AerCap Holdings N.V. Reports Financial Results for the First Quarter 2020
AerCap reported its first quarter income increased by 18% to $276.8 million, from $234.2 million for the same period in 2019, while also saying it had cancelled some outstanding Boeing MAX deliveries. While basic lease revenue declined 4.1% to just over $1 billion the driver of better than expected results was higher maintenance rents and sales earnings as the firm appears to be dealing with the impact of COVID 19. During the first quarter the Irish lessor renegotiated its agreed MAX deliveries with Boeing, leading to a number of cancellations which the firm said could increase. AerCap CEO Aengus Kelly said “AerCap entered this crisis in a position of strength, with a strong balance sheet and liquidity position, an attractive aircraft portfolio and a high-quality customer base including many of the world’s leading airlines. Most importantly, we have an unrivalled operating platform with a strong track record of successfully managing through challenging environments. With approximately $11 billion sources of liquidity, over $28 billion of unencumbered assets and a record low leverage ratio of 2.5 to 1, we are well-positioned to weather an extended period of turbulence and support the recovery of the airline industry in the future.”
Amedeo Organizational Announcement
Amedeo announced the following changes to its executive management team with immediate effect. Bill Finn is appointed Chief Risk Officer and will continue to leverage his extensive experience managing risk and credit for financial institutions. Daniel Perez is being promoted to the role of Chief Operating Officer, having most recently served as the company’s Chief Technical Officer. Gabriella Lapidus is being promoted to the role of Chief Commercial Officer of Amedeo. Gabriella is based in New York and will oversee global revenue generation for the company. Most recently, Gabriella held the role of Executive Vice President, Head of Trading, Sales and Strategic Partnerships including the management of existing and new equity channels across the business. Peter Marwood is appointed to the role of Head of Legal and Commercial Contracts, having most recently been Executive Director of Commercial for Amedeo.
Dynam adds to Dublin team
Dynam Aviation Ireland has hired former Airbus executive Sam Carvill to its Dublin-based team. Carvill will “expand the lessor’s credit and financial analysis areas”, Dynam Aviation said. Dynam Aviation CEO Katsuhiko Ando said “His experience across a range of jurisdictions makes a valuable addition to our team and further underpins our growth plans.”
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