Aircraft lessor AerCap carried out 87 aircraft transactions in the third quarter, including 20 for widebodies and said over 90% of new aircraft deliveries through 2020 were leased.

CEO Aengus Kelly said: “We continue to actively place our new orders and look forward to delivering over 200 new aircraft by the end of 2020 to drive the continued success of the company.”

The Dublin-based lessor said Oct. 30 that net income for the quarter to end-September came in at $263.4 million, compared with $265.8 million a year earlier, but diluted earnings per share rose to $1.79 from $1.62, primarily driven by the repurchase of 20 million shares from July 2017 through September 2018.

In the third quarter, AerCap repurchased 1.5 million shares for $87 million. On Oct. 29, its board also authorized a new $200 million share repurchase program to run through March 31, 2019. 

AerCap said the average age of its owned fleet was six years and the average remaining lease term 7.1 years. 

The lessor reported a net gain on sale of assets for the third quarter of $20 million, relating to 13 aircraft sold, compared with $63.7 million for the same period in 2017, relating to 27 aircraft sold, with the decrease primarily because of the volume and composition of asset sales, it said. 

Other 3Q income was $14.1 million, compared with $8.8 million for the same period in 2017.

As of Sept. 30, AerCap had 400 aircraft on order, 1057 aircraft owned and managed and $42.1 billion in owned assets.

Basic lease rents were flat year-on-year for the third quarter at $1.04 billion, while overall revenue fell 8% to $1.17 billion.

Helen Massy-Beresford, helen.massy-beresford@aviationweek.co.uk