StandardAero's net income soared $62.3 million in the second quarter last year to $67.7 million in the second quarter of this year. Net income margin was 4.4%, up from 0.4% a year prior.
The company said this reflects a $30.5 million improvement in operating income and $34.2 million in lower interest expense associated with the company's post-IPO capital structure.
Following its strong results, the company raised its full year guidance. Adjusted EBITDA is guided to be between $790 and $810 million, up from $775 to $795 million. Revenues are expected to be between $5.875bn to $6.025bn, up from between $5.825bn and $5.975bn. Engine revenues are expected to be between $5.160bn and $5.290bn, up from $5.110bn to $5.240bn.
Revenues increased 13.5% to $1.5bn in the quarter, driven by both its engine services and component repair services segments across the commercial aerospace and business aviation end markets.
Adjusted EBITDA increased 20.1% to $204.6 million.
“The commercial aftermarket remains robust, and our teams continue to deliver outstanding service to our growing customer base,” said StandardAero chairman and CEO Russell Ford. “We've achieved significant milestones in our LEAP engine programme, delivering our first engines, expanding our customer relationships and strengthening our market position.”
The company's LEAP bookings are now above $1.5bn with multiple new agreements signed in the second quarter.