The following is a summary of the AerCap Holdings N.V. (AER) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AerCap Holdings reported adjusted net income of $463 million and adjusted earnings per share of $2.41 for Q3 2024.

• Generated record operating cash flow of $5.6 billion over the last 12 months.

• Raised full-year 2024 earnings guidance from $10.25 to approximately $10.70 per share, excluding fourth-quarter sale gains.

• Quarterly revenue included $1,605 million from basic lease rents and $161 million from maintenance revenues.

• Achieved a third-quarter net gain on sale of assets amounting to $102 million with an unlevered gain on sale margin of 27%.

Business Progress:

• Executed 226 transactions in Q3 across aircraft, engines, and helicopters including 160 lease agreements.

• Delivered high-technology assets worth $1.8 billion in Q3, despite OEM delivery constraints, contributing to the continued modernization of fleet.

• Announced a further $500 million share repurchase authorization and a quarterly dividend of $0.25 per share.

• Projected continued delays in aircraft deliveries, shifting some aircraft from 2024 to 2025 and into 2026 due to ongoing strikes and OEM delays.

Opportunities:

• Ongoing supply constraints and heightened values of leased aircraft and engines due to delivery delays foster an advantageous leasing market for AerCap.

• Increased demand for older aircraft as indicated by sales to airlines and part specialists at high margins.

Risks:

• Potential operational challenges and revenue impacts from ongoing Boeing and Airbus delivery delays and manufacturing strikes.

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