Avolon reported a Q3 2024 net income of $120m, a 24pc increase year-over-year, with lease revenue rising 15pc to $677m.
Operating cash flow reached $536m for the quarter and $1.8bn over the last 12 months, indicating strong cash generation despite a 14pc decline from the previous quarter.
The company is set to acquire a portfolio of 118 aircraft through Castlelake Aviation, anticipated to enhance its earnings profile and support growth, closing expected in Q1 2025.
Avolon’s liquidity improved to $9.1bn, with Moody’s upgrading its outlook to Positive, reflecting strong financial performance and an effective balance sheet management.
Andy Cronin, Avolon CEO, shared: “We continued our strong financial performance from the previous quarter, delivering total revenues of US$733m and 24pc growth in net income to US$120m. Our positive earnings momentum will be further strengthened by the Castlelake acquisition, adding a complementary portfolio of assets that will drive our earnings profile. Our aircraft sales activity and operating cash generation support our strong balance sheet and liquidity position, driving further positive credit ratings momentum.”
