Aircastle Limited (AYR) has reported a 33.73 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $67.72 million, or $0.86 a share in the quarter, compared with $50.64 million, or $0.63 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $70.52 million, or $0.90 a share compared with $54.26 million or $0.67 a share, a year ago.
Revenue during the quarter went down marginally by 1.74 percent to $204.65 million from $208.27 million in the previous year period. Gross margin for the quarter expanded 3 basis points over the previous year period to 98.89 percent. Total expenses were 79.71 percent of quarterly revenues, down from 83.62 percent for the same period last year. This has led to an improvement of 391 basis points in operating margin to 20.29 percent.
Operating income for the quarter was $41.53 million, compared with $34.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $220.49 million compared with $210.97 million in the prior year period.
Mr. Ueberroth added, "We are all looking forward to Ron Wainshal's full recovery and to his speedy return to the helm of our organization. The Company's management is deep and capable, and under the current leadership of Mike Inglese as acting CEO, we are highly confident the team will capably execute Aircastle's business plan."
Operating cash flow declines
Aircastle Limited has generated cash of $468.09 million from operating activities during the year, down 11.06 percent or $58.19 million, when compared with the last year.
The company has spent $646.16 million cash to meet investing activities during the year as against cash outgo of $864.66 million in the last year. It has incurred net capital expenditure of $575.16 million on net basis during the year, down 24.14 percent or $182.99 million from year ago.
Cash flow from financing activities was $477.74 million for the year, up 47.17 percent or $153.11 million, when compared with the last year.
Cash and cash equivalents stood at $455.58 million as on Dec. 31, 2016, up 192.22 percent or $299.68 million from $155.90 million on Dec. 31, 2015.
Debt moves up
Aircastle Limited has witnessed an increase in total debt over the last one year. It stood at $4,506.24 million as on Dec. 31, 2016, up 11.51 percent or $465.09 million from $4,041.16 million on Dec. 31, 2015. Total debt was 62.20 percent of total assets as on Dec. 31, 2016, compared with 61.51 percent on Dec. 31, 2015. Debt to equity ratio was at 2.46 as on Dec. 31, 2016, up from 2.27 as on Dec. 31, 2015.
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