AerCap reports profit down 23% in 3Q2016

AerCap Holdings revenue down 7% - financial highlights for three months ended 30-Sep-2016:

• Revenue: USD1226 million, -7% year-on-year;
• • Lease revenue: USD1180 million, -5%;
  • • Basic lease rents: USD1088 million, -7%;
  • Net gain on sale of assets: USD22.4 million, -57%;
• Net profit: USD225.6 million, -23%;
• Total assets: USD41,798 million;
• Cash and cash equivalents: USD2653 million;
• Total liabilities: USD33,371 million. [more - original PR]

AerCap Holdings: "We are delighted to report another quarter of strong earnings, evidencing the consistency of our earnings power and our excellent operational performance. During the third quarter, we generated $1.22 of earnings per share or $1.68 on an adjusted basis. We are on track to complete $3 billion of asset sales in 2016, which has enabled us to announce an additional share repurchase authorization of $250 million, bringing our 2016 total authorizations to $1.15 billion and our cumulative repurchase authorizations over the past 18 months to $1.9 billion. AerCap continues to generate high levels of excess capital and our approach to capital deployment is designed to maximize long-term value for shareholders," Aengus Kelly, CEO. Source: Company statement, 08-Nov-2016.