Aug 2 Aircraft leasing company Aircastle Ltd posted a higher-than-expected quarterly profit as acquisitions helped its lease-rental revenue.
Aircastle, which acquires and leases commercial jet aircraft to passenger and cargo airlines, said second-quarter revenue rose almost 16 percent to $172.2 million. Lease rental revenue climbed 7 percent to $153.6 million.
Net income fell to $16.3 million, or 23 cents a share, from $23.3 million, or 30 cents a share, a year earlier.
On an adjusted basis, the company earned 36 cents a share.
Analysts on average had expected earnings of 27 cents a share, excluding items, on revenue of $161.8 million, according to Thomson Reuters I/B/E/S.
Shares of the Stamford, Connecticut-based company closed at $11.64 on Wednesday on the New York Stock Exchange.