aircraft, including one 777-300ER, for total sales proceeds of $98.0M.

Year-to-date, we sold eleven aircraft for proceeds of $276.2M and a net gain on sale of $28.6M.  The average age of the aircraft sold was 12.9 years with an average remaining lease term of 4.2 years.

Our fleet utilization during the third quarter was 100%.  As of September 30, 2018, Aircastle owned 234 aircraft having a net book value of $6.8B. We also manage twelve aircraft with a net book value of $621.1M dollars on behalf of our joint ventures.

Ordinary Dividend

On October 30, 2018, Aircastle’s Board of Directors reported a fourth quarter 2018 cash dividend on its ordinary shares of $0.30 per share, payable on December 14, 2018 to shareholders of record on November 30, 2018.  This is our 50th consecutive dividend and represents a 7.1% raise over the previous quarter’s cash dividend.  Over the last eight years, Aircastle has raised its dividend nine times.

AYR stock price showed strong performance of 2.72% in last seven days, switched up 13.75% in last thirty days and it fell -20.32% in last one year. The corporation price volatility for a month noted as 3.50% however its price volatility for a week documented as 2.33%

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here