UPDATE: AerCap Beats Q4 Expectations, Shares Gain

Shares of

climbed over 4% in pre-market trading after the company reported better-than-expected earnings for the fourth quarter. The Schiphol, Netherlands-based company posted quarterly net income of $298.2 million, or $1.39 per share, up from $65.6 million, or $0.57 per share, in the year-ago period. Excluding non-recurring gains, the company's earnings climbed to $1.40 per share from $0.64 per share. Its revenue jumped to $1.34 billion from $277.8 million. However, analysts were expecting earnings of $1.30 per share on revenue of $1.26 billion. Lease revenue climbed to $1,283.1 million from $261.5 million. The company also announced a $250 million buyback plan. As of December 31, 2014, AerCap had $7.3 billion of available liquidity. As of December 31, 2014, total assets were $43.9 billion, versus $9.5 billion at year-end 2013. Aengus Kelly, CEO of AerCap, said, "AerCap`s record results demonstrate the strength of our portfolio and order book following the successful acquisition of ILFC…Demand for our product remains robust and we continue to expect lower fuel costs and higher global GDP to bolster the aircraft leasing environment in 2015. As we look to 2015, we are confident that we can deliver impressive results for our shareholders by continuing to execute our strategy and enhance value through our share repurchase program." AerCap shares climbed 4.19% to $46.20 in pre-market trading.