2023-07-31 08:09:12 ET
AerCap’s ( NYSE: AER ) stock on Monday rose 5.1% in premarket trading after the aircraft-leasing company reported Q2 results that beat Wall Street’s estimates.
Net income jumped 45% to $492.9 million, or $2.12 a share, from $339.8 million, or $1.40 a share, a year earlier. The consensus estimate was $1.73.
Revenue rose 15% to $1.92 billion, beating the consensus estimate of $1.81 billion.
The aircraft-leasing industry is made up of financial companies that own about half of the world’s passenger jets and lease them to airlines. It has seen heightened demand amid a strong rebound in air travel as the coronavirus pandemic has subsided, while manufacturers such as Boeing ( BA ) and Airbus ( OTCPK:EADSY ) ( OTCPK:EADSF ) work to overcome supply-chain constraints in making new planes.
“We continue to benefit from strong demand for our aviation assets, as well as a robust sales market,” Aengus Kelly, CEO of AerCap, said in a statement. “Our confidence in the future is demonstrated by our increased 2023 full year EPS guidance as well as our new $500 million share repurchase program, which takes our share repurchase authorizations so far this year to $1.5 billion."
The company estimated full-year EPS of $8.50 to $9.00.
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AerCap’s stock rises after Q2 results beat estimates