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Last $20.60 USD
Change Today -0.12 / -0.58%
Volume 384.3K
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

aircastle ltd (AYR) Key Developments

Aircastle Ltd Declares Third Quarter 2015 Cash Dividend, Payable on September 15, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015 and Provides Effective Tax Guidance for the Full Year of 2015

On August 4, 2015, the Board of Directors of Aircastle LTD declared a third quarter 2015 cash dividend on its common shares of USD 0.22 per share, payable on September 15, 2015 to shareholders of record on August 31, 2015. The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of USD 204.565 million compared to USD 226.146 million a year ago. Income from continuing operations before income taxes was USD 44.708 million compared to USD 9.173 million a year ago. Net income was USD 41.808 million compared to USD 3.136 million a year ago. Basic and diluted earnings per common share was USD 0.51 compared to USD 0.04 a year ago. EBITDA was USD 189.543 million compared to USD 145.558 million a year ago. Adjusted EBITDA was USD 214.608 million compared to USD 211.662 million a year ago. Adjusted net income was USD 47.229 million compared to USD 47.692 million a year ago. Adjusted net income allocable to common shares was USD 46.851 million or USD 0.58 per basic and diluted share compared to USD 47.313 million or USD 0.59 per basic and diluted share a year ago. Total revenues were USD 204.6 million, a decrease of USD 21.6 million, or 9.5%, from the previous year, driven by lower maintenance revenues of USD 14.8 million.  During the second quarter of 2014, the company recorded USD 36.2 million of maintenance revenue related to nine aircraft that were sold, parted out or transitioned. Lease rental and finance lease revenues during the second quarter were USD 186.7 million. For the six months, the company reported total revenues of USD 398.861 million compared to USD 402.749 million a year ago. Income from continuing operations before income taxes was USD 91.399 million compared to USD 15.383 million a year ago. Net income was USD 85.077 million compared to USD 8.913 million a year ago. Basic and diluted earnings per common share were USD 1.05 compared to USD 0.11 a year ago. Net cash provided by operating activities was USD 249.606 million compared to USD 214.005 million a year ago. Acquisition and improvement of flight equipment and lease incentives was USD 797.136 million compared to USD 834.467 million a year ago. EBITDA was USD 378.476 million compared to USD 296.999 million a year ago. Adjusted EBITDA was USD 404.822 million compared to USD 381.675 million a year ago. Adjusted net income was USD 97.686 million compared to USD 60.952 million a year ago. Adjusted net income allocable to common shares was USD 96.984 million or USD 1.20 per basic and diluted share compared to USD 60.521 million or USD 0.75 per basic and diluted share a year ago. The company reported impairment of aircraft of USD 23,955,000 against USD 28,306,000 for the second quarter ended June 30, 2014. The company reported earnings guidance for the third quarter and full year of 2015. For the third quarter of 2015, the company expects lease rental revenue of USD 182 to USD 186 million, finance lease revenue of USD 1 to USD 2 million, maintenance revenue of USD 2 to USD 4 million, net interest of USD 60 to USD 62 million, depreciation of USD 76 to USD 78 million. For the full year of 2015, the company provides effective tax rate of 10% to 11%.

Aircastle LTD to Report Q2, 2015 Results on Aug 06, 2015

Aircastle LTD announced that they will report Q2, 2015 results at 10:00 AM, US Eastern Standard Time on Aug 06, 2015

Aircastle LTD, Q2 2015 Earnings Call, Aug 06, 2015

Aircastle LTD, Q2 2015 Earnings Call, Aug 06, 2015

Pratt & Whitney Signs Agreement with Aircastle to Support Embraer E-Jet E2s

Pratt & Whitney and Aircastle Limited have signed a Memorandum of Understanding for an Engine support agreement supporting off-wing maintenance for up to 25 Embraer E-Jet E2s, powered by PurePower engines. The PurePower PW1900G engine is the sole source powerplant on the E190-E2 and the E195-E2 jets. Deliveries are planned to begin in 2018. The PurePower engine family has completed 19,000 hours and 34,000 cycles of full engine testing, including 5,000 hours of flight time.

Aircastle Limited Announces Extension of $600 Million Revolving Credit Facility to May 2019

Aircastle Limited announced that it extended the maturity of its existing unsecured revolving credit facility with Citibank, N.A., Goldman Sachs Bank USA, J.P. Morgan Chase Bank, N.A. and Royal Bank of Canada, as joint lead arrangers; Citibank, N.A., as agent; and Citibank, N.A., Goldman Sachs Bank USA, J.P. Morgan Chase Bank, N.A., Royal Bank of Canada, Credit Agricole Corporate & Investment Bank, DBS Bank Ltd., Los Angeles Agency, MUFG Union Bank, N.A., BNP Paribas and Deutsche Bank AG New York Branch, as lenders. The facility, which will be used for working capital, including the acquisition of aircraft, is for $600 million, and will now expire on May 13, 2019.

 

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Industry Analysis

AYR

Industry Average

Valuation AYR Industry Range
Price/Earnings 9.4x
Price/Sales 2.1x
Price/Book 0.9x
Price/Cash Flow 9.4x
TEV/Sales NM Not Meaningful
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