Aircastle closed Q1 of 2023 with a total revenue of $218 million and net income of $23million. The company recorded an adjusted EBITDA of $191 million, up 25% compared to the first quarter 2022.
In Q1 of 2023, Aircastle acquired seven narrow-body aircraft for $306 million, six of which were new technology aircraft. The company gained $43 million on sale that includes $10 million related to the sales of 4 aircraft and other flight equipment, and $33 million of selling profit related to the reclassification of 10 aircraft from operating leases to sales-type leases.
The Aircastle shareholders approved additional equity commitment of $500 million on July 5, 2023. The commitment is to be funded in two tranches with $200 million expected in July 2023 and the remaining $300 million expected in the first quarter of fiscal 2024.
The company recorded total cash as of July 7, 2023 to be $2.6 billion includes $1.5 billion of undrawn facilities, $0.5 billion of committed equity, $0.5 billion of projected adjusted operating cash flows and sales through July 1, 2024, and $0.1 billion of unrestricted cash.
Mike Inglese, chief executive office said: "As aircraft manufacturers continue to fall short of their desired output, we're seeing sustained customer demand for both our new and current technology aircraft. In the first quarter, Aircastle continued last year's trading momentum with 7 narrow-body acquisitions, 6 of which further grow our fleet of in-demand, new technology aircraft."
"Last week, we announced an additional $500 million equity commitment from our shareholders, Marubeni Corporation and Mizuho Leasing. This is an outstanding reflection of their long-term investment horizon and their confidence in the prospects for our industry, team, and strategy. Such support, along with our IG Rating, and Aircastle's deep team of solutions-focused aviation experts, have us well-poised for the disciplined future growth of our in-demand portfolio of narrow-body passenger aircraft,” Inglese concluded.
As of May 31, 2023, Aircastle owned 244 aircraft and other flight equipment having a net book value of $6.9 billion. The company also manages 9 aircraft with a net book value of $282 million on behalf of the joint venture with Mizuho Leasing.