AerCap Holdings N.V. (AER) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 31, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone, and welcome to the AerCap Holdings N.V. Second Quarter 2023 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 second quarter 2023 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 June 30th, 2023.

A copy of the 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, Joe, and thank you for joining us for our second quarter 2023 earnings call. I'm pleased to report another quarter of strong earnings for AerCap generating adjusted net income of $596 million and adjusted earnings per share of $2.56.

This reflects widespread demand for our assets, strong cash collections and our constant focus on execution. As a result, I'm pleased to update our earnings guidance for the year to a new higher range of $8.50 to $9. This includes gains on sale of approximately $1 in the first half of the year.

Given the strength of the business and consistent cash generation, I'm also pleased to announce another $500 million share repurchase program. This takes total authorizations so far this year to $1.5 billion, over 10% of our market cap at the beginning of the year. This commitment indicates our confidence in both the outlook for the business and the value we see in AerCap today.