Avolon reported a net income of US$105m in the second quarter of 2024,, which is a 38pc increase from the previous year.
The company added 15 new aircraft to its fleet, transitioned 10 aircraft to customers, and placed 23 aircraft from its order book, ending the quarter with a portfolio of 1,029 aircraft.
This comprises an owned and managed fleet of 582 aircraft, with total commitments for 447 fuel-efficient, new technology aircraft; and, post quarter end, ordered 310 new engines from Pratt & Whitney and CFM International to power A320neo family order book, with options for a further 310 engines. They sold 6 aircraft and entered into letters of intent for the sale of a further 17 aircraft.
The company generated operating cashflow of US$448 million, representing a 21pc year-on-year increase.
Avolon raised $2.8bn, $2.5bn of unsecured debt, enhancing its liquidity position.
Andy Cronin, Avolon CEO, commented: “This was another strong quarter for Avolon in which our financial performance continued its positive trajectory, driven by high levels of demand for our assets. Our decision to expand our orderbook last year has positioned us with a clear competitive advantage in an undersupplied market. We continue to diversify our sources of capital, raising US$2.5 billion of new unsecured debt this quarter. This provides us with strong liquidity and prudent balance sheet to take advantage of growth opportunities and sustain long-term profitability.”
