Aviation Capital Group (ACG) reported total revenues of $923.1 million for the third quarter of 2024, up from $893.6 million in the same period last year. Net profit slipped slightly from $114.1 million down to $113.8 million. Total expenses for the period amounted to $800.2 million, up from $788.8 million last year.
The company's net cash from operating activities during the period totalled $429.2 million. Net cash provided by financing activities was a negative $225 million. Cash and cash equivalents at the end of the third quarter was $241.9 million.
As of September 30, 2024, the company held $10.9bn in flight equipment held for lease, taking into consideration accumulated depreciation. The company said it is due $258.3 million in lease rentals for the remainder of the year and around $975.1 million next year. Overall lease rentals due from the remainder of 2024 and beyond totals $6.6bn.
The companies net book value totalled $11.2bn as of the end of the period. Total assets were valued at $12.7bn. Total liabilities and equity was $12.7bn. ACG's net debt to equity at the end of the quarter was 2.3x.
The company had a total of 514 aircraft in its portfolio, consisting of 296 owned; 162 committed; and 56 managed aircraft. The portfolio includes 114 owned A320neo, along with six managed and 49 committed. In addition, it includes 14 owned 737 MAX, along with 93 committed. The portfolio is composed of 97% narrowbody aircraft. The portfolio had an average fleet age is 6.1 years.