AerCap Beats Q1 Estimates

reported upbeat results for the first quarter on Monday. The company reported quarterly net income of $311.5 million, or $1.45 per share, compared to $54.7 million, or $0.47 per share, in the year-ago quarter. Excluding non-recurring items, the company earned $1.44 per share. Its revenue jumped 388 percent to $1.29 billion. However, analysts were expecting earnings of $1.27 per share on revenue of $1.27 billion. The average estimate among 3 Estimize users was for earnings of $1.29 per share and revenue of $1.26 billion. Basic lease rents climbed to $1,157.9 million for the first quarter, from $234.9 million, in the year-ago period. Lease revenue surged to $1,229.1 million from $249.1 million. As of March 31, 2015, total assets were $44.1 billion, versus $43.9 billion as of December 31, 2014. Aengus Kelly, CEO of AerCap, said, "AerCap reported another record quarter with over $300 million of adjusted net income. With 104 aircraft transactions executed, our first quarter results reflect the attractiveness of our aircraft portfolio, the diversity of our global customer base, and the resilience of the industry fundamentals of aircraft leasing." AerCap shares rose 1.02 percent to $49.57 in pre-market trading.