Shares of AerCap Holdings NV (AER) plummeted 6.57% on Monday after the aircraft leasing giant reported third-quarter earnings that fell short of analysts' expectations, despite raising its full-year profit guidance.
For the three months ended September 30, 2024, AerCap posted earnings of $1.95 per diluted share, down from $4.86 a year earlier and missing the consensus estimate of $2.19 per share. However, revenue for the quarter rose to $1.95 billion from $1.89 billion a year ago, surpassing analysts' expectations of $1.92 billion.
The company raised its adjusted earnings guidance for the full year 2024 to approximately $10.70 per share, up from its previous forecast of around $10.25 per share. Nonetheless, the revised guidance still fell short of analysts' average estimate of $11.06 per share.
AerCap CEO Aengus Kelly attributed the delivery delays to ongoing manufacturing issues at Boeing and Airbus, saying the company has pushed the delivery of eight Boeing MAX planes from 2024 into 2025 and 2026, and 15 Airbus A320neo aircraft out of 2025 and into 2026.
Despite the earnings miss, AerCap reported strong demand for aircraft, with a 99% utilization rate and a 92% extension rate for used aircraft in the third quarter. The company's unlevered gain-on-sale margin for assets sold in the quarter was 27%, or 2.0 times book value on an equity basis.
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