Aircastle Limited reported its financial results for the third quarter of fiscal year 2024, revealing a total revenue of $193.6 million for the three months ended November 30, 2024, a decrease of 19% compared to $238.7 million in the same period last year. For the nine months ended November 30, 2024, total revenues were $615.4 million, down from $625.2 million in the prior year. The company’s net income for the quarter was $18.1 million, a decline from $25.6 million in the previous year, while net income for the nine-month period increased to $62.8 million from $53.9 million.
The decrease in quarterly revenue was primarily attributed to a significant drop in maintenance revenue, which fell to $14.5 million from $58.7 million year-over-year, largely due to fewer aircraft returns. Lease rental revenue, however, saw a slight increase, rising to $158.4 million from $156.8 million, driven by the acquisition of 43 aircraft since September 2023. The company also reported a gain on the sale of flight equipment of $20.5 million, consistent with the previous year.
In terms of operational developments, Aircastle's total assets increased to $7.9 billion as of November 30, 2024, up from $7.7 billion at the end of February 2024. The company’s cash and cash equivalents rose significantly to $523.8 million from $130.0 million, reflecting improved liquidity. Aircastle owned and managed 253 aircraft leased to 76 airline customers across 47 countries, with a weighted average fleet utilization rate of 99% for the nine months ended November 30, 2024. The company also committed to purchasing 32 aircraft for $1.4 billion, with deliveries expected through early 2028.
Aircastle's strategic focus remains on maintaining a conservative leverage profile while capitalizing on growth opportunities in the aircraft leasing market. The company has raised $2.6 billion in equity capital since its inception and continues to explore various financing options to support its growth strategy. Looking ahead, Aircastle anticipates that the global demand for air travel will continue to drive growth in the aircraft leasing sector, positioning the company favorably for future investments. The management expressed confidence in its ability to meet contractual obligations over the next twelve months, supported by a total liquidity of $2.8 billion as of January 1, 2025.
About Aircastle LTD
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