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May 5 2020, 16:25 IST/BST
AerCap has released a positive Q1 report with timely reminders of its contracted earnings capabilities (‘core’ diluted EPS of $1.75 was 6% ahead of consensus, driven by maintenance revenue and a pleasantly benign cost performance) and resilience. While 2020 guidance has been withdrawn (this was broadly expected), the company points to its leverage (record low 2.55x), unencumbered assets ($28bn) and liquidity sources ($11bn versus 12-month uses of $5.5bn) as leaving it well-positioned to weather “an extended period of turbulence”. We would add that management experience of prior downturns and a best-in-class leasing platform will pick up nascent signs of demand before many others.