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|FOR IMMEDIATE RELEASE|
|Aircastle Advisor LLC||The IGB Group|
|Frank Constantinople, SVP Investor Relations||Leon Berman|
|Tel: +1-203-504-1063||Tel: +1-212-477-8438|
Aircastle Announces First Quarter 2017 Results
Total Revenues increased 11% and Net Income rose 17%
Declared Second Quarter 2017 Dividend of $0.26 per Common Share
Key Financial Metrics
|||Total revenues were $204.3 million|
|||Total lease rental and finance and sales-type lease revenues were $194.7 million|
|||Net income was $42.4 million, or $0.54 per diluted common share|
|||Adjusted net income was $45.7 million, or $0.58 per diluted common share|
|||Adjusted EBITDA was $193.4 million|
|||Cash ROE was 12.0%; net cash interest margin was 8.7%|
First Quarter 2017 Highlights
|||Issued $500 million of new seven year, senior unsecured notes at a record low coupon of 4.125%|
|||Closed or committed to acquire eighteen aircraft this year for more than $400 million|
|||Declared our 44th consecutive quarterly dividend|
Stamford, CT. May 4, 2017 Aircastle Limited (the Company or Aircastle) (NYSE: AYR) reported first quarter 2017 net income of $42.4 million, or $0.54 per diluted common share and adjusted net income of $45.7 million, or $0.58 per diluted common share. The first quarter results included total lease rental and finance and sales-type lease revenues of $194.7 million, an increase of 6.3%, versus $183.1 million in the first quarter of 2016.
Commenting on the results, Mike Inglese, Aircastles Chief Financial Officer and Acting CEO, stated Amid a strong aircraft financing environment, Aircastle has continued to benefit from our strategic flexibility, solid balance sheet, and our opportunistic investment strategy. We have remained disciplined in the pursuit of acquisitions and are determined to act only where opportunities have appealing risk and return profiles. With our unique ability to provide value-added solutions to customers, we successfully closed $190 million of aircraft acquisitions during the first quarter and secured commitments to close a further $220 million. We also seized the opportunity to sell or commit to sell several additional aircraft on appealing terms, continuing our progress in optimizing the fleet mix. A number of these aircraft sales are expected to close in the second quarter.
|Note:||Non-GAAP items reconciled in the Appendix.|
The following information was filed by Aircastle Ltd (AYR) on Thursday, May 4, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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