Aercap Holdings N.V. (AER) has reported 38.02 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $364.65 million, or $2.01 a share in the quarter, compared with $264.21 million, or $1.33 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $395.50 million, or $2.18 a share compared with $368.30 million or $1.85 a share, a year ago. Revenue during the quarter went up marginally by 2.28 percent to $1,368.56 million from $1,338.01 million in the previous year period. Total expenses were 50.66 percent of quarterly revenues, down from 56.31 percent for the same period last year. This has led to an improvement of 565 basis points in operating margin to 49.34 percent.
Operating income for the quarter was $675.25 million, compared with $584.61 million in the previous year period.
Aengus Kelly, chief executive officer of AerCap, commented: "AerCap delivered record results in the fourth quarter, finishing off a very successful year for the company. During the fourth quarter, we generated $2.01 of earnings per share and net income of $364.7 million on a reported basis. This results in full year numbers of $5.52 and $1,046.6 million, respectively. We continued to focus on proactive portfolio management initiatives which have resulted in executing over $3 billion in asset sales. This, combined with signing a record 279 lease agreements, illustrates the scale of AerCaps platform and the expertise of its people."
Operating cash flow remains almost stableAercap Holdings N.V. has generated cash of $3,381.23 million from operating activities during the year, up 0.63 percent or $21.19 million, when compared with the last year. The company has spent $1,331.11 million cash to meet investing activities during the year as against cash outgo of $1,715.90 million in the last year. It has incurred net capital expenditure of $526.49 million on net basis during the year, down 56.27 percent or $677.39 million from year ago.
The company has spent $2,417.17 million cash to carry out financing activities during the year as against cash outgo of $728.29 million in the last year period.
Cash and cash equivalents stood at $2,035.45 million as on Dec. 31, 2016, down 15.30 percent or $367.65 million from $2,403.10 million on Dec. 31, 2015.
Debt comes down
Aercap Holdings N.V. has recorded a decline in total debt over the last one year. It stood at $27,717 million as on Dec. 31, 2016, down 6.49 percent or $1,924.86 million from $29,641.86 million on Dec. 31, 2015. Interest coverage ratio improved to 2.67 for the quarter from 2.13 for the same period last year.
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