LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for Aircastle Ltd (NYSE: AYR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AYR. The Company announced on October 03, 2017, an agreement with SMBC Aviation Capital, under which it would acquire 20 narrow-body aircraft from the Company, which is notably the world’s leading aircraft leasing Companies. The aircraft are currently on lease with thirteen airlines across the globe. Aircastle acquires, leases, and sells commercial jet aircraft to airlines across the world. Aircastle owned and managed on behalf of its joint ventures 203 aircraft, leased to 71 customers across 38 nations, as of June 30, 2017. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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Aircastle views this agreement as a step to acquire the high-quality aircraft on lease to a geographically diverse group of airlines. The aircraft are presently in-demand, current generation of A320s and 737NGs. The Company, owing to its disciplined investment strategy and significant financial flexibility, claims that it is well-positioned to achieve steady and profitable growth.
SMBC Aviation Capital stated that this deal is a testament of the quality of its portfolio and the ability to handle transactions of this scale. SMBC Aviation is also actively trading and managing its portfolio, enabling it to maintain one of the youngest fleets in the segment. The Company is a leading aircraft lessor, with c. 100 airline customers in 41 countries.
As of March 31, 2017, SMBC Capital owns, manages, and is committed to purchase an additional 670 aircraft. The Company, following its establishment in 2001, was rebranded to SMBC Aviation Capital in 2012, following the acquisition by a consortium comprised of SMFG and Sumitomo Corporation.
Company Growth Prospects
Aircastle reported its Q2 2017 results on August 08, 2017, where it posted net loss of $7.1 million, or $0.09 per diluted common share. The Company reported net revenues of $522.3 million, up 18% YOY, for the three-month period ended July 31, 2017. During H1, 2017, Aircastle resourcefully sold fourteen aircraft to realize net gains of more than $14 million.
During Q2 2017, the Company also reduced its freighter exposure by more than 45% by taking the option to sell two younger production freighters to a carrier in Asia. Q2 2017 results included $65.7 million of net aircraft impairment charges, including $13.5 million of related maintenance payments and $5.1 million of separation and disability compensation paid to a former executive of the Company.
Aircastle stated that it has executed a portfolio de-risking strategy since 2015, where over the past 2.5 years it has leveraged the market conditions to sell 75 aircrafts, thus generating $111 million in gains on scale, while enhancing the quality of its fleet. The Company also acquired 121 aircraft during the period for about $3.3 billion. The Company stated that it views accretive growth in H2 2017, where its limited long-term capital commitments, significant financial flexibility, and profitable investment approach enable it to scale its business.
Last Close Stock Review
On Wednesday, October 04, 2017, the stock closed the trading session at $22.86, marginally down 0.74% from its previous closing price of $23.03. A total volume of 236.80 thousand shares have exchanged hands. Aircastle’s stock price surged 4.57% in the last one month, 6.33% in the past three months, and 15.05% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 9.64%. The stock is trading at a PE ratio of 13.80 and has a dividend yield of 4.55%. The stock currently has a market cap of $1.79 billion.
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