31.10.2013 15:07:04

Aircastle Q3 Net Loss Widens; Raises Dividend By 21%

(RTTNews) - Aircastle Limited (AYR), a company engaged in acquisition, lease and sale of commercial jet aircraft, reported wider third-quarter loss primarily due to higher aircraft impairment charges and a $2.8 million decline in revenue. The company increased the fourth-quarter dividend by 21 percent.

Net loss for the three-month period was higher at $74.6 million, or $0.95 per share, than $45.8 million, or $0.65 per share loss a year ago. The company faced higher impairment charges of $27.5 million over 8 aircraft during the 3-month period.

Adjusted net loss was $69.1 million, or $0.88 per share, compared with $37.5 million, or $0.53 per share, a year earlier. Excluding impairment charges, the company reported net income of $21.0 million or $0.27 per diluted share, and adjusted net income of $26.5 million, or $0.34 per diluted share.

On an average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.28 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues decreased to $170.1 million from $172.9 million a year ago. Analysts had estimated revenues to be $161 million.

Aircastle increased the cash dividend by 21 percent to $0.20 per share, payable on December 13, to shareholders of record on November 29.

Currently the stock is trading up 0.26 percent, or $0.05, at $19.13 on the Nasdaq.

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