Aviation Capital Group's (ACG) net income for the first quarter 2024 shot up to $43.1 million, up from $14 million in the first quarter of last year. Its revenues climbed 20% to $309 million, compared to $257.6 million in the same period a year prior. Total expenses climbed to $263 million, up from $243.6 million year-on-year (YoY).
Its cash flow from operations climbed from $150.3 million in first quarter 2023 to $160 million in this year's first quarter. Additionally, its net cash provided by investing activities swung to a positive $35 million, up from its negative (net cash used in investing activities) of $269.3 million.
ACG added three A320neo family aircraft during the first quarter, sourced from a combination of its orderbook and sale-leaseback (SLB) market. It sold three A320neos, two 737-800s, two A320ceos, and one engine. These sales included disposal of older aircraft and engines for portfolio management. An additional $978 million of assets were held for sale as of the end of the first quarter.
It also funded $350 million senior unsecured term loan with Japanese and Korean lenders maturing in February 2028. Its total unencumbered assets were at $11.9bn at the end of the first quarter. Its available liquidity was $3.9bn at the end of the quarter, with its net debt to equity ratio at 2.4 to 1.
Aviation Capital Group net income soars in first quarter 2024
