AerCap stock drops after profit misses, as efforts to repossess assets from former Russian customers continues

Shares of AerCap Holdings N.V. (AER) sank 4.9% in premarket trading Wednesday, after the aviation leasing company reported fourth-quarter profit that missed expectations while sales, boosted by the completion of the GECAS acquisition beat forecasts. The aircraft leasing company said it has terminated the leasing of all aircraft and engines with Russian airlines, and was continuing to make efforts to repossess additional aircraft and engines from former Russian customers, as part of sanctions imposed after Russia's invasion of Ukraine. As of Dec. 31, about 5% of the company's fleet was on lease to Russian airlines. Net income rose to $88.8 million, or 44 cents a share, from $28.5 million, or 22 cents a share, in the year-ago period. Excluding expenses related to the GECAS deal, earnings per share were $1.04. Revenue rose 39.8% to $1.44 billion, as basic lease rents grew 45.0% to $1.28 billion. The FactSet consensus for EPS was $1.82 and for revenue was $1.35 billion. AerCap's stock has tumbled 14.1% year to date, while the S&P 500 has lost 2.8%.

-Tomi Kilgore

(END) Dow Jones Newswires

03-30-22 0729ET

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