AerCap Holdings N.V. (AER) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

March 2, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome to AerCap's Fourth Quarter 2022 Financial Results. Today’s conference is being recorded and a transcript will be available following the call on the company’s website.

At this time, I would like to turn the conference over to Joseph McGinley, Head of Investor Relations. Please go ahead, sir.

Joseph McGinley

Thank you, operator and hello, everyone. Welcome to our fourth quarter 2022 conference call. With me today is our Chief Executive Officer, Aengus Kelly; and our Chief Financial Officer, Pete Juhas.

Before we begin today's call, I would like to remind you that some statements made during this conference call which are not historical facts may be forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. AerCap undertakes no obligation other than that imposed by law to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after this call.

Further information concerning issues that could materially affect performance can be found in AerCap's earnings release dated March 02, 2023. A copy of our earnings release and conference call presentation are available on our website at aercap.com. This call is open to the public and is being webcast simultaneously at aercap.com and will be archived for replay. We will shortly run-through our earnings presentation and we'll allow time at the end for Q&A. As a reminder, I would ask that analysts limit themselves to one question and one follow up.

I will now turn the call over to Aengus Kelly.

Aengus Kelly

Thank you for joining us for our full year 2022 earnings call. I am pleased to report another quarter of strong earnings for AerCap. We generated adjusted net income of $645 million and adjusted earnings per share of $2.66 in the fourth quarter. On a full year basis, the amounted to adjusted net income of $2.2 billion and adjusted earnings per share of $9.01 surpassing our previous estimate of $8 to $8.50 which we updated in November 2022.

This strong performance across all our business lines reflects how well our teams are working together to execute an extraordinary number of transactions. This level of transaction activity clearly demonstrates the success of the GECAS acquisition, the integration of the two companies and the recovery in aviation.