Aircastle (AYR) Reports Q1 Earnings, CEO Comments on Outlook

May 9, 2008 7:20 AM EDT

Aircastle Limited (NYSE: AYR) reports Q1 adjusted EPS of $0.45, in-line with estimates. Revenues were $135.0 million vs. $125.10 million consensus.

(Adjusted income from continuing operations plus depreciation(1) of $1.07 per diluted share grew by 48.6% over Q1 2007)

Aircastle's CEO Ron Wainshal commented, "Our financial results during the first quarter of 2008 were strong, with $119.9 million in EBITDA and $1.07 per diluted share of adjusted income from continuing operations plus depreciation. We believe global aircraft lease market demand remains healthy and our aircraft portfolio continues to perform extremely well, generating a run rate revenue yield on aviation assets of more than 13.7%(2) with an average remaining lease term of 5.2 years.

Looking ahead, I believe there will continue to be excellent opportunities for asset-based, value-oriented investors and we intend to capitalize on our extensive experience acquiring and managing aviation assets. In addition, we continue to look for ways to grow our earnings, including through managed funds to invest in additional aircraft."[SM]

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