Avolon reported a net income of $339 million for the full year of 2023. Its fourth quarter results also saw net income increase to $110 million, up from $41 million in Q4 2022. Operating cash flow for FY23 hit a record $1.75bn, up 45% from FY22. For Q4 2023, operating cashflow similarly increased 46% YoY from $304 million to $444 million.
Lease revenue for FY23 had increased to $2.47bn, up 6% from $2.3bn in FY22. Q4 2023 saw lease revenue rise 13% YoY from $594 million in Q4 2022 to $674 million in Q4 2023.
""Robust demand for aircraft, combined with continued undersupply, provided a tailwind to placing our orderbook and used aircraft at attractive lease rates, which will drive future profitability,"" said Avolon CEO Andy Cronin. ""Record operating cashflow and a sharp increase in net income are testament to our success in 2023.""
Avolon's total available liquidity at the end of 2023 was $7.2bn including $690 million of unrestricted cash and $6.2bn of undrawn debt facilities. The company also raised $4.9bn of debt across both the public and private markets.
The lessor also ordered 200 new aircraft including 100 A321neo, 80 737MAX and 20 A330neo throughout the year. ""The orders made for 200 new technology aircraft during the year strengthen our delivery pipeline and provide embedded growth to support our customers into the next decade,"" said Cronin. Avolon delivered 43 new aircraft and transitioned 30 aircraft to 22 customers in 2023. It sold 31 aircraft over the year and ended 2023 with 25 aircraft agreed for sale.
Avolon net income $339 million for 2023
