DUBLIN - AerCap Holdings N.V. (“AerCap”) (NYSE: AER) today announced that it has rescheduled the delivery of 37 aircraft that were previously expected to be delivered in 2021 and 2022. These aircraft are now expected to be delivered in 2023 and later years.
Working in concert with the aircraft manufacturers and our airline customers, AerCap has rescheduled the delivery of over 100 aircraft that were originally planned to be delivered in 2020, 2021 and 2022.
The rescheduling of these deliveries has reduced our cash capital expenditures in 2020 and 2021 by a total of approximately $4.7 billion. We currently expect to have cash capital expenditures of approximately $1.1 billion for the remainder of 2020 and approximately $2.5 billion for 2021. We expect our cash capital expenditures during these years to decrease further as we continue our discussions with the aircraft manufacturers and our customers. All of the aircraft delivering in 2020 and 2021 have already been placed on long-term leases.
“On our first quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April we have seen a steady increase in air traffic in Europe and the United States. As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries,” said Aengus Kelly, CEO of AerCap. “We have taken these steps to better align our delivery schedule with the needs of our airline customers and our OEM partners during this period of market dislocation. We expect to reschedule additional aircraft deliveries in the future as we continue to work with our customers and the manufacturers.”