Why Are AerCap Shares Trading Lower Today

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  • AerCap Holdings N.V. AER reported fourth-quarter total revenues and other income growth of 40% year-over-year to $1.44 billion, beating the consensus of $1.27 billion.
  • Basic lease rents totaled $1.28 billion (+45% Y/Y) due to the impact of the GECAS acquisition.
  • Adjusted EPS was $1.04, missing the consensus of $1.95.
  • AER's net cash provided by operating activities for FY21 totaled $3.69 billion, compared to $2.13 billion in FY20.
  • The company's Adjusted debt/equity ratio was 2.66 to 1 at December 31, 2021.
  • Net gain on sale of assets in Q4 was $25 million, relating to 24 assets sold for $412 million, compared with $14 million for the same period in 2020.
  • AER executed 230 transactions in Q4, including 158 lease agreements, 42 purchases, and 30 sales.
  • AerCap's portfolio consisted of 3,701 aircraft, engines, and helicopters owned, on order, or managed as of December 31, 2021. The average age of the owned aircraft fleet was 7.1 years, and the average remaining contracted lease term was 7.3 years.
  • As of December 31, 2021, ~5% of AER's fleet by net book value was on lease to Russian airlines. The company expects to recognize impairment on assets in Russia that have not been returned as early as Q1 of 2022.
  • Price Action: AER shares are trading lower by 12.8% at $49.01 during the premarket session on Wednesday.
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