April 28, 2021
AerCap Holdings N.V. Reports Financial Results for the First Quarter 2021
DUBLIN – AerCap Holdings N.V. (“AerCap” or the “Company”) (NYSE: AER), the global leader in aircraft leasing, today reported financial results for the first quarter of 2021 ended March 31, 2021.
Net income for the first quarter of 2021 was $228 million, or $1.76 per share. This was primarily impacted by $100 million of cash accounting and $25 million of GECAS transaction-related expenses, pre-tax. This compares to net income of $277 million, or earnings per share of $2.14, for the same period in 2020.
Excluding GECAS transaction-related expenses, net income for the first quarter of 2021 was $250 million, or $1.93 per share.
Aengus Kelly, Chief Executive Officer of AerCap, said, “The first quarter of 2021 was an exceptional one for AerCap, as we announced plans to acquire GECAS from GE, a transaction that we believe will create significant long-term value for our shareholders. At the same time, we continued to focus on our business and we are pleased to report a significant increase in our leasing activity. During the quarter, AerCap signed 60 lease agreements with airlines in 15 countries, the highest demand we have seen in 18 months. We believe this progress reflects the growing confidence of our airline customers as they plan for the future. While parts of the world remain under governmental restrictions, it is clear that there is significant pent-up consumer demand for air travel. As the vaccine rollout progresses, AerCap’s global fleet of in-demand new technology aircraft will enable us to support our customers as the recovery in air travel continues.”
The PDF file containing the full financial results for the first quarter of 2021 is available for download at www.aercap.com/media.