Aircastle's profits climbed in the fourth quarter and full year ending February 28, 2025, citing a strong trading year.
The company's net income for the fourth quarter totalled $61 million, more than doubling from $29 million a year prior. For the full year, the company's net income was up from $83 million to $124 million.
Revenues totalled $206 million and adjusted EBITDA was $222 million for the quarter. For the full year, revenues totalled $821 million, down from $855.4 million. Full year EBITDA was up from $704.3 million to $770.8 million and gains on sale or disposition of $20 million.
During the quarter, Aircastle acquired 29 aircraft for $1bn and sold seven aircraft for proceeds of $92 million. For the full year, the lessor sold 27 aircraft and other flight equipment for proceeds of $566 million and a gain on sale or disposition of $77 million. The company acquired 50 aircraft during the fiscal year period.
“New technology now composes 45% of our book value while there is continuing high demand for current technology,” said Aircastle CEO Mike Inglese. “We're building relationships with new counterparties and reinforcing relationships with our many long-standing trading partners.”
As of April 1, 2025, the company's total liquidity was $2.7bn, including $2.1bn of undrawn credit facilities. As of February 28, 2025, the company had 244 unencumbered aircraft and other flight equipment with a net book value of $7.1bn.
The company issued $500 million of unsecured senior notes at 5.25% with a 108 basis point spread versus treasury in the fourth quarter.
“As we move into 2025 with elevated vigilance, we believe investors and rating agencies will continue to see value and discipline in our investment approach and the outstanding support of our shareholders,” added Inglese.