AerCap's net income was down to $234.2 million in the first quarter of 2019, compared with $265.4 million experienced last year.
Net income was primarily affected by lower net gain on sale of assets, partially offset by higher lease rents, the company said.
Sales volume was significantly lower in the first quarter of 2019 than in the same period last year, which resulted in lower net gain on sale of assets. AerCap says this was partially offset by higher lease rents primarily resulting from the increase in average lease assets. The group's lease revenue was $1.16 million, compared with $1.12 million for the same period in 2018, primarily due to the delivery of new technology aircraft from January 2018 through March 2019, resulting in a $2.3 billion increase in average lease assets.
AerCap has reported its net gain on sale of assets for the first quarter of 2019 was $21.5 million, relating to 19 aircraft sold for $340 million, compared with $89.3 million for the same period in 2018, relating to 21 aircraft sold for $756.8 million. The decrease was primarily due to the lower volume and composition of asset sales, the company said.
Aengus Kelly, CEO of AerCap, commented: “I am pleased to announce another strong quarter for AerCap, with earnings per share of $1.68 and net income of $234.2 million. The foundation of AerCap’s success is our longstanding, deeply ingrained culture of action and discipline. Coupled with our scale and informational advantages, these enable us to produce superior economic results consistently, quarter after quarter and year after year.”