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Last $24.01 USD
Change Today -0.07 / -0.29%
Volume 192.6K
AYR On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

aircastle ltd (AYR) Key Developments

Aircastle LTD - Shareholder/Analyst Call

Aircastle LTD - Shareholder/Analyst Call

Aircastle Declares Dividend for the First Quarter of 2015, Payable on March 13, 2015

On February 17, 2015, Aircastle's Board of Directors declared a first quarter 2015 cash dividend on its common shares of $0.22 per share, payable on March 13, 2015 to shareholders of record on March 6, 2015.

Aircastle Limited Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment for the Fourth Quarter of 2014; Provides Earnings Guidance for the First Quarter of 2015 and Effective Tax Rate Guidance for the Full Year 2015

Aircastle Limited reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $238,257,000 compared to $191,988,000 a year ago. Income from continuing operations before income taxes was $74,546,000 compared to $50,864,000 a year ago. Net income was $72,764,000 or $0.90 per basic and diluted share compared to $48,421,000 or $0.60 per basic and diluted share a year ago. EBITDA was $205,584,000 compared to $190,383,000 a year ago. Adjusted EBITDA was $195,965,000 compared to $233,200,000 a year ago. Adjusted net income allocable to common shares was $79,545,000 or $0.99 per basic and diluted share compared to $54,433,000 or $0.68 per basic and diluted share a year ago. Total revenues for the fourth quarter increased $46.3 million, driven by higher maintenance revenues of $27.6 million reflecting the early return of several aircraft on lease with Russia-based airlines and higher lease rentals of $8.9 million. Adjusted EBITDA for the fourth quarter up $37.2 million, or 19% from the fourth quarter of 2013, due primarily to higher total revenues, excluding amortization of net lease discounts and incentives, of $38.3 million. Adjusted net income up $25.2 million or 46%, year over year, the increase was due primarily to higher total revenues of $46.3 million partially offset by higher non-cash impairment charges of $22.0 million primarily related to the early return and exit of aircraft. For the year, the company reported total revenues of $818,602,000 compared to $708,645,000 a year ago. Income from continuing operations before income taxes was $111,637,000 compared to $38,943,000 a year ago. Net income was $100,828,000 or $1.25 per basic and diluted share compared to $29,781,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $458,786,000 compared to $424,037,000 a year ago. Acquisition and improvement of flight equipment was $1,672,460,000 compared to $1,263,706,000 a year ago. EBITDA was $658,606,000 compared to $600,088,000 a year ago. Adjusted EBITDA was $792,283,000 compared to $717,209,000 a year ago. Adjusted net income allocable to common shares was $166,425,000 or $2.07 per basic and diluted share compared to $58,786,000 or $0.80 per basic and diluted share a year ago. Total revenues for 2014 increased of $110.0 million, up 16% from the previous year, the increase reflects higher lease rental and finance lease revenue of $64.5 million, higher maintenance revenue of $19.7 million and lower amortization of lease premiums, discounts and lease incentive amortization of $26.2 million. Adjusted EBITDA for the full year was up $75.1 million or 10% versus 2013, reflecting higher total revenues excluding amortization of net lease discounts and lease incentives of $83.7 million, partially offset by lower gains from the sale of flight equipment of $14.1 million. Adjusted net income for the full year increased $108.4 million, higher total revenues of $110.0 million and lower adjusted operating expenses of $15.4 million were partially offset by lower gains from the sale of flight equipment of $14.1 million. Full year 2014 cash ROE was 11.7%. For the fourth quarter ended December 31, 2014, the company reported impairment of aircraft of $26,988,000 compared to $4,971,000 a year ago. The company provided earnings guidance for the first quarter of 2015 and effective tax rate guidance for the full year 2015. For the quarter, the company expects depreciation of $75 million to $77 million, interest, net of $62 million to $64 million, finance lease revenue of $1 million to $2 million, maintenance revenue of $15 million to $17 million and lease rental revenue of $177 million to $180 million. For the full year the company expects effective tax rate of 12% to 13%.

Aircastle Mulls Acquisitions

Aircastle LTD (NYSE:AYR) intends to pursue acquisitions. "We've hit the ground running this year in terms of the portfolio and I am very happy in terms of the pipeline of new acquisition opportunities. Having said that, one of the mainstays of our strategy is to stay flexible and to be able to react to market opportunities. So I would not want to make any more of a prediction in February about the year than what we have today, but I feel comfortable in doing $1 billion and having the potential to far exceed that," Ron Wainshal, Chief Executive officer, said.

Aircastle LTD to Report Q4, 2014 Results on Feb 19, 2015

Aircastle LTD announced that they will report Q4, 2014 results at 10:00 AM, US Eastern Standard Time on Feb 19, 2015

 

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AYR

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Valuation AYR Industry Range
Price/Earnings 19.3x
Price/Sales 2.4x
Price/Book 1.1x
Price/Cash Flow 19.3x
TEV/Sales NM Not Meaningful
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