Yahoo Finance AerCap Holdings N.V. (NYSE:AER) Q1 2024 Earnings Call Transcript
AerCap Holdings N.V. (NYSE:AER) Q1 2024 Earnings Call Transcript May 1, 2024
AerCap Holdings N.V. beats earnings expectations. Reported EPS is $3.29, expectations were $2.34. AER isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day and welcome to the AerCap Holdings NV Q1 2024 Financial Results. Today’s conference is being recorded and a transcript will be available following the call on the company’s website. At this time, I’d like to turn the conference over to Joseph McGinely, Head of Investor Relations. Please go ahead, sir.
Joseph McGinely: Thank you, operator and hello, everyone. Welcome for our first quarter 2024 conference call. With me today is our Chief Executive Officer, Aengus Kelly; and our Chief Financial Officer, Pete Juhas. Before we begin today’s call, I would like to remind you that some statements made during this conference call which are not historical facts may be forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. AerCap undertakes no obligation, other than that imposed by law, to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after this call.
Further information concerning issues that could materially affect performance can be found in AerCap’s earnings release dated May 1, 2024. A copy of the earnings release and conference call presentation are available on our website at aercap.com. This call is open to the public and is being webcast simultaneously at aercap.com and will be archived for replay. We will shortly run through our earnings presentation and will allow time at the end for Q&A. As a reminder, I would ask that analysts limit themselves to one question and one follow-up. I will now turn the call over to Aengus Kelly.
Aengus Kelly: Thank you for joining us for our first quarter 2024 earnings call. I am pleased to report that the AerCap platform has delivered another quarter of consistent earnings and profitability. During the first quarter, we generated $3.29 of adjusted earnings per share, up 40% over last year and adjusted net income of $658 million. Importantly, we continued our consistent increases in book value per share, which was up 27% year-on-year to $87.47. As a result of this strong first quarter performance and the improving outlook, we are increasing our full year 2024 guidance to approximately $9.20 per share. As I mentioned on our last call, the focus of the entire AerCap management team is on maximizing value for you, our shareholders.
To earnings per share and book value per share growth not just for an individual quarter, but for the long-term. On the operational side which underpins everything we do, the platform continues to work well, executing 152 transactions in the quarter. Demand for travel continues to rise particularly in China where new passenger records were set in the first quarter. Airlines in China flew almost 180 million people in Q1, including 14 million international trips, which is still 22% behind the 2019 international levels. The continued supply/demand imbalance creates significant pricing tensions where we regularly have multiple bidders for available aircraft. On the used aircraft side, we signed lease agreements for A320ceos, Embraer E1s, 737 Freighters and 777s.
See also
10 Stocks Hedge Funds Are Talking About and
12 Best Growth Stocks to Buy and Hold in 2024.
To continue reading the Q&A session, please click here.
