Irish lessor Avolon has continued it’s strong financial performance this year with increasing revenue and net income in the third quarter.
Below is the lessor’s financial data for the three months ending September 30 and the nine months ending September 30.
| Income Statement | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||
| (US$M) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |
| Lease revenue | 588 | 546 | 42 | +8% | 1,799 | 1,743 | 56 | +3% | |
| Operating cashflow | 626 | 278 | 348 | +125% | 1,307 | 903 | 404 | +45% | |
| Net income | 97 | 141 | (44) | (31%) | 229 | (33) | 262 | N/A | |
| Adjusted net income* | 103 | 104 | (1) | (1%) | 235 | 215 | 20 | +9% | |
Avolon Continues Strong Financial Performance in Q3…
Commenting on the strong financial results was Andy Cronin, the CEO of Avolon:
“The third quarter showed the continuing positive trajectory of our financial performance, helped by strong demand for aircraft and rising lease rates.”
“We continued to support our customers’ demand for capital and have underwritten US$2.9 billion in new sale and leaseback volume year to date.”
“These transactions, along with lease extensions and aircraft placed from our orderbook at attractive lease rates, will drive our long-term profitability.”
“We expect the current strong demand for travel and undersupply of aircraft to remain for the foreseeable future.”
Avolon ended the quarter with an owned and managed fleet of 568 aircraft, with additional orders for 329 more, with 95% of their orderbook being placed to the end of 2025, and featured the confirmation of an order for 20 Airbus A330neo aircraft too.
All eyes will be on how the final quarter of the year goes for Avolon.
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